UK Gives Funds Extra Reprieve From Duplicate Disclosures

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Law360, London (June 1, 2021, 3:08 PM BST) — The government said on Tuesday that it will give asset managers an additional five years of reprieve from unpopular European Union rules on disclosure that would force them to duplicate the information they provide to investors.

HM Treasury said that mutual funds, known as Undertakings for the Collective Investment in Transferable Securities, or UCITS, will continue to be exempt from a European regime that forces them to submit so-called key investor information documents to give investors information about their products.

Asset managers are currently exempt from the rules until December, but the Treasury said it would extend the reprieve for another…

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