In our bulletin dated 15 February 2013, we reported that the FSA published a letter it had sent to firms with an update on its progress regarding its August 2012 consultation on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes to ordinary retail investors in the UK (CP12/19).

On 7 May 2013, the FCA published a statement providing an update on its approach to CP12/19. The FCA had been expected to publish a policy statement setting out its final position in April 2013. However, following discussion with stakeholders, the FCA states that it still has important issues to consider.

In a written answer published in Hansard of the House of Commons relating to CP12/19 on 17 May 2013, it was confirmed that the FCA intends to issue its policy statement in June 2013 on the proposals in CP12/19, and that it will exclude venture capital trusts from the restrictions.

For further details on CP12/19, see our bulletin dated 31 August 2012