UK

CP185 – Moving the funds industry forward

Roger Turner, partner, investment management regulatory practice, PricewaterhouseCoopers

The publication of CP185, The CIS sourcebook – A new approach , heralded the first real review of rules surrounding collective investment schemes in the United Kingdom since the 1980s. Piecemeal changes had been made throughout the intervening period but the process of change was such that the regulations were always to be a long way behind the trends in the industry and had the effect of stifling innovation and/or sending product manufacture offshore.