23rd Jan 2017 17:09
LONDON (Alliance News) - Closed-ended investment scheme Syncona Ltd on Monday said it has taken advice regarding the Financial Conduct Authority's Non-Mainstream Pooled Investment Marketing Restrictions, concluding that it is outside the scope of the restrictions.
The FCA's rules relate to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes.
Syncona said it has taken advice on the conditions which would need to be met in order for it to qualify for approval as an investment trust if it were resident in the UK, and considers these conditions to be satisfied.
This means that that the company's shares are excluded from the FCA's definition of 'non-mainstream pooled investment' and are therefore outside the scope of the Non-Mainstream Pooled Investment Marketing Restrictions.
"The company's board intends that the company will continue to be operated in such a manner as to ensure that the shares are not categorised as a non-mainstream pooled investment and that, accordingly, the shares can continue to be recommended by UK authorised persons to ordinary retail investors in accordance with the FCA's rules," Syncona said in a statement.
Shares in Syncona closed flat at 128.50 pence on Monday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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