The Investment Association (IA) has said it will work with regulators and other trade associations to develop a consistent disclosure code across all asset types.
The association also hopes its final framework will receive regulatory recognition, and become part of new EU and UK mandatory disclosure rules for charges and transaction costs.
On 27 March the IA published its draft costs and charges code, which hopes to standardise disclosure across asset types in collective funds, segregated mandates, and institutional investors.
Speaking to PP, IA director of public policy Jonathan Lipkin said the association's code would join up the regulatory environment.
"This is not just trying to create an industry solution for disclosure that sits outside the regulatory framework, but actually joins up the framework and makes sure asset managers comply with regulation in a consistent way and everything then moves in the same direction," he said.
However, the code in its current form does not provide a disclosure framework for some asset types, such as hedge funds and private equity.
"We're having discussions with other regulatory bodies to look at how we can come up with a framework that is as consistent as possible," continued Lipkin. "This includes recognising where the investment vehicle is of a different nature and it may be what we are producing is not automatically adaptable.
"Ultimately, a framework that is as consistent as possible would be the optimal outcome. Having multiple templates won't help the industry or clients; we need to build a conversation that is based on a common framework."
The trade association said the final code will aim to bring together requirements from the Financial Conduct Authority (FCA), UK legal requirements, and EU law such as rules under the Markets in Financial Instruments Directive (MiFID) II and the Packaged Retail and Insurance-based Investment Products (PRIIPs).
The IA will have a conversation about whether and how its proposed framework can gain regulatory recognition as part of the new disclosure rules, subject to the final outcome of the FCA's Asset Management Market Study.
Lipkin added the IA's ambition is for its code to be included in the FCA's handbook.
"We will have a conversation with the FCA as to whether the code can receive regulatory recognition," he said. "There was originally a pension fund disclosure code and the FCA had regulatory recognition in the Conduct of Business rules, such that using the code ceased to be a matter solely of trade association activity and was part of the regulatory rulebook. That is an ambition we have for this code.
"It's intended to be a framework that firstly has regulatory recognition and secondly you can use it to ensure you are meeting multiple compatible regulator obligations. There are multiple regulatory steams that are working in the same direction but ultimately have slightly different requirements and structures."
The IA has launched a consultation on its proposed code, giving the industry until 19 May to air its thoughts. It will then review submissions and report back in autumn.
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