CBI consultation on share class features of closed-ended QIAIFs 

The CBI issued a consultation (CP 132) on its proposed regulatory guidance relating the establishment of differentiated share classes in a closed-ended QIAIF. The establishment of such share classes will be permissible to reflect:

• the issue of shares at a price other than net asset value
   
• excuse and exclude provisions
   
• stage investing
   
• management participation.

The draft guidance will provide clarity in relation to the operation of ILPs under the CBI's regulatory framework. The consultation response deadline is 22 December 2020.