Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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I will flag my concern. I need to look into the UCITS regulations because one is flying blind in a situation like this one where one does not know how one compares to the other in terms of the level of regulatory burden and obligation. I am concerned, particularly when I look at some of the promotional material from KPMG, Ireland's first tailor-made corporate funds vehicle. Essentially, it was selling and promoting these ICAVs as mechanisms whereby one can avoid tax and have a lesser regulatory burden. I know that is not directly relevant to this discussion but my concern is that we are creating two different sets of rules. The perception KPMG seems to be putting across is that the rules here are less burdensome and that is much more favourable from the investors point of view. I want to express my concern about that.