Michael Ahern (Cork East, Fianna Fail)

Differences exist among the legal vehicles used by the funds industry to meet investors' requirements. In this regard, some management companies are concerned with pooling investments. Some investors may wish to expose to particular markets or may be prepared to take a long-term view and others may need the investment for a short period or may be prepared to take risks in the hope of higher returns. These variables must be considered when determining the most suitable vehicle for a particular investor. However, it remains the case that the vehicle must be authorised by IFSRA and will remain subject to ongoing supervision by the authority. In this context, while there may be greater flexibility for non-UCITS, whether part 13 companies, unit trusts, investment limited partnerships or, under Part 2 of the Bill, non-UCITS CCFs, in the areas or percentages of their investments which may be invested in particular assets, products or markets they remain subject to authorisation and supervision by the regulatory authority.