Technical and public affairs information
This section of the website contains advice and guidance given by the AIC to its Members and their managers on accounting, statistics, regulation, legal and tax matters. It also includes representations made by the AIC to Government departments and regulatory authorities, as well as papers setting out our views on key issues affecting the financial services sector.
The latest papers are listed below:
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26 Aug 2010
Disclosure of commitment to Stewardship Code - consultation response (PDF 22 KB) Policy papers : Consultation responses
The AIC has responded to the FSA's consultation on the introduction of a requirement for UK managers to disclose the nature of their commitment to the FRC's Stewardship Code.
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26 Aug 2010
Directors' and Officers' Insurance (PDF 219 KB) Guides for Directors
The AIC has updated its guide on Directors' and Officers' Insurance for investment company directors. This guide has been produced in association with Howden Insurance Brokers Limited.
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23 Aug 2010
European Commission review of corporate governance in financial institutions - consultation response (PDF 82 KB) Policy papers : Consultation responses
The AIC's response to the European Commission's green paper on corporate governance in financial institutions and remuneration policies.
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23 Aug 2010
Modernisation of the Transparency Directive - consultation response (PDF 58 KB) Policy papers : Consultation responses
The AIC has responded to the European Commission's consultation paper on the modernisation of the Transparency Directive.
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22 Jul 2010
Stewardship Code (PDF 20 KB) Technical guidance : Regulation and legal
The AIC has published a guidance note for investment company boards on the FRC's new Stewardship Code.
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19 Jul 2010
Grossing up of foreign dividends (PDF 16 KB) Technical guidance : Tax
Following discussions with HM Revenue and Customs, the AIC has produced this note to explain how overseas dividends should be recorded when calculating income for shares and securities for the purposes of section 1158 Corporation Tax Act 2010.
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10 Jun 2010
Guernsey company law - consultation response (PDF 38 KB) Policy papers : Consultation responses
The AIC has responded to the States of Guernsey's consultation on proposed changes to The Companies (Guernsey) Law 2008.
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08 Jun 2010
Changes to the regulatory regime for Jersey directors - consultation response (PDF 18 KB) Policy papers : Consultation responses
The AIC has responded to the Jersey Financial Services Commission's consultation on propsed changes to the regulatory regime for Jersey directors.
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28 May 2010
Retail distribution review - platforms (PDF 50 KB) Policy papers : Consultation responses
The AIC's response to the Financial Services Authority's consultation on platforms as part of the Retail Distribution Review.
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23 Mar 2010
Stewardship Code - consultation response (PDF 52 KB) Policy papers : Consultation responses
The AIC's response to the Financial Reporting Council's consultation on a Stewardship Code for institutional investors.
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22 Mar 2010
Higgs guidance on board effectiveness - consultation response (PDF 22 KB) Policy papers : Consultation responses
The AIC's response to the ICSA's review of the Higgs Guidance on board effectiveness.
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11 Mar 2010
New investment condition for VCTs - consultation response (PDF 26 KB) Policy papers : Consultation responses
The AIC's response to HMRC's consultation on a proposed new invsetment condition for VCTs.
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10 Mar 2010
Supporting enterprise and growth: the role of Venture Capital Trusts (PDF 220 KB) Policy papers : Other submissions
AIC research demonstrating the economic benefits provided by VCT investment.
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01 Mar 2010
Revised UK Corporate Governance Code - consultation response (PDF 43 KB) Policy papers : Consultation responses
The AIC's response to the Financial Reporting Council's consultation on the revised UK Corporate Governance Code.
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19 Feb 2010
AIC seminar on financing issues for investment company boards (PDF 30 KB) Technical guidance : Regulation and legal
The AIC has published papers from its seminar on financing issues for investment company boards held on 16th February 2010. This includes the slides from six presentations made by external speakers and details of the lenders which attended this event.
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19 Feb 2010
AIC seminar on financing issues for investment company boards (PDF 30 KB) Guides for Directors
The AIC has published papers from its seminar on financing issues for investment company boards held on 16th February 2010. This includes the slides from six presentations made by external speakers and details of the lenders which attended this event.
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09 Feb 2010
Guernsey Code of Corporate Governance - consultation response (PDF 42 KB) Policy papers : Consultation responses
The AIC's response to the Guernsey Financial Services Commission's consultation of its draft Code of Corporate Governance.
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05 Feb 2010
The future of UK GAAP - consultation response (PDF 29 KB) Policy papers : Consultation responses
The AIC's response to the Accounting Standard Board's consultation on the future of UK GAAP.
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29 Jan 2010
VCT rule changes on eligible shares - consultation response (PDF 28 KB) Policy papers : Consultation responses
The AIC's response to HMRC's consultation on proposed amendments to the VCT rules on eligible shares.
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12 Jan 2010
Listing Regime (CP 09/28) - consultation response (PDF 33 KB) Policy papers : Consultation responses
The AIC's response to the FSA's consultation on changes to the listing categories consequent to CP 09/24.
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11 Dec 2009
Disclosure and Transparency Rules - slides from AIC Seminar (PDF 62 KB) Technical guidance : Regulation and legal
The AIC has published slides from its seminars in the Channel Islands on the FSA's Disclosure and Transparency Rules.
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30 Nov 2009
Listing Regime (CP 09/24) - consultation response (PDF 18 KB) Policy papers : Consultation responses
The AIC's response to the FSA's consultation on the Listing Regime (further minor consultation).
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12 Nov 2009
Retail distribution review - consultation response (PDF 53 KB) Policy papers : Consultation responses
The AIC's response to the FSA's consultation on the distribution of retail investments (consultation paper 09/18).
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06 Nov 2009
AIFM Directive - QandA paper (updated) (PDF 42 KB) Policy papers : Other submissions
The AIC has updated its question and answers paper on the impact on investment companies of the Alternative Investment Fund Managers (AIFM) Directive.
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28 Sep 2009
Lords Select Committee inquiry into AIFM Directive (PDF 57 KB) Policy papers : Other submissions
The AIC has submitted written evidence to the House of Lords European Union Committee on the Alternative Investment Fund Managers Directive.
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18 Sep 2009
Combined Code (second consultation) - consultation response (PDF 74 KB) Policy papers : Consultation responses
The AIC's response to the Financial Reporting Council's second consultation on the effectiveness of the Combined Code of Corporate Governance.
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17 Sep 2009
UCITS depositary function - consultation response (PDF 25 KB) Policy papers : Consultation responses
The AIC's response to the European Commission's consultation on depositary arrangements for UCITS funds.
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07 Sep 2009
Walker review - consultation response (PDF 47 KB) Policy papers : Consultation responses
The AIC's response to the review of corporate governance in UK banks and other financial industry entities ('Walker Review').
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27 Aug 2009
IASB's exposure draft on derecognition - consultation response (PDF 26 KB) Policy papers : Consultation responses
The AIC's response to the International Accounting Standard Board's Exposure Draft on derecognition (ED/2009/3).
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24 Jul 2009
Investing policies: AIC guidance on the requirements of the AIM Rules (PDF 93 KB) Technical guidance : Regulation and legal
The AIC has published guidance to help boards of its AIM Members prepare investing policies as required by the AIM Rules.
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23 Jul 2009
Rowlands Growth Capital Review (PDF 96 KB) Policy papers : Consultation responses
The AIC’s response to a call for evidence on an the independent review being undertaken for the Department for Business, Innovation and Skills by Christopher Rowlands.
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02 Jul 2009
Market Abuse Directive - consultation response (PDF 38 KB) Policy papers : Consultation responses
The AIC's response to the European Commission's review of the Market Abuse Directive.
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11 Jun 2009
Combined Code - consultation response (PDF 43 KB) Policy papers : Consultation responses
The AIC's response to the Financial Reporting Council's call for evidence on the effectiveness of the Combined Code.
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08 Jun 2009
Review of British offshore financial centres - consultation response (PDF 59 KB) Policy papers : Consultation responses
The AIC's response to the independent review of British offshore financial cetnres commissioned by the UK Government and led by Michael Foot.
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05 Jun 2009
ISC paper on improving institutional investors' role in governance (PDF 64 KB) Policy papers : Other submissions
The Institutional Shareholders' Committee, of which the AIC is a member, has published a series of proposals designed to make engagement by investors more effective.
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21 May 2009
Further guidance on the Disclosure and Transparency Rules - updated (PDF 110 KB) Technical guidance : Regulation and legal
The AIC has updated its 'questions and answers' guidance paper on the publication and dissemination of periodic financial information under the Disclosure and Transparency Rules. This paper was originally published in September 2008.
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12 May 2009
Short selling - consultation response (PDF 41 KB) Policy papers : Consultation responses
The AIC's response to the FSA's consultation on short selling.
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05 May 2009
IOSCO consultation on hedge fund regulation - consultation response (PDF 42 KB) Policy papers : Consultation responses
The AIC's response to the International Organization of Securities Commissions (IOSCO) consultation on the future oversight of hedge funds.
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26 Mar 2009
IASC Foundation Constitution Review - consultation response 2 (PDF 29 KB) Policy papers : Consultation responses
The AIC's response to Part 2 of the review by the Trustees of the International Accounting Standard's Committee of the IASC constitution.
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24 Mar 2009
ED 10 Consolidated Financial Statements - consultation response (PDF 32 KB) Policy papers : Consultation responses
The AIC's response to the International Accounting Standards Board's consultation on consolidation - Exposure Draft 10 'Consolidated Financial Statements'.
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10 Mar 2009
Prospectus Directive - consultation response (PDF 49 KB) Policy papers : Consultation responses
The AIC's reponse to the European Commission's review of the Prospectus Directive.
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09 Mar 2009
AIC Code of Corporate Governance© (PDF 179 KB) Guides for Directors
The AIC's Code of Corporate Governance© republished in March 2009 and endorsed by the Financial Reporting Council.
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09 Mar 2009
AIC Code of Corporate Governance© for Jersey-domiciled investment companies (PDF 182 KB) Guides for Directors
The AIC has published this special version of the AIC Code of Corporate Governance© for Jersey-domiciled investment companies, which includes a statement of support from the Jersey Financial Services Commission.
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09 Mar 2009
Corporate Governance Guide for Investment Companies (PDF 403 KB) Guides for Directors
The AIC's Corporate Governance Guide for Investment Companies, republished in March 2009, brings together the relevant requirements and recommendations from the Combined Code, the AIC Code of Corporate Governance© and the Listing Rules.
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09 Mar 2009
AIC Code of Corporate Governance© (PDF 179 KB) Technical guidance : Regulation and legal
The AIC's Code of Corporate Governance© republished in March 2009 and endorsed by the Financial Reporting Council.
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09 Mar 2009
AIC Code of Corporate Governance© for Jersey-domiciled investment companies (PDF 182 KB) Technical guidance : Regulation and legal
The AIC has published this special version of the AIC Code of Corporate Governance© for Jersey-domiciled investment companies, which includes a statement of support from the Jersey Financial Services Commission.
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09 Mar 2009
Corporate Governance Guide for Investment Companies (PDF 403 KB) Technical guidance : Regulation and legal
The AIC's Corporate Governance Guide for Investment Companies, republished in March 2009, brings together the relevant requirements and recommendations from the Combined Code, the AIC Code of Corporate Governance© and the Listing Rules.
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02 Mar 2009
Market segmentation - consultation response (PDF 37 KB) Policy papers : Consultation responses
The AIC responds to the FSA's consultation on the review of the structure of the listing regime.
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19 Feb 2009
Offshore funds - consultation response (PDF 52 KB) Policy papers : Consultation responses
The AIC's response to HM Treasury's consultation on reform of the offshore funds regime.
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19 Feb 2009
Proposed regulations for tax reforms for investment trust companies - consultation response (PDF 26 KB) Policy papers : Consultation responses
The AIC's response to HM Treasury's consultation on the proposed regulations to reform the tax rules to allow investment trust companies to invest tax-efficiently in bonds and other interest-bearing securities.
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09 Feb 2009
AiM rules for investing companies - consultation response (PDF 50 KB) Policy papers : Consultation responses
The AIC's response on the proposed new rules for investing companies traded on AiM.
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05 Feb 2009
Review of hedge fund regulation - consultation response (PDF 37 KB) Policy papers : Consultation responses
The AIC's response to the European Commission's review of hedge fund regulation.
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30 Jan 2009
Shareholders' rights- consultation response (PDF 30 KB) Policy papers : Consultation responses
The AIC's response to the Department of BERR's consultation document on the implementation of the EU Directive on the exercise of certain rights of shareholders in listed companies.
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29 Jan 2009
The Guernsey solvency test - AIC guidance (PDF 83 KB) Technical guidance : Regulation and legal
The AIC has issued guidance for directors of Guernsey investment companies on meeting the requirements of the solvency test when making distributions.
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21 Jan 2009
AIC Revised SORP - January 2009 (PDF 268 KB) Technical guidance : Accounts and statistics
The Statement of Recommended Practice for the Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the AIC on 21 January 2009.
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19 Dec 2008
Disclosure of Contracts for Difference - consultation response (PDF 28 KB) Policy papers : Consultation responses
The AIC's response to the FSA's consultation paper on the disclosure of contracts for difference.
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01 Dec 2008
Reponse to Rasmussen and Lehne reports on private equity and hedge funds (PDF 43 KB) Policy papers : Other submissions
The AIC has submitted a paper to the European Commission in preparation for its formal response to the Rasmussen and Lehne reports on private equity and hedge funds
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06 Nov 2008
The new Guernsey solvency test - a paper from Ozannes (PDF 131 KB) Technical guidance : Regulation and legal
Paul Christopher, a partner in the law firm Ozannes, has published a paper on the new solvency test which is required under the Companies (Guernsey) Law 2008.
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03 Oct 2008
Tax reforms for investment trust companies (PDF 35 KB) Policy papers : Consultation responses
The AIC's response to HM Treasury's proposals to reform the tax rules to allow investment trust companies to invest tax-efficiently in bonds and other interest-bearing securities.
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17 Sep 2008
Guernsey company law - slides from AIC seminar (PDF 220 KB) Technical guidance : Regulation and legal
The AIC has published slides from its seminar on Guernsey company law on 16 September 2008.
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04 Sep 2008
Money Laundering Regulations 2007 (PDF 43 KB) Technical guidance : Regulation and legal
The AIC has produced guidance to help non-executive directors of investment companies to understand and apply the HMRC Guidance on the Money Laundering Regulations 2007.
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04 Sep 2008
IASC Foundation Constitution Review (PDF 54 KB) Policy papers : Consultation responses
The AIC's response to the review by the Trustees of the International Accounting Standard's Committee of the IASC constitution.
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04 Sep 2008
Money Laundering Regulations 2007 (PDF 43 KB) Guides for Directors
The AIC has produced guidance to help non-executive directors to understand and apply the HMRC Guidance on the Money Laundering Regulations 2007.
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06 Aug 2008
Corporate Governance Update (PDF 61 KB) Technical guidance : Regulation and legal
The AIC has published a short note on the new Combined Code and the new FSA Corporate Governance Rules.
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04 Aug 2008
Investment policies: AIC guidance on the requirements of the Listing Rules (PDF 80 KB) Technical guidance : Regulation and legal
FSA confirmed industry guidance designed to help directors and other industry participants prepare investment policies as required by the Listing Rules.
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04 Aug 2008
Investment policies: AIC guidance on the requirements of the Listing Rules (PDF 80 KB) Guides for Directors
FSA confirmed industry guidance designed to help directors and other industry participants prepare investment policies as required by the Listing Rules.
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06 Jun 2008
Smith Guidance on audit committees (PDF 28 KB) Policy papers : Consultation responses
The AIC's response to the FRC's consultation on proposed changes to the Smith Guidance on audit committees.
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06 May 2008
Maximising the economic impact of VCTs (PDF 34 KB) Policy papers : Other submissions
A paper exploring how VCTs could be allowed to use funds raised from the re-sale of shares they have bought back and held ‘in- treasury’ in a more flexible manner, which should enable them to support the UK’s small business sector more effectively.
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01 May 2008
Directors' general duties - practical recommendations (PDF 53 KB) Technical guidance : Regulation and legal
Following the AIC's seminar on directors' duties and liabilities, the AIC has produced a summary of practical recommendations to assist boards in complying with the provisions of the Companies Act 2006.
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22 Apr 2008
FSMA Market Abuse regime:a review of the sunset clauses (PDF 16 KB) Policy papers : Consultation responses
The AIC's response to HM Treasury's consultation on the FSMA market abuse regime.
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15 Apr 2008
Structure of the Listing Regime (PDF 73 KB) Policy papers : Consultation responses
The AIC's response to the FSA's discussion paper on the Structure of the Listing Regime.
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27 Feb 2008
Proxies and corporate representatives (PDF 27 KB) Technical guidance : Regulation and legal
The AIC has published a note on the use of proxies and corporate representatives. This note highlights issues relating to the use of multiple corporate representatives.
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25 Feb 2008
Directors' Fees and Board Structures (PDF 700 KB) Guides for Directors
A comprehensive survey of investment company board structures and directors’ fees, produced by Lipper (previously Fitzrovia International).
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22 Feb 2008
AIC guidance on the Listing Rules requirement to publish investment policies (PDF 54 KB) Technical guidance : Regulation and legal
The AIC has published updated guidance on the disclosure of investment policies.
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24 Jan 2008
Directors' duties under the Companies Act 2006: useful links (PDF 46 KB) Technical guidance : Regulation and legal
The AIC has produced a paper which contains useful links to a selection of articles and guidance written by other organisations on the subject of directors' general duties under Companies Act 2006.
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18 Jan 2008
AIC Members' Guide to the Implementation of the Companies Act 2006 - updated (PDF 73 KB) Technical guidance : Regulation and legal
The AIC has updated its guide aimed at assisting Members with understanding the introduction of the Companies Act 2006. The paper highlights key areas of regulation relevant for investment companies and shows the dates that they are effective from. It also identifies specific areas in which the AIC has, or is planning to, provide guidance or support to its Members.
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08 Jan 2008
Treasury Select Committee inquiry into Private Equity (PDF 20 KB) Policy papers : Other submissions
The AIC's submission to the Treasury Select Committee inquiry into private equity.
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23 Oct 2007
Simplifying the Business Environment for Companies (PDF 35 KB) Policy papers : Consultation responses
The AIC's response to the Department for Business Enterprise and Regulatory Reform consultation on Simplifying the Business Environment for Companies.
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09 Oct 2007
Walker Review (PDF 50 KB) Policy papers : Consultation responses
The AIC's response to the Walker Review consultation on disclosure and transparency in private equity.
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20 Sep 2007
Investment Entities Listing Review (PDF 74 KB) Policy papers : Consultation responses
The AIC's response to the FSA consultation on the Investment Entities Listing Review.
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05 Sep 2007
Accounting for Back VAT (PDF 47 KB) Technical guidance : Tax
Guidance to Members as to when they should recognise Back VAT in their financial statements including the various stages of recognition that might apply and the disclosures that might be made.
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05 Sep 2007
Accounting for Back VAT (PDF 47 KB) Technical guidance : Accounts and statistics
Guidance to Members as to when they should recognise Back VAT in their financial statements including the various stages of recognition that might apply and the disclosures that might be made.
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22 Aug 2007
Issues raised by public access to shareholder information (PDF 73 KB) Technical guidance : Regulation and legal
The AIC publishes a guidance paper setting out a company's obligations to make its shareholder register available upon request under the new Companies Act 2006 and highlighting what an investment company board can do to prevent the improper use of this information.
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24 Jul 2007
Shareholder Engagement (PDF 27 KB) Guides for Directors
The Institutional Shareholders' Committee has reviewed and updated the Statement of Principles on shareholder engagement.
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04 Apr 2007
Interim Management Statements (PDF 78 KB) Technical guidance : Regulation and legal
The AIC publishes its final guidance on preparing and publishing Interim Management Statements.
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08 Feb 2007
The Model Code and Interim Management Statements ( ) Technical guidance : Regulation and legal
The AIC has been in contact with the FSA to confirm that companies do not need to apply the close period rules to the period leading up to the publication of an Interim Management Statement.
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08 Dec 2006
"Inadvertent breaches" of the investment tests (PDF 38 KB) Technical guidance : Tax
Guidance for VCTs on "inadvertent breaches" of the investment tests.
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16 Nov 2006
Proposed amendments to IAS 32 and IAS 1 (PDF 58 KB) Technical guidance : Accounts and statistics
The AIC's response to the Exposure Draft of proposed amendments to IAS 32 and IAS 1 produced by the International Accounting Standards Board.
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11 Aug 2006
Treasury Shares (PDF 187 KB) Guides for Directors
A review of market experience and perspectives on Treasury Shares in the investment company market by Diane Wilde.
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20 Feb 2006
Operating and Financial Review and Business Review ( ) Technical guidance : Regulation and legal
A commentary for the preparers of the Operating and Financial Reviews and Business Reviews of Investment Trust Companies (revised Feb 2006 following the abolition of the mandatory requirement for an OFR).
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30 Nov 2005
Savings Schemes and Public Offers (PDF 75 KB) Technical guidance : Regulation and legal
The AITC has investigated whether Investment Trust Savings Schemes might constitute a public offer under FSMA 2000. This note sets out the AITC's views on this issue following discussions with the FSA.
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13 Sep 2005
Distributable profits-implications of IFRS (PDF 66 KB) Technical guidance : Regulation and legal
A response to draft guidance from the ICAEW/ICAS on the implications of IFRS for investment trust companies.
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12 Sep 2005
Model IFRS Financial Statements for Investment Trust Groups (PDF 320 KB) Technical guidance : Accounts and statistics
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02 Dec 2004
Evaluation of the Manager: A paper for Non-Executive Directors of Investment Companies on meeting the requirements of the listing rules (PDF 77 KB) Guides for Directors
This paper provides a framework of the factors that Directors might want to consider when evaluating the manager and examples of how the results of the evaluation might be communicated to shareholders.
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15 Nov 2004
The Role and Employment of Corporate Brokers - A Guide for Non-Executive Directors of Investment Trusts (PDF 114 KB) Guides for Directors
This guide describes the range of services offered by corporate brokers.
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04 Nov 2004
The AITC Investment Trust Directors Survey 2004 (PDF 1.8 MB) Guides for Directors
The results of the Investment Trust Directors Survey 2004 conducted by IRS (Independent Remuneration Solutions).
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15 Mar 2004
A Guide to Performance Appraisals for Non-Executive Directors of Investment Companies- Executive summary (PDF 51 KB) Guides for Directors
This is a summary of the full guide that provides some background to the requirement and desirability of conducting a formal board evaluation. It proposes a variety of practical steps that boards could take both to fulfill the requirements and to make sure that the exercise really does bring our areas which could be improved.
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15 Mar 2004
A Guide to Performance Appraisals for Non-Executive Directors of Investment Companies - Full Version (PDF 137 KB) Guides for Directors
This is the full guide that provides some background to the requirements and desirability of conducting a formal board evaluation. It provides a variety of practical steps that boards could take both to fulfill the requirements and to make sure that the exercise really does bring out areas which could be improved.
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19 Sep 2003
Treasury Shares (PDF 1.1 MB) Guides for Directors
A guide to the commercial and technical issues.
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28 Jan 2000
Internal Controls Guidance (Turnbull) (PDF 98 KB) Guides for Directors
A guidance note written by Hugh Aldous and Mark Phythian-Adams as a supplement to the Turnbull Report. The note is designed to assist directors of investment trusts in their responsibility for keeping internal controls under review by addressing issues arising from the particular characteristics of investment trusts.
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25 Mar 1997
Annuity Income Shares (PDF 37 KB) Technical guidance : Tax
A Guidance Note on the tax treatment of annuity income shares.
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