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The fund is an unregulated collective investment scheme and is only available to professional clients or eligible counterparties.
The Financial Services Authority (FSA) wants the promotion of unregulated collective investment schemes (Ucis) and similar products to be restricted to "sophisticated investors" and people who have a high net worth, for whom the products are more likely to be suitable.
Attached to the announcement was a rather densely written 92-page document entitled "CP12/19*** -- Restrictions on the retail distribution of unregulated collective investment schemes [UCIS] and close substitutes.
From a UK law perspective, PEPR is an unregulated collective investment scheme whose promotion is restricted by sections 238 and 240 of the Financial Services and Markets Act 2000.