A Bill to make provision about listed investment companies; the classification and characteristics of those companies; and for connected purposes.
House of Lords
5 May 2026
May contain errors — check source documents for definitive information.
The bill creates a new framework for listed closed‑end investment companies (LCICs) trading on UK markets. It defines what LCICs are, how they are valued and charged, and requires regulators to apply rules based on LCIC characteristics. It applies across the UK and takes effect when enacted.
The bill has moved from the Lords to the Commons and is currently at the second reading in the Commons; further stages (committee, report, and remaining readings) are expected as it continues its passage.
Generated 21 February 2026
5 Sept 2024
15 Nov 2024
2 Dec 2024
13 Dec 2024
18 Dec 2024
The 2024-2026 session of Parliament has come to an end so the House of Commons is now prorogued until the next session begins on 13 May 2026. Prorogation is the formal end to the parliamentary year.
This Bill will therefore make no further progress.
The Listed Investment Companies (Classification etc) Bill creates a framework for listed closed-end investment companies (LCICs) traded on UK markets, defining what LCICs are and how regulators such as the FCA and the Pensions Regulator must apply LCIC characteristics. It states LCIC shares are traded instruments priced by share price, investors have no NAV-based redemption rights, and management and operating expenses are deducted from the LCIC’s NAV with costs publicly disclosed, with no direct charges to shareholders. It also amends EU cost-disclosure rules to reflect LCIC features and clarifies that ongoing costs relate to the share price, not ongoing charges; the Act extends to England, Wales, Scotland and Northern Ireland and takes effect on the day of enactment.
The Committee’s Second Report flags two main concerns: first, in the Passenger Railway Services (Public Ownership) Bill it questions a broad repeal power for sections 30A–30B and seeks clarity on its limits (and whether the affirmative procedure should apply); second, in the Product Regulation and Metrology Bill it criticises skeleton clauses that would leave most regulatory substance to regulations, including powers to create criminal offences, and calls for their removal or substantial justification and greater parliamentary scrutiny. The report notes that other listed Bills contain no related concerns.
The Listed Investment Companies (Classification etc) Act 2024 defines Listed Closed‑End Investment Companies (LCICs) and requires regulators to apply rules based on LCIC characteristics. It amends cost-disclosure rules so the share price is used as the LCIC’s value, ongoing charges exclude LCIC costs (with certain fees treated as non‑ongoing), and there are no entry charges disclosed to investors; shareholders generally do not have redemption rights in ordinary trading. The Act applies UK-wide, clarifies LCICs’ status relative to open‑ended funds, and comes into force on the day it is passed.
No recorded votes for this bill yet.
