Member

Let me explain the wrapper point because it matters and not everyone is up on these things. Think of two buckets: a red bucket and a blue bucket. Both buckets can hold the same water—private equity, infrastructure, property and private credit. The accord looks for the water, which is the content of the buckets. It does not say what bucket it has to sit in. However, the Bill says that the red LTAF bucket is qualifying, and the blue listed investment company bucket is non-qualifying, even though the water is identical. The water does not change character by being in a blue bucket, neither do private assets suddenly become public ones because the bucket is blue, not red. That is a wrapper distinction, not an asset distinction. That is not risk-based regulation or evidence-based policy. That is a discriminatory preference between wrappers. Getting together to cook this up is not benign co-ordination; it is deliberate market shaping with exclusionary effects, even when the Government are part of it.