Member

The structural effects go further. The Bill takes a market that currently has two viable universal wrapper types for long-term private markets exposure—LTAFs and listed investment companies—and reduces it to one. Two going to one is structural foreclosure, and it is being done by legislative design. And it is not just exclusion, it is coercion. The Bill links provider authorisation to meeting the private asset allocation, but assets do not count if you use the listed investment company wrapper. That means that providers face pressures to disinvest from existing holdings, even where the underlying assets are identical. That is not neutrality; that is forced migration into the wrapper preferred by the Mansion House signatories and the Government.