While the industry eagerly anticipates the second FSA consultation papers (which was due today, but not published as yet), HM Treasury have published a follow-up Consultation Paper to their first paper published on 11 January. This shorter consultation paper considers a number of issues that could not be addressed in the first paper, in particular the managers of Common Investment Funds and Common Deposit Funds and their charity investors, non-UK managers of UK “recognised schemes”, and non-UK EEA managers of UK authorised funds. There is also an impact on the managers of internally managed investment companies. Draft regulations accompany the paper. The closing date for responses is the 5th April 2013.