I propose to take Questions Nos. 251 to 254, inclusive, together.
I am aware of the matters relating to certain property investment funds that the Deputy has raised, which my officials will continue to monitor.
However, as litigation relating to a number of funds, including those identified by the Deputy, are currently before the courts, it would be inappropriate for me to comment at this time.
Speaking broadly I would point out that significant measures have been brought forward aimed at improving the transparency and appropriateness of investment products in the financial services industry. The Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) aim to strengthen the protection of investors by making financial markets more efficient, resilient and transparent. The framework also increases the supervisory powers of regulators and provide clear operating rules for all trading activities. The funds sector is being overhauled by the Alternative Investment Fund Managers Directive (AIFMD), which provides for the Europe-wide regulation of the management of collective investment schemes aimed at professional or qualified investors.