On 8 January 2020, the Private Funds Bill, 2020 was published (the "Bill"). We expect the Bill will become law by the end of January 2020. While the timetable for implementation of the Bill and certain other key questions are still to be confirmed, this advisory summarises its key features and its likely impact on closed-ended funds and their managers.

This advisory is based on the Bill as published, and many of the practical details of the regime it introduces will need to be confirmed in due course in regulations and guidance. While we do not expect the text of the final law to differ in any material respect from the Bill, this advisory is necessarily a preliminary summary of how we expect the Bill to affect closed-ended funds. Walkers has been a leading part of the industry consultations and will remain closely involved in any consultations on ancillary regulations and guidance. As any of the matters discussed in this advisory develop in the coming months, we will publish additional advisories and guidance.

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