Silver lining

Listed investment funds in the UK are up in arms about the threat of a foreign invasion. The Association for Investment Companies (AIC) does not want foreign-domiciled funds to be allowed secondary London listings. The Financial Services Authority, the UK regulator, isn’t likely to give in. But that need not be a loss for the UK industry. The FSA says it is merely following EU law. As long as companies or funds meet EU minimum standards, the local listing authority has to let them in. The locals...