The earlier legal framework restricted the scope for innovation, especially in the field of collective investment, where new types of investment funds could only be introduced by primary legislation. The extensive recourse made to secondary instead of primary legislation has removed the constraints on the diversification of products and services.
In particular, the Ministry of Treasury is charged with the task of defining the principal characteristics of the various types of investment funds, with special reference to eligible assets (listed securities, unlisted securities, real estate, etc. ), whether the fund is open or closed-end, and the nature of potential customers (small savers or institutional investors).