JTC Group and JTC Law Support Landmark Fundraise for Invesco Bond Income Plus Limited (BIPS) After UK Prospectus Rule Changes

JTC Group and JTC Law are delighted to announce their pivotal role in advising Invesco Bond Income Plus Limited (BIPS) on a ground-breaking secondary fundraise – the first transaction of its kind to be completed following substantial reforms to the UK Prospectus Regulations, effective from 19 January 2026.

The deal not only marks a milestone for BIPS but also reinforces JTC’s leadership in navigating complex regulatory developments and further establishes Jersey’s reputation as a premier jurisdiction for listed investment funds.

Recent changes to the UK Prospectus Regulations, aimed at energising UK capital markets, now allows investment companies like BIPS to issue up to 100% of their share capital without a prospectus – removing the previous €8 million cap on retail investors. BIPS was the first to capitalise on this, raising £25 million (£11.5 million from the retail market) in a secondary issuance. This successful raise increased BIPS’ market capitalisation to £450 million and secured its status as the largest trust in its sector.

JTC Law advised the BIPS board, delivering specialist Jersey legal counsel and coordinating closely with the Jersey Financial Services Commission (JFSC) to ensure all local regulatory requirements were seamlessly aligned with the new UK prospectus rules. Alongside, JTC Group, in its role as administrator, provided vital support by coordinating the necessary board and shareholder meetings and approvals, offering guidance to the directors, coordinating input from external advisors, and collaborating with JTC Law throughout the transaction.

In addition to their role in the fundraise, JTC Law and JTC Group have supported industry-wide efforts with the JFSC, Jersey Government and Jersey Finance to update Jersey’s prospectus requirements. These efforts led to new rules from 6 March 2026, removing the need for additional prospectuses for secondary issuances by Jersey-listed companies on UK markets and keeping Jersey aligned as a leading domicile for listed funds.

Sam Sturrock, Head of Regulatory, Listing and Financial Services at JTC Law, commented:

“This was the first fundraising and retail offering by a listed fund following the changes to the UK prospectus regime. Our team was delighted to work closely with the JFSC to ensure Jersey’s prospectus requirements dovetailed as closely as possible with the newly updated UK rules. This collaborative approach allowed the transaction to proceed smoothly and efficiently.”

Claire Brazenall, Director – Fund Services at JTC Group, added:

“This successful fundraise has not only reinforced BIPS’ position as the largest investment trust in its sector, but also reinforces Jersey’s position as a trusted centre for centre for investment funds and capital raising. Our teams’ regulatory insight and hands-on support to BIPS ensured a seamless process for the client, demonstrating the value of JTC’s expertise and our commitment to providing innovative solutions in a fast-evolving regulatory environment.”