On 9 January 2025, the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 (the Order) was laid before Parliament and published, along with an explanatory memorandum.
The purpose of the Order is to ensure that arrangements for qualifying cryptoasset staking do not amount to a collective investment scheme
On 26 November 2024, the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 came into force and were published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations set out provisions to:
On 5 November 2024, the Financial Conduct Authority (FCA) published a consultation paper, CP24/21, on investment research payment optionality for fund managers.
CP24/21 sets out proposals to take forward the recommendations of the Investment Research Review and feedback to the FCA’s previous consultation (CP24/7) on payment optionality for investment research.
On 29 October 2024, the Financial Conduct Authority (FCA) published a speech delivered by its Chief Executive, Nikhil Rathi, on ‘Rising to the occasion on private markets’.
Opportunities from the growth of private markets
In the speech, Mr Rathi notes that private markets are growing and the FCA supports this growth as
On 16 October 2024, the draft Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations contain provisions to:
On 11 October, the AIMA Productive Finance Working Group published an updated version of the model Long-Term Asset Fund Instrument of Incorporation and Authorised Contractual Scheme co-ownership deed, following confirmation from the Financial Conduct Authority.
On 12 September 2024, the Financial Conduct Authority (FCA) published a document setting out its approach to the recognition of funds under the Overseas Funds Regime (OFR), along with a number of related documents.
The approach document is intended to assist anyone that is applying for an overseas investment fund to
On 31 July 2024, the FCA published a new webpage “Apply to be UK UCITS Man Co”.
The webpage provides information for firms that wish to become a management company of a UK UCITS, what permissions they will need and how much they will pay.
Among other things the webpage reminds firms that:
On 19 July 2024, the FCA updated its webpage on the Overseas Funds Regime (OFR).
The FCA has added to the webpage a new section titled Operational impact for operators of TMPR funds.
In this section the FCA states that it is important for the fund population data at the beginning of
On 17 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/7 on implementing the Overseas Funds Regime (OFR). In PS24/7, the FCA sets out the final rules and guidance necessary to implement the OFR, as well as responding to feedback to its consultation CP23/26.
The new gateway for