The FCA has published a new web page announcing a modification by consent of the meaning of ‘funds under management’ in Chapter 11 of the Interim Prudential sourcebook for investment business (IPRU(INV) 11). The modification changes the meaning of ‘funds under management’ so that firms whose assets under management include derivative instruments can value those instruments at market value, rather than requiring those instruments to be converted into their equivalent positions in the underlying assets and valued on the basis of that equivalent position.
The modification is set out in an undated direction, which is valid until 31 January 2015.
View Modification by consent of the meaning of funds under management in IPRU(INV) 11, 12 February 2014
View Direction, 12 February 2014