Search results

1 – 1 of 1
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 6 November 2017

Panos Katsambas and Chu Ting Ng

To explore the issues and questions put forward for consideration by stakeholders by the UK Financial Conduct Authority (FCA) in its discussion paper dated February 2017 – the…

93

Abstract

Purpose

To explore the issues and questions put forward for consideration by stakeholders by the UK Financial Conduct Authority (FCA) in its discussion paper dated February 2017 – the purpose of which was to gather stakeholders’ views on illiquid assets and open-ended investment funds and seek to provide a basis for debate by setting out several policies for FCA intervention.

Design/methodology/approach

Explains and discusses the potential consequences of each issue and question put forward by the FCA, including definitions of illiquid assets, liquidity management tools, treatment of professional and retail investors, portfolio restrictions and liquidity buffers, valuation of illiquid assets, direct intervention by the FCA, enhanced disclosure, and secondary markets for illiquid assets.

Findings

What was found in the course of the work? The decision to suspend redemptions by these large property funds has brought to the forefront the key question of whether real estate or other illiquid assets are appropriate for open-ended funds. Many questions and considerations remain as to what impact the FCA’s proposed changes could have on the industry. The FCA consultation closed on 8 May 2017 and the results could determine new and adapted rules.

Originality/value

Practical guidance from experienced funds lawyers.

Details

Journal of Investment Compliance, vol. 18 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

1 – 1 of 1
Per page
102050