The FCA has published proposals to address concerns about the risks posed to investors by the inclusion of illiquid assets such as land and buildings, infrastructure and unlisted securities within open-ended funds. The FCA's proposals are aimed at fund operators and product providers but is also likely to be of interest to intermediary firms.
The FCA’s proposals specifically apply to non-UCITS retail scheme (NURSs) that invest in illiquid assets. UCITS schemes are not able to invest directly in non‑financial assets like property or infrastructure, so the proposals should not have any significant impact on UCITS schemes.
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