UK watchdog unveils curbs on illiquid funds


Christopher Woolard

The FCA’s Christopher Woolard

The UK’s financial watchdog has set new rules for certain open-ended funds that could spread market stress in a crisis due to their illiquid investment.

The Financial Conduct Authority said today (September 30) that some open-ended funds would be designated as “funds investing in inherently illiquid assets”, or FIIAs. Such funds will have to meet several additional requirements designed to limit potential damage during a crisis and make customers aware of the risks.

The UK has moved to tighten

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