Regulatory Alerts2025-05-21
FSCA Conduct Standard - Requirements for Managers of Collective Investment Schemes
The Financial Sector Conduct Authority has finalized its 2024 Conduct Standard establishing governance, operational, and disclosure requirements for managers of collective investment schemes following a comprehensive public consultation. The revised standard permits the outsourcing of key control functions and internal audit while mandating proportional application, post-appointment notifications for heads of functions, and strict mitigation measures against distributor churning. It clarifies prospectus and custody obligations to eliminate duplication with existing regulations, ensuring managers maintain ultimate responsibility for outsourced functions and investor protection.
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