Regulatory Alerts2021-05-06
Added · Updated
PS21/14: A new authorised fund regime for investing in long term assets
The Financial Conduct Authority introduces a new category of authorised open-ended fund called the long-term asset fund (LTAF) to facilitate investment in long-term, illiquid assets such as venture capital, private equity, and infrastructure. The final rules require LTAFs to permit redemptions no more frequently than monthly and impose a mandatory minimum notice period of 90 days to align redemption terms with asset liquidity. The regime also mandates robust governance standards, including independent directors on the authorised fund manager's board, and permits distribution to high net worth individuals in addition to sophisticated and professional investors. These new Handbook rules and guidance come into force on 15 November 2021.
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