Regulatory Alerts2023-04-11
Added · Updated
PS24/10: Expansion of the Dormant Assets scheme – second phase
The Financial Conduct Authority amends the Collective Investment Schemes sourcebook (COLL) to allow dormant investment assets and client money to be transferred to the Dormant Assets Scheme. The rules remove the requirement to compulsorily cancel redeemed units, exempt participation in the scheme from being treated as a significant change requiring unitholder notice, and grant Authorised Fund Managers and depositaries discretion to transfer unwanted assets to a dormant asset fund operator. For firms holding client money, the amendments extinguish client money responsibilities upon transfer to an Authorised Reclaim Fund but do not impose mandatory priority for the scheme over existing charity payment provisions or add ongoing record-keeping obligations within the CASS rules.
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