Regulatory Alerts2025-10-13
Added · Updated
PS26/7: Progressing fund tokenisation
The FCA finalizes guidance allowing on-chain records to serve as primary books and records for unit deals, removing the requirement to maintain duplicate off-chain mirror records if appropriate resiliency plans are in place. New optional rules introduce a direct dealing model for all authorized funds, enabling atomic settlement on-chain by eliminating the prior requirement for units to be issued to the fund manager before transfer to unitholders. The regulator declines to implement proposed client money account requirements for umbrella schemes but applies enhanced reconciliation rules for cash accounts while working with HM Treasury to clarify protected cell legislation regarding omnibus accounts. These new rules and guidance enter into force immediately and apply to UCITS management companies, UK AIFMs managing authorized funds, and their depositaries.
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