UK regulators launch plan for less liquid fund structure


The UK’s Financial Conduct Authority is consulting on a proposed “long-term asset fund” (LTAF) that could address vulnerabilities in the non-bank sector while boosting investment in the economy.

The paper represents the first “concrete step” of a joint initiative between the FCA, Bank of England, Treasury and members of the financial industry – the “working group on productive finance”.

Most long-term, illiquid investment takes place through closed-ended funds, the FCA notes in its

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