Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

17 QUICK LINKS CBDC CRYPTOASSETS FINTECH LIBOR TRANSITION OPERATIONAL RESILIENCE PRIIPS SUSTAINABLEFINANCE/ESG T+1 ASIA/PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 10 | 2024 FCA Proposes Amendments to Make it Easier for NURS to Invest in LTAF On 6 September 2024, the FCA published CP24/18: Quarterly Consultation Paper No. 45. The proposed amendments to the FCA Handbook include changes to allow a non-UCITS retail scheme (NURS) to be exposed to long-term asset funds (LTAF) without the constraints of the second scheme rules. Currently a NURS may only invest in other collective investment schemes (CIS) if those “second schemes” are themselves limited to a maximum of 15% onward investment in CIS. The FCA says that industry feedback suggests that this limits the ability of NURS to invest in LTAF, due to the common structure of LTAFs’ underlying asset exposure through special purpose vehicles which can, in some cases, be classed as CIS. To enable investment, the FCA proposes to remove the second scheme 15% CIS limitation where a NURS invests in an LTAF. Link to QCP No. 45 here