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ARTICLE · 22 NOVEMBER 2024

CP24/21 – Significant Rather Than Fundamental Change

Norton Rose Fulbright Hong Kong
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Regarding CP24/21 relating to investment research payment optionality for fund managers, the punchline is that the FCA is going to take the same line in liberalising the regime for fund managers...

United KingdomFinance and Banking
Jonathan Herbst
Jonathan Herbst

Regarding CP24/21 relating to investment research payment optionality for fund managers, the punchline is that the FCA is going to take the same line in liberalising the regime for fund managers as it has for investment managers of segregated portfolios. This will apply not just to unregulated AIFs or QIFs but to retail UCITS as well.

The guardrails will be materially the same as those applicable to investment managers, including the need for adequate policies, application of best execution, having a methodology to deal with research costs, provider allocation, setting research budgets, value assessment of the research, cost allocation and disclosure. So all fairly familiar now.

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