Enhanced Depositary Oversight for Funds Investing in Inherently Illiquid Assets

Enhanced Depositary Oversight for Funds Investing in Inherently Illiquid Assets

As discussed in previous blogs, later this year new FCA rules for open-ended funds investing in inherently illiquid assets enters into force. The new rules concern non-UCITS retail schemes (NURS) that invest in inherently illiquid assets. Although the new rules are relevant to anyone with an interest in open-ended investment funds that are likely to hold illiquid assets, here we will be focusing on the enhanced oversight of depositaries.