The Financial Conduct Authority has published its much-anticipated review of the listing rules (UKLRs) for closed-ended investment funds, identifying “a small number of targeted and proportionate adjustments”.
Focusing on the management of conflicts of interest, the regulator has identified three changes it said would strengthen the current rules and ensure they work effectively in the future "without impeding legitimate shareholder activism or diluting accountability". It suggested bringing proposed investment managers within scope of the UKLR relevant related party provisions to ensure consistent protections for all changes to investment manager fees and strategies. Currently, the provision only applies to incumbent investment managers and seeks to prevent a related party from taking adva...
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