Useful links to LTAF resources

FCA

### a) Illiquid assets and open-ended investment funds

• DP 17/1 | Illiquid assets and open-ended investment funds | February 2017
• CP 18/27 | Consultation on illiquid assets and open‑ended funds and feedback to Discussion Paper DP17/1 | October 2018
• PS 19/24 | Illiquid assets and open-ended funds and feedback to Consultation Paper CP18/27 | September 2019

b) Permitted links

• CP 18/40 | Consultation on proposed amendment of COBS 21.3 permitted links rules | December 2018
• PS 20/4 | Amendment of COBS 21.3 permitted link rules – final rules and feedback to CP18/40 | March 2020

c) Liquidity mismatch in authorised open-ended funds

• CP 20/15 | Liquidity mismatch in authorised open-ended property funds | August 2020
• FS 21/8 | Feedback to consultation paper on liquidity mismatch in authorised open-ended property funds | May 2021

d) Patient capital and authorised funds

• DP 18/10 | Patient Capital and Authorised Funds | December 2018
• FS 20/2 | Patient Capital and Authorised Funds Feedback on DP18/10 | February 2020

e) LTAFs

• CP 21/12 | A new authorised fund regime for investing in long term assets | May 2021
• PS 21/14 | A new authorised fund regime for investing in long term assets | October 2021
• CP22/14 | Broadening retail access to the long-term asset fund | August 2022
• FCA summary of LTAF valuation and pricing requirements | November 2022
• PS23/7 | Broadening retails access to the long-term asset fund | June 2023
• CP 24/18 | Chapter 3: Widening LTAF access - amending NURS second scheme rules to facilitate LTAF investment | September 2024
• FCA Handbook Notice 125 | December 2024

f) Financial promotion of high risk investments

• DP 21/1 | Strengthening our financial promotion rules for high‑risk investments and firms approving financial promotions | April 2021
• CP 22/2 | Strengthening our financial promotion rules for high‑risk investments and firms approving financial promotions | January 2022
• PS 22/10 | Strengthening our financial promotion rules for high‑risk investments and firms approving financial promotions | August 2022

g) Future disclosure regime for retail clients

• DP22/6 | Future Disclosure Framework | December 2022

HM Treasury

a) Review of the UK’s funds regime

• Review of the UK funds regime: a call for input | January 2021
• HMT webpage, New tax regime for asset holding companies (AHCs) | October 2021
• Review of the UK funds regime: a call for input – Summary of responses | February 2022

b) Tax treatment of asset holding companies in alternative fund structures

• Initial consultation | March 2020
• Government response and second stage consultation | December 2020
• Government response to second stage consultation | July 2021

Department of Work and Pensions

• Consultation, Enabling Investment in Productive Finance: Policy consultation on proposals to remove performance-based fees from the charge cap | November 2021
• Consultation, Broadening the investment opportunities of DC schemes | October 2022
• Occupational Pension Schemes (Administration, Investment, Charges and Governance)(Amendment) Regulations 2023 | 6 April 2023
• Statutory Guidance: Disclose and Explain asset allocation reporting and performance-based fees and the charge cap | January 2023

Productive Finance Working Group

• A Roadmap for Increasing Productive Finance Investment | September 2021
• Key considerations guidance | November 2022
• LTAF model co-ownership deed for ACS (produced by Simmons & Simmons) | October 2024
• LTAF model instrument of incorporation for ICVC (produced by Simmons & Simmons) | October 2024