On 18 July 2022, the Financial Conduct Authority (“FCA”) published its Handbook Notice No.101, addressing the changes to its Handbook (the “Handbook”), along with relevant consultation feedback. The following instruments were introduced on the 23 June and 15 July 2022:

                1. Collective Investment Schemes Sourcebook (Side Pockets) (Russia) Instrument 2022 (“COLL Instrument”)
                2. Dormant Assets Instrument 2022 (“DA Instrument”)
                3. Periodic Fees (2022/2023) and Other Fees Instrument 2022 (“PF Instrument”)

The FCA Handbook Notice 101 focuses on the analysis of the changes implemented in the COLL Instrument, DA Instrument and PF Instrument…

next steps

The Final Notice Handbook and the legal instruments can be found on the FCA’s website here.

The changes will be consolidated and updated in the Handbook following the publishing of the legal instruments. The FCA holds the right to make corrections and/or further amendments to the instruments without further consultation, should this be necessary or desirable.

For more information, and any guidance or advice on the use of side pockets, or the DAS, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.