On July 6, the Financial Services Authority (FSA) published its 13th quarterly consultation (CP07/13) with various proposals to amend the FSA Handbook’s glossary of definitions, Insurance Prudential Sourcebooks, Fees Manual, Market Conduct sourcebook and New Collective Investment Schemes sourcebook.

The quarterly consultation includes proposed clarifications on the application of FSA’s Code of Market Conduct to block trades and proposals to allow non-UCITS retail schemes (i.e. funds outside the EU undertakings for collective investments in transferable securities directives) to hold real estate assets through a special purpose vehicle and clarifications on payments to third parties out of scheme property.