On September 3, 2015, the FCA issued a consultation paper on the implementation of the Undertaking for Collective Investment in Transferable Securities V Directive and other changes to the FCA Handbook that affect investment funds. The consultation deals with three sets of proposals for the regulation of authorized investment funds and seeks views on: (i) the rules and guidance that will give effect to the most recent changes made to the UCITS V Directive; (ii) changes that are to be made to the Handbook to ensure that these work well in conjunction with the European Long-Term Investment Funds Regulation, a new kind of fund vehicle which aims to contribute to financing the sustainable growth of the EU’s economy through targeting long-term investment, which becomes applicable on December 9, 2015; and (iii) other changes to the Handbook relating to authorized investment funds, including clarification for some of the FCA’s reporting requirements and ambiguities to certain rules, so that the Handbook is kept up to date generally. The FCA is required to transpose the most recent changes to the UCITS V Directive by March 18, 2016. Comments are due by November 9, 2015 for Part I of the consultation, October 5, 2015 for Part II and December 7, 2015 for Part III.

The consultation is available at: http://www.fca.org.uk/static/documents/consultation-papers/cp1527-ucits-v.pdf