In November, the Financial Conduct Authority ("FCA") announced a proposal to publicize investigations upon initiation, as outlined in Consultation Paper CP24/2. Ahead of the Parliamentary hearings, ASC submitted a letter to the UK's legislative body to highlight how this legislation is a departure from precedent and could have direct impact on the industry, managers and their investors should the rule be passed as proposed.
Following the Parliamentary hearings, the FCA updated their proposal to include 10 days prior notice and also the opportunity for investment managers to challenge assertions and then 48 hours notice prior to the issuance of an announcement - a significant improvement to FCA's original proposal.
