FCA Rejects Tightening Liquidity Rules After Woodford Saga

Law360, London (August 7, 2019, 3:56 PM BST) -- The head of Britain’s financial watchdog has rejected suggestions that the U.K. should draft its own rules on illiquid assets in European investment funds, even though weaknesses in regulation contributed to the freezing of a prominent equity fund.

The head of the FCA said there would be “significant drawbacks" if Britain drafted its own rules on illiquid assets in European investment funds. (AP) Andrew Bailey, chief executive of the Financial Conduct Authority, said there are “significant drawbacks" to tightening limits on unlisted assets in funds under the framework of European Union rules for investment funds known as UCITS.

The European rules have come...

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