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On 26 July 2024, in response to the UK Government's Investment Research Review (IRR) on the effectiveness of the investment research market, the FCA published its final rules and guidance to permit the bundling of payments for investment research and trade execution by investment firms. The final rules, which took effect on 1 August 2024, adapt the FCA's policy to evolving markets and better align with the regulatory position in the EU and US. The FCA has now proposed to extend reintroduction of the bundled payment model to managers of pooled funds – i.e., AIFMs and UCITS ManCos.
In this briefing we explore the impact of the new rules, their policy rationale, and the consultation to extend them to fund managers.
Click here to read the alert.
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