“Its always in the last place you look”, “it’s probably where you left it”, “check down the back of the sofa” These are statements that are usually helpful when we lose the TV remote, our phone or a tenner, less so when the missing amount is £1.7Bn and you’re a major international payments processor. Wirecard…
As discussed in previous blogs, later this year new FCA rules for open-ended funds investing in inherently illiquid assets enters into force. The new rules concern non-UCITS retail schemes (NURS) that invest in inherently illiquid assets. Although the new rules are relevant to anyone with an interest in open-ended investment funds that are likely to hold illiquid assets, here we will be focusing on the enhanced oversight of depositaries.