September 30, 2019 / 9:23 AM / 2 months ago

UK watchdog toughens rules for property funds from Sept. 2020

LONDON, Sept 30 (Reuters) - Britain’s markets watchdog published tougher rules on Monday for funds that invest in hard to sell assets like property, saying investors must get better warnings about the risks they face.

The Financial Conduct Authority (FCA) said it will introduce a new category of funds investing in inherently illiquid assets, or FIIA, from September 2020.

These funds will be subject to additional requirements, including standard risk warnings in financial promotions, enhanced depositary oversight, and a requirement to produce liquidity risk contingency plans, it said.

Reporting by Huw Jones, editing by Carolyn Cohn

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