FCA Update: New Authorized Fund Regime, RegData Data Collection Platform Friday, May 14, 2021 FCA Consults on New Authorized Fund Regime for Investing in Long-Term Assets On May 7, the Financial Conduct Authority (FCA) published a consultation paper on a new UK-authorized fund regime for investing in long-term assets (CP21/12). These assets are often called productive finance and include venture capital, private equity, private debt, real estate and infrastructure investments. The FCA proposes a new category of open-ended fund called a long-term asset fund (LTAF). A new chapter in the Collective Investment Schemes sourcebook will contain LTAFs rules. Authorized fund managers will also need to comply with rules in other sourcebooks, including PRIN, FUND, COBS and SYSC.