COBS 4.12A Promotion of restricted mass market investments COBS 4.12B Promotion of non-mass market investments COBS 4 Annex 1 Risk summaries COBS 4 Annex 5 Restricted investor statement COBS 10 Annex 3 Assessing appropriateness: units in a long-term asset fund

In view of the entry into force of Policy Statement (PS23/7) which primarily modifies the FCA Handbook to enable retail investors to invest in Long Term Asset Funds (LTAFs), enhance corresponding customer protection rules in relation to LTAFs, increase the exposure limits of alternative investment funds to LTAFs, and remove the illiquid assets restrictions where the investors are qualifying default pension schemes, the Financial Conduct Authority, FCA, has now published a first set of related Handbook changes and provisions. The affected sections are the following:
– COBS 4.12A Promotion of restricted mass market investments
– COBS 4.12B Promotion of non-mass market investments
– COBS 4 Annex 1 Risk summaries
– COBS 4 Annex 5 Restricted investor statement
– COBS 10 Annex 3 Assessing appropriateness: units in a long-term asset fund
The changes thereby reflect the reclassification of LTAFs as now „Restricted Mass Market Investments (RMMI)“, the new risk summary that must be included in promotional material of those LTAFs seeking to target retail customers, and the „restricted investor statement“ in which the investor must confirm that he or she is investing no more than 10% in LTAFs (please note that currently we cannot download the statement as it isn’t linked on the FCA website).