Partner William Yonge spoke to Hedge Fund Law Report about the UK Financial Conduct Authority’s (FCA’s) recently issued portfolio letter to firms in the custody and funds services portfolio, which includes third-party custodians, fund depositaries, third-party fund administrators, and transfer agents.
“The FCA supervises all firms as members of a specific portfolio of firms that share a common business model,” said William.
“Portfolio letters are one means by which the FCA communicates its supervisory expectations to member firms of specific portfolios.”
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