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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

closed-ended investment fund

    59(in LR) an entity:

      1. (a) which is an undertaking with limited liability, including a company, limited partnership, or limited liability partnership; and
      1. (b) whose primary object is investing and managing its assets (including pooled funds contributed by holders of its listed securities):
        1. (i) in property of any description; and
        1. (ii) with a view to spreading investment risk.