The consultation contains targeted and proportionate amendments to Chapter 11 of the UK Listing Rules, setting out rules for listed closed-ended investment trusts. The changes proposed are intended to strengthen the integrity of an investment trust board being able to act independently of any investment manager, apply consistent protections for all changes to investment manager fees and remuneration, and recognise the conflict arising where a substantial shareholder is also an investment manager.
The consultation is aimed at:
- Listed closed-ended investment funds, including their boards and directors.
- Investment managers of listed closed-ended investment funds, including proposed investment managers.
- Substantial shareholders (those holding 20% or more of voting rights) in listed closed-ended investment funds.
- Sponsor firms that provide fair and reasonable confirmations on related party transactions.
- Investors in closed-ended investment funds, including retail investors.
You can review and respond to the consultation on the FCA’s website: CP26/21: Proposed changes to the UK Listing Rules for closed-ended investment funds | FCA
The consultation closes on 14 August 2026.
About the author:
Karen O’Donnell is Governance & ESG Knowledge Manager at Equiniti, where she provides expert insight on regulatory developments, corporate governance and shareholder engagement to support issuers navigating an evolving market landscape.