Firms contacted in relation to the unquoted holdings limit - February 2022

1. In the period between 1 January 2020 and 31 December 2020 how many funds did you contact that were close to or had already breached the unquoted holdings limit of 10%?
2. In the period between 1 January 2020 and 31 December 2020 which specific funds did you contact because they were close to or had already breached the unquoted holdings limit of 10%?
3. In the period between 1 January 2021 and 31 December 2021, how many funds did you contact that were close to or had already breached the unquoted holdings limit of 10%?
4. In the period between 1 January 2021 and 31 December 2021 which specific funds did you contact because they were close to or had already breached the unquoted holdings limit of 10%?

Question A

During the period 1 January 2020 to 31 December 2020, there were 5 breaches of the unquoted 10% holding rule (‘the Rule’) in relation to 1 fund. Consequently, the FCA were in contact with this fund in relation to these breaches.

Please note that we would only contact a fund once a breach has occurred - firms are not required to report to us when they are close to breaching the Rule. Therefore, we would not have visibility as to when a fund is close to breach.

Question C

During the period 1 January 2021 to 30 November 2021, there were no breaches of the Rule, therefore, no funds were contacted as a result of any breach of the Rule.

Questions B and D

We have the information you have asked for; however, we are prohibited from disclosing it to you, as this is information which has been received by the FCA for the purposes of, or in the discharge of, its functions under the Financial Services and Markets Act 2000 (FSMA).

Such information constitutes ‘confidential information’ as defined in section 348 of FSMA and is exempt from disclosure under section 44(1) (Prohibitions on disclosure) of FOIA. Please refer to Annex A for full details of why this exemption applies.