Rules Undertakings: Investment Fund and Securities Cap

rules undertakings: Answering questions from MPs on the Commons Treasury committee, Bailey said Woodford twice breached rules on holding unlisted assets early last year, according to The Guardian. Set by the European Union, the rules undertakings for collectiveinvestment in transferable securities UCITS cap the amount of illiquid assets an investment fund can have at 10%, while the rest must be listed on an approved stock exchange. Andrew Bailey, the chief executive of the Financial Conduct Authority FCA said that although the renowned stock picker had kept within the rules on the percentage of risky assets that could be held in his Woodford Equity Income Fund, he acted on the wrong side of the spirit of them. Having had these two breaches actually they were symptomatic of the fact that they were really sailing close to the wind, Bailey said. At least they should have discussed it with us. They then did something which again is allowed under UCITS but I personally think is the wrong side of the spirit of it. (news.financializer.com). As reported in the news.