Reference Case Number: FOI9995
Freedom of Information: Right to know request:
I would like to find out the following information please regarding the Long Term Asset Fund:
1. How many applications has the FCA received so far for a long-term asset fund (LTAF) since 1 July 2022?
2. How many individual businesses have submitted applications for a long-term asset fund authorisation since 1 July 2022?
3. Which asset classes are funds requesting authorisation investing in?
4. How many LTAF funds have you approved so far since 1 July 2022?
FCA response:
We hold the information you have asked for and we will respond to each question in turn.
For questions 1 and 2, we have received 3 applications from 3 individual businesses since 1 July 2022.
For question 3, the asset classes that an LTAF may invest in is set out in the relevant COLL rules under COLL15.6.8. However, we are prohibited from disclosing which asset classes funds are requesting authorisation for to you, as it constitutes ‘confidential information’ for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA), which the FCA has received in the discharge of its public functions. We are therefore exempted from the duty to disclose this information under section 44 of FOIA. For more information on why this exemption applies, please see Annex A.
For question 4, we have not approved any LTAF funds since 1 July 2022. We have a six-month period in which to approve an LTAF application starting from the date that a complete application is received and we are actively working on the applications received.