CP26/16: Registration of authorised fund assets

Why we are consulting

Read CP26/16 (PDF)

Private markets – such as real estate, infrastructure, private credit and private equity - are vital to UK economic growth and the UK financial sector.

We want to make sure UK authorised alternative investment funds (authorised AIFs) can continue to invest in private markets, while still protecting the fund investors. 

We propose rule changes that would:

• have the effect of allowing depositaries of authorised AIFs managed by Authorised Fund Managers (AFMs) that are also defined as ‘full-scope’ AIF managers (AIFMs) to delegate some of their safekeeping functions in respect of some private markets asset types to certain third parties 
• allow depositaries to delegate the relevant safekeeping function for ‘non-custodial’ private market asset types (including real estate) to the AFM’s affiliates, subject to additional protections for the fund where this is done
• clarify elements of the authorised fund registration function requirements
• clarify how the CASS 6 custody rules apply to depositaries of all authorised funds and unauthorised AIFs
• replace the Modification by Consent for COLL 5.6.22R (in respect of COLL 5.5.9R, on guarantees and indemnities) with a permanent rule change.

Who this is for

Our proposals will be of most interest to depositaries and AFMs of authorised AIFs that invest, or may wish to invest, in directly held real estate and partnership vehicles.

The proposals could also impact and will be of interest to depositaries of all authorised funds and unauthorised AIFs.

The consultation may also be relevant to:

• Those with an interest in UK building safety requirements.
• Consumer interest advocacy groups.
• Financial services law firms.

Next steps

Send us your feedback by 9 July 2026.

Online response form.

Alternatively, write to James Ridgwell, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

We will consider all feedback as we refine our proposals.