On March 5, the Financial Conduct Authority released the findings of its review into valuation practices within the private funds market. This review is one of a series of steps taken by the FCA in 2025 to reshape U.K. private funds regulation, alongside its consultation of April 7 on broader regulatory reform; the FCA's so-called dear CEO letter of Feb. 26, which included an evaluation as to how U.K. fund managers manage conflicts of interest; and the FCA's findings from May 8 relating to the conduct of smaller fund managers. This article discusses the key findings from the FCA's review and provides an in-depth breakdown of the valuation practices assessed, what the FCA identified as good practices, and the areas that require improvement.
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Read "FCA Review Highlights Valuation Standards For Private Funds" co-authored by Tim Dolan and Christina Papanastasiou, published by Law360. (subscription)