FCA policy statement confirms permanent ban on mass-marketing of speculative illiquid securities

Written by Ciara Davies

The FCA has published a policy statement (PS20/15) announcing that it plans to make permanent its temporary ban on the mass-marketing of speculative illiquid securities (SISs) (which include speculative mini-bonds) to retail investors.

The FCA previously consulted on these proposals in June. The FCA is therefore confirming the rules that it consulted on, as it considered the feedback to be mostly supportive.

Appendix 1 sets out the rules, which are contained in the Conduct of Business (Speculative Illiquid Securities) Instrument 2020. The rules will come into effect on 1 January 2021.