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UK finance watchdog studies “side pockets” for parking sanctioned Russian assets -Breaking

by Mike Robinson

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© Reuters. The FCA (Financial Conduct Authority), Britain’s financial regulatory agency, can be seen at its head office in London on March 10, 2022. REUTERS/Toby Melville

LONDON (Reuters – Britain’s financial watchdog announced Wednesday that it had begun talks with the asset management industry about using “side pockets”, which would allow for storage of Russian or Belarusian assets, suspended because of sanctions.

A fund could have side pockets to allow it to seperate difficult-to-sell or valued assets from its core investments.

According to the Financial Conduct Authority, “The FCA is in discussions with all stakeholders regarding options that would allow UK-authorised retail funds to make extraordinary use of side pockets” in light of the difficult task of disposing of Russian assets and Belarusian assets amid extensive international sanctions.

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