CoCo No-Go for Ordinary Joe

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The UK’s Financial Conduct Authority, on 5 August 2014, announced the introduction of new temporary product intervention rules in relation to the retail distribution of contingent convertible instruments (CoCos).

The Financial Services Act 2012 introduced new temporary product intervention powers for the FCA and this represents the first time that these temporary intervention powers have been applied, although the FCA has previously exercised other intervention powers in relation to the distribution of Unregulated Collective Investment Schemes and other Non-Mainstream Pooled Investments.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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