Regulation · Regime · United Kingdom · Guidance · Financial Conduct Authority
FCA fund tokenisation framework (authorised funds, COLL)Updated 14 Oct 2026
The FCA's rules and guidance for UK authorised funds that use distributed ledger technology, set out in CP25/28 and finalised in PS26/7: guidance on the industry Blueprint model and on keeping the unitholder register on DLT, optional direct-to-fund dealing rules, and a roadmap for further fund tokenisation.
In force · effective 30 Apr 2026
Key points
- Authorised fund managers can launch tokenised funds under the industry Blueprint model within the existing framework.[1]
- New optional direct-to-fund dealing rules let investors deal directly with the fund, whether or not it is tokenised.[1]
- Handbook guidance covers keeping the unitholder register on DLT.[1]
- The rules and guidance took effect immediately on publication.[1]
- Firms choose when to adopt the direct-to-fund dealing rules for new or existing funds.[1]
- The FCA treats fund tokenisation as developing in stages under its digital assets roadmap; the consultation's discussion chapter on retail-scale tokenised portfolio management noted this may need regulatory change.[1]
What it covers
Fund interestFund subscription and redemptionPrimary issuance
Timeline
- 14 Oct 2025 · ConsultationCP25/28 published.[1]
- 21 Nov 2025 · Consultation closedConsultation on chapters 2 to 4 closes; the discussion chapter 5 closed on 12 December 2025.[1]
- 30 Apr 2026 · In forcePS26/7 published; rules and guidance effective immediately.[1]
Instruments
- FCA CP25/28: Progressing fund tokenisationConsultation paper · Consultation closed
- FCA PS26/7: Progressing fund tokenisationPolicy statement (final rules) · In force · 30 Apr 2026
Deployments operating under it
None recorded with a source yet.
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Baillie Gifford Enhanced Yield Fund (BAGEY)Updated 6 Nov 2026 BNY | Live (limited) | Reviewed 13d ago | ||
| BlackRock ICS money market funds, tokenised share classes (Kinexys, Ethereum)New J.P. Morgan | Live (limited) | Reviewed 22d ago | ||
| Calastone Tokenised Distribution network Calastone | Live (limited) | Reviewed 13d ago | ||
| LSEG Digital Markets Infrastructure for private fundsUpdated 28 Oct 2026 London Stock Exchange Group | Live (limited) | Reviewed 21d ago | ||
| Mastercard Multi-Token Network (MTN)Updated 6 Nov 2026 Mastercard | Proof of concept | Reviewed 24d ago |
Sources
- [1]CP25/28 and PS26/7: Progressing fund tokenisation — Financial Conduct Authority, 30 Apr 2026. Accessed 14 Oct 2026.A