Forthcoming Change—fund liquidity risk management On 13 August 2026, the FCA published PS26/17, Enhancing fund liquidity risk management, setting out final rules and guidance intended to strengthen liquidity risk management for authorised fund managers (AFMs) of UK UCITS schemes and non-UCITS retail schemes (NURS). The changes include enhanced requirements and guidance on anti-dilution measures, assessment of asset liquidity and liquidity stress testing. The principal changes come into force on 1 February 2027, with certain transitional provisions applying until 1 August 2027. For more information, see Practice Note: Developments in the regulation of UK investment funds and asset management—FCA final rules on enhancing fund liquidity risk management. This Practice Note explores non-UCITS retail schemes (NURS) ie authorised collective investment schemes (CIS) that are not undertakings for collective investment in transferable securities (UCITS). It comments on their investment powers, key investor information documents (KIIDs), promotion and NURS structured as funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs). What is a NURS? Alongside UK-authorised UCITS, NURS are another form of UK-authorised