‘How to’, ‘Approach to Recognition’ and draft disclosure guidance
On 11 September 2024, the FCA published ‘How to’ guides for recognition applications submitted by standalone funds (TMPR and non-TMPR), umbrellas (TMPR and non-TMPR) and new sub-funds of OFR umbrellas. It also published application questions, its ‘Approach to Recognition’ containing its expectations of OFR recognition applications, and draft disclosure wording on investor access to compensation and making complaints.
PS24/7: Implementing the Overseas Funds Regime
Published on 17 July 2024 this policy statement sets out the FCA’s final rules and guidance to implement the OFR and provides feedback on CP23/26.
Statutory Instrument for EEA UCITS Equivalence
Made on 13 May 2024 and in force from 16 July 2024, the statutory instrument (i.e., secondary legislation) gave legal effect under the Financial Services and Markets Act 2000 to HM Treasury’s finding that Undertakings for the Collective Investment in Transferable Securities (UCITS), except Money Market Funds, in the European Economic Area (EEA) had been found equivalent under the OFR.
Overseas Funds Regime: Update for firms
Originally published on 1 May 2024, the FCA provided an update with key dates for firms and initial information about how to apply for recognition. The update included a roadmap document, a how to guide for recognition applications and a glossary.
Statutory Instrument on Financial Promotion and other consequential changes
Coming into force on 26 February 2024, the statutory instrument (i.e., secondary legislation) makes various consequential changes to financial promotion and other related rules to implement the OFR.
HM Government Statement on EEA UCITS Equivalence
Given on 30 January 2024, a written statement from the then Economic Secretary to the Treasury (Bim Afolami) to the House of Commons confirmed that EEA states, including EU member states, had been found equivalent under the OFR. Furthermore, that the equivalence decision would apply to Undertakings for the Collective Investment in Transferable Securities (UCITS), except Money Market Funds.
CP23/26: Implementing the Overseas Funds Regime
Published on 4 December 2023, this consultation paper sets out how overseas funds will be recognised under the OFR following equivalence determinations by HM Government and how funds that are recognised under the OFR will need to notify changes to the FCA.
Financial Services Act 2021
Coming into force in February 2022, the legislation introduced a new section 271A-S in the Financial Services and Markets Act 2000 which set out the requirement for a fund/operator to be recognised if it wants to benefit from the OFR, as well as the respective powers of the Treasury and FCA to make rules and regulations for the operation of the regime.
HM Treasury Consultation Response on the Overseas Funds Regime
Published in November 2020, this consultation response summarised stakeholder responses to HM Treasury’s March 2020 consultation and provided the government’s response.
HM Treasury Consultation on the Overseas Funds Regime
Published on 11 March 2020, this consultation paper set out HM Government’s approach to the Overseas Funds Regime (OFR).
Statutory Instrument on the Temporary Marketing Permissions Regime
Made on 19 February 2019 and entered into force upon Brexit, the statutory instrument introduced the ‘temporary marketing permissions regime’ for EU UCITS that market in the UK before the end of the Brexit transition period.
