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What is the Overseas Funds Regime (OFR)?

The rules for marketing overseas investment funds to UK retail investors that replace the temporary post-Brexit marketing regime.

Which overseas investment funds are covered by the OFR?

All overseas investment funds that are marketed to UK retail investors will eventually be covered by the OFR.

 

From the outset, Undertakings for the Collective Investment in Transferable Securities (UCITS) in the European Economic Area (EEA), except Money Market Funds, will be covered by the OFR following the UK government’s equivalence determination.

How will operators market their funds in the UK under the OFR?

Operators of overseas investment funds must comply with the OFR and seek recognition for their funds from the Financial Conduct Authority (FCA) before marketing to UK retail investors.

When do overseas investment funds need to obtain marketing recognition?

Operators of EEA UCITS in the temporary marketing permissions regime must apply for marketing recognition for their funds from the FCA during the 3-month landing slot they will be allocated between October 2024 and September 2026.
 

Operators of other EEA UCITS that are not in the temporary marketing permissions regime can apply for FCA recognition of their funds from September 2024.

Which rules apply to overseas investment funds under the OFR?

Operators of overseas investment funds that are recognised under the OFR will need to comply with rules including those covering:

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  • Marketing such as ensuring financial promotions are compliant and appropriately approved.

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  • Operations such as providing facilities for UK investors to obtain information, place dealing instructions, update their information and submit complaints.

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  • Point-of-sale disclosures such as providing a Key Investor Information Document (KIID) and supplementary information so investors can compare overseas funds to UK ones.

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  • Sustainability disclosures and labelling such as the Sustainability Disclosure Requirements (SDR) and labelling regime which is likely to be applied by the UK government.

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  • Supervisory reporting such as likely future proposals on the periodic reporting of information and changes to the FCA.

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The questions and answers on this page represent Englebert Ltd's (trading as The Funds Collective) current understanding of the Overseas Funds Regime (OFR). They are not legal or regulatory advice. Unless we have a paid retainer we are not your adviser and you are not our client. The OFR is still being implemented so the requirements (and their interpretation) may change over time, including through future legislation, regulations and guidance. Do your own research

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