UK - FCA provides update on OFR implementation
Currently, European Economic Area UCITS funds marketing in the UK via the Temporary Marketing Permissions Regime (TMPR) must obtain individual recognition. The UK Overseas Funds Regime (OFR) however allows for recognition of collective investment schemes authorised under the law of a country or territory outside the UK, where (among other things) an equivalence assessment has been made by HM Treasury in relation to that country or territory.
On 19 October 2023, the asset management policy lead at the UK Regulator FCA noted at a conference with the Association of the Luxembourg Fund Industry that:
The FCA is working to operationalise the OFR from April 2024.
HM Treasury is yet to determine any additional requirements that will be imposed on overseas funds (these may include a valuation assessment).
There will soon be an FCA consultation on the information to be provided by overseas funds.