Emma RadmoreBaroness Vere of Norbiton, Treasury Lords Minister, has announced that the Government has decided that all EEA states have been assessed as “equivalent” for the purposes of the UK’s Overseas Funds Regime that it introduced under the Financial Services Act 2021. “When Parliamentary time allows”, the government will make the secondary legislation required to implement it. The decision will apply to all UCITS except those that are also MMFs. As a result of this decision, the Government will extend the transitional period for all EEA funds that were marketing in the UK before Brexit, so they will continue to be able to do so until the end of 2026.
Separately, the Government is also considering whether to broaden the scope of sustainable disclosure requirements to include OFR recognised funds, and will consult on its proposals.