Emma RadmoreHM Treasury and the FCA have published a timeline and roadmap for implementation of the new Overseas Funds Regime. The document explains how the OFR is now going to open up to EEA UCITS, and sets out what their operators will need to do in order to use it to access UK markets.
The Government has decided both to grant “equivalence” status to EEA states in relation to UCITS and to extend the current temporary marketing permissions regime to the end of 2026. Over the next couple of years, it will be legislating or these changes and consulting on the application of SDR and labelling for OFR funds. The FCA meanwhile will open its gateway for applications, which stand-alone and umbrella funds new to the UK markets can use immediately. Those in the TMPR will be given “landing slots” within which to apply.
The document stresses that the timelines are subject to change, but is intended to give operators time to prepare.