The UK Overseas Funds Regime – FCA provides further guidance for firms

The UK’s Overseas Funds Regime (OFR) provides a streamlined route by which retail-focused collective investment schemes (including UCITS established in the EEA) can apply to the FCA for recognition – such recognition then allows a scheme to be marketed to UK retail investors.

Our client note, offering a practical guide to the OFR can be found here

As we have recently reported, new schemes – i.e., those not in the Temporary Marketing Permission Regime (TMPR) - can apply to join the OFR from 30 September 2024 (see our article here).

Ahead of the scheme’s start, the FCA confirmed that it would publish guidance for firms.

In August, it updated its OFR webpage to include:

• a Connect OFR Registration User Guide, which explains to operators how to submit the Overseas Operator Enrolment application and become the Principal User for their firm and
• a glossary, Explanation of Key Terms used in the FCA OFR "How to guides".

New guidance published by the FCA

On 11 September, it published a further set of guidance notes:

• guides entitled

  • The FCA’s approach to recognition of funds under the Overseas Funds Regime and
  • Enhanced disclosures regarding consumer redress schemes and the potential lack of access to FSCS and FOS

• a data set for an OFR application form and

• a series of Guides on using the FCA’s online Connect platform covering:

  • Recognition of a qualifying Standalone Overseas Collective Investment Scheme (CIS) under the OFR (TMPR Scheme)
  • Recognition of a qualifying Standalone Overseas CIS under the OFR
  • Recognition of a qualifying Umbrella Overseas CIS under the OFR (TMPR Scheme)
  • Recognition of a qualifying Umbrella Overseas CIS under the OFR
  • Recognition of a qualifying sub fund(s) of an Umbrella Overseas CIS under the OFR

If you would like to discuss any aspect of the OFR with us in more detail, please either:

• speak to one of the contacts on this page or
• email us at OFRTaskForce@simmons-simmons.com.