FCA Issues Final Rules And Guidance On The Overseas Funds Regime

Following our recent client updates¹, the FCA issued their Policy Statement PS24/07 on Implementing the Overseas Funds Regime ("OFR") on 17 July 2024. While the FCA have yet to publish the "OFR how-to guide" and relevant application forms, the Policy Statement sets out the final rules and guidance necessary to implement the OFR.

Background

The OFR is a new regime which allows streamlined access for overseas funds to market to UK retail investors. The OFR will be open to both EEA UCITS ("UCITS") which are currently marketing in the UK under the Temporary Permissions Regime ("TMPR") and to new UCITS not currently marketing to retail investors in the UK. In this update, we will focus on the OFR as it relates to the marketing of Irish and Luxembourg domiciled UCITS in the UK.