Navigating the FCA's Overseas Funds Regime

With the FCA’s Overseas Funds Regime (OFR) for non-UK funds to be recognised by the FCA and sold to UK retail investors having now been live for a few weeks, the FCA has been updating its OFR webpage to include further information on submitting OFR applications.

This includes:

• An Application form questions and associated data set to help firms prepare their submitted application; 
• An Approach to Recognition document which sets out FCA expectations of OFR applicants, including info on the application process and the FCA’s decision-making process; and
• Some draft disclosure wording (PDF). The FCA suggests that fund operators may find this helpful to use as a basis for explaining to UK investors what rights they may have to pursue complaints against the fund operator and depositary, or to receive compensation if those firms cannot meet their liabilities to investors,

as well as a series of “how to” guides for standalone and umbrella schemes with information on how to complete the application forms.  

We recently held a webinar stepping through the key changes in the FCA’s final OFR rules and discussing what fund operators and distributors/platforms should do prepare for the OFR. We also looked ahead to what happens next as the various OFR gateways open in the coming months.  If you missed it, you can find a recording of the session here