GB – FCA consults on the implementation of the Overseas Funds Regime
11th December 2023
On December 1, 2023, the Financial Conduct Authority has opened a consultation on the long-waited implementation of the Overseas Funds Regime (OFR).
In 2021, the Government legislated to create the OFR, a streamline process to recognise foreign funds under FSMA s271A. This new regime relies on the principle of equivalence between the UK legislation and those of the fund domiciles, the existence of a mutual co-operation between the regulator and the national competent authorities abroad and if they provide equivalent consumer protection outcomes for particular categories of scheme.