Fund Distribution Alert 2022-07
United Kingdom: Overseas Funds Regime (OFR) comes into force
United Kingdom: Overseas Funds Regime (OFR) comes into force
On 21 February 2022, HM Treasury in the United Kingdom issued commencement regulations bringing the Overseas Funds Regime (“OFR”) into force on 23 February 2022.
The following provisions of the Financial Services Act 2021 are thus now applicable:
- section 24 and Schedule 9 (Collective investment schemes authorised in approved countries);
- section 25 (Individually recognised overseas collective investment schemes), except for section 25(4)(a); and
- section 26 (Money market funds authorised in approved countries).
Additionally, Section 25(4)(a) of the Financial Services Act 2021 comes into force on 1st January 2023.
The full requirements and procedures of the OFR are, however, still to be finalised before the regime is operational.
As a reminder, the OFR will permit overseas collective investment schemes, deemed equivalent to UK schemes, to be recognised by the Financial Conduct Authority (the “FCA”) for marketing in the UK.
For further information on the OFR, please consult our Fund Distribution Alert 2021-11 and our blog entry from November 2020 here.
The Financial Services Act 2021 (Commencement No 4) Regulations 2022 are available in full here (PDF, 0.1MB)
Please feel free to contact us should you require any additional information.
Contacts
Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu
Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu
