Fund Distribution Alert 2024-12

On 12 August 2024, the UK Financial Conduct Authority (FCA) published a “How to Guide” to enroll as an Overseas Operator for upcoming Overseas Funds Regime (OFR) registrations. This guide provides step-by-step instructions on how to enroll an operator to gain access to upcoming OFR applications.

1. Operators already established in the EEA with a Recognised UCITS under the Temporary Marketing Permissions Regime (TMPR), which have been allocated a landing slot to apply for OFR recognition.
2. Overseas Operators aiming to secure FCA recognition for a qualifying fund under the OFR.

New user registration: Comprehensive guidance on how to register as a new user on the FCA's Connect platform, including setting up multi-factor authentication.

Overseas Operator enrolment: A detailed walkthrough for submitting the Overseas Operator Enrolment application, with instructions on becoming the Principal User (PU) for your firm.

Form submission: An overview of the application form's three main sections—Firm Details, Applicant Details, and Declaration—along with tips to avoid common errors.

FAQs and Troubleshooting: Responses to frequently asked questions and solutions for common issues encountered during the enrolment process.

Firms should take the following steps to ensure a smooth enrolment process under the OFR:

• Appoint a Principal User (PU): Select an individual within the firm who will act as the PU. This person will be responsible for the initial registration and for granting access to additional users. This individual cannot be a third party.
• Register on the FCA Connect platform: The appointed PU should register on the FCA’s Connect platform, ensuring all required information is correctly entered.
• Gather Essential Information:
  • Firm Reference Number (FRN): For firms already recognized under the Temporary Marketing Permissions Regime (TMPR), a FRN is already available and will be needed during the registration.
  • Legal Entity Identifier (LEI): For firms not recognized under the TMPR, a LEI will be needed. This will be used to cross-reference and pre-populate the form with the relevant details.
  • Firm Details: This includes registered firm name, business address, contact details, and regulator information. If the Home State Regulator has a website displaying the firm's authorization, the URL showing an “Active” status is to be included. Details entered will be published on the FS Register.
  • Complete the OFR Enrolment Application: The PU must complete the enrolment application, providing all necessary firm details and confirming their role within the firm.
  • Review and submit: Ensure all sections of the application are completed accurately before submitting it to the FCA for approval.

Once submitted an email confirming receipt will be provided along with an application reference number (ARN) as well as a case reference number (CRN). An FCA case officer will then treat the application. A confirmation of the decision reached by the authority, such as an approval, will be provided per email.

The guide can be accessed in full here (PDF, 2.8MB).

September 2024: The OFR gateway will open, allowing non-TMPR funds to begin their applications for recognition.

October 2024: The OFR gateway becomes accessible for TMPR stand-alone schemes to apply for recognition.

November 2024: The OFR gateway opens for TMPR umbrella schemes. Applications will be accepted based on landing slots assigned by the FCA, organized alphabetically by the operator’s name. The FCA will issue a ‘direction’ to each TMPR fund operator 8 weeks before their landing slot opens, providing specific instructions on how to apply. These directions will be communicated via email to the Chief Compliance Officer registered with the FCA.

September 2026: The final opportunity to submit applications for non-money market fund TMPR schemes ends as the last landing slot closes.

December 2026: The TMPR is set to cease for non-MMF schemes, unless the Government decides to extend its applicability.

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Senior Manager
+352 22 51 51 7417
henrik.olsson@kpmg.lu