On 1 May 2024, the Financial Conduct Authority (FCA) and HM Treasury (HMT) published a Roadmap to implementing the Overseas Funds Regime (OFR).
It explains how the Overseas Funds Regime is intended to be opened to European Economic Area (EEA) funds authorised under the UCITS Directive, following the Government’s decision to grant equivalence in relation to those funds (excluding money-market funds). The OFR roadmap sets out the key stages of the process, so that operators of EEA UCTIS that wish to use the OFR as a gateway to the UK market can prepare. The timelines are subject to change. The Roadmap also offers a diagram which gives an overview of the process for applying for recognition under the OFR. It also outlines other requirements for OFR funds, such as operational rules, retail disclosure, sustainability disclosure requirements and labelling.