The overseas funds regime (OFR) is to be introduced to help streamline the process for offshore investment funds marketing to UK retail investors. It presents overseas funds, including EEA UCITS currently using the Temporary Marketing Permissions Regime (TMPR), a simpler alternative to the current system of individual fund recognition under Section 272 of FSMA.
The OFR is based on the principle of ‘outcomes-based equivalence’ which acknowledges that different approaches to regulation can achieve the same regulatory objectives, and so overseas funds may not have to be subject to exactly the same regulation as funds in the UK. Rather, there will be a comparison based on HM Treasury’s overall view of the other country’s regulatory regime, enabling the government to designate a variety of jurisdictions as equivalent.
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