The Financial Conduct Authority (FCA) will introduce the Overseas Fund Regime (OFR) in April 2024, removing a key post-Brexit barrier for new EU-domiciled ETFs when entering the UK.
OFR is the long-term legal framework that will enable fund platforms – predominantly in Ireland and Luxembourg – to be recognised by the FCA and market and distribute their products to all levels of UK investors.
At an Alfi conference last Thursday, Mhairi Jackson, asset management policy lead at the FCA, said: “We are working to open the overseas fund regime from April next year.
“We are really investing heavily in our systems at the moment to make sure that that process is as streamlined as possible.”
The FCA is currently providing technical advice to the finance ministry on how to determine fund equivalence. It remains unclear whether the UK’s financial watchdog will introduce additional…
