OFR - FCA publishes guidance notes

As we've previously reported, from the start of next month, EEA UCITS (though not money market funds) will be eligible to join the UK's Overseas Funds Regime (OFR).

Stand-alone funds and new umbrella funds (i.e., those which are not in the Temporary Marketing Permission Regime - or TMPR) can apply to join the OFR at any stage after 2 September 2024.

For funds which are in the TMPR, the fund operator will receive a three-month "landing slot" in which to make an application - these landing slots run from 1 October 2024 to 30 September 2026.

In readiness for the first applications, the FCA has updated its OFR webpage to include

•  a Connect OFR Registration User Guide, which explains to operators how to submit the Overseas Operator Enrolment application and become the Principal User for their firm and

• a glossary, Explanation of Key Terms used in the FCA OFR "How to guides".

For our practical guide to the OFR, see here.