The Treasury has confirmed that European fund managers will be able to submit applications to the Financial Conduct Authority to market their products to UK investors permanently.
In a statement to MPs today (30 January), economic secretary to the Treasury Bim Afolami said European economic area (EEA) states will now be considered "equivalent" under the Overseas Funds Regime (OFR) for UCITS, excluding money market funds. "The government does not intend to require the funds assessed to comply with any additional UK requirements as part of this equivalence determination at this time," he said. FCA opens consultation on Overseas Funds Regime The OFR is a new method for overseas investment funds to be sold to UK retail investors after Brexit. The regime was ena...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
