CP23/26: Implementing the Overseas Funds Regime (OFR)

Consultation opens
Consultation closes

We’re consulting on rules and guidance to integrate the OFR into our Handbook and to enable recognition of overseas funds from jurisdictions approved by the Treasury.

Read CP23/26 (PDF)

Why we are consulting

We’re proposing new rules and guidance to put the OFR into operation, so that overseas funds that are authorised and supervised in their home country can:  

  • apply for FCA recognition under the OFR 
  • know which of our rules they’ll need to comply with

This consultation discusses how we would recognise funds for offer in the UK, following an equivalence determination by the Treasury under the OFR.

Who this is for

  • Operators (management companies) of European economic area (EEA) undertakings for collective investment in transferable securities (UCITS) that currently market the funds to UK investors or plan to do so. 
  • Distributors of EEA UCITS marketed to UK investors.  
  • Investment advisers. 
  • Firms providing facilities to UK investors in EEA UCITS. 
  • Firms approving financial promotions on behalf of EEA UCITS. 
  • Fund managers and distributors of EEA UCITS schemes that are currently in the temporary marketing permissions regime (TMPR). 
  • UK and EEA trade associations. 
  • EEA and EU national competent authorities (NCAs). 

Next steps

We’re asking for comments on this Consultation Paper (CP) by 12 February 2024. 

Please submit your comments, including any feedback, using our online response form or by email. 

Online response form

Or you can write to us at: Asset Management and Funds Policy team, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN. 

We’ll consider all feedback. Subject to the responses we receive, we’ll look to publish a final policy statement and final Handbook rules in 2024. 


The UK asset management industry is a global industry. Many of the funds offered here are from outside the UK.  

The OFR provides a new method for offering an overseas fund to UK retail investors, following an equivalence determination by the Treasury. We’re consulting now to:  

  • make changes to our Handbook so that if an equivalence determination is made for EEA UCITS, this new gateway can be operationalised 
  • ensure UK and overseas firms are aware of this new route to the UK market