PS24/7: Implementing the Overseas Funds Regime (OFR)

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Policy Statement

We set out the final rules and guidance necessary to implement the Overseas Funds Regime. We also respond to feedback to CP23/26.

Read PS24/7 (PDF)

Why we are doing this

The gateway for eligible funds to apply for recognition under the OFR is scheduled to open later this year: in September for new schemes and starting from October for funds currently in the temporary marketing permissions regime (TMPR). 

The new rules will promote effective competition in the interests of consumers, by offering UK investors a broad choice of investment funds.

Who this is for

This will primarily interest:

  • EEA UCITS and the management companies of such funds that currently market 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 and Asset Management trade associations
  • EEA and EU National Competent Authorities (NCAs)
  • Professional services firms providing legal and support services to operators of EEA UCITS

Next steps

The new Handbook rules and guidance to support the implementation of the OFR will come into force on 31 July 2024.

The OFR gateway is expected to open later this year for EEA UCITS (except for money-market funds). Operators with funds currently in the TMPR should check our website for details of when they can apply for OFR recognition of those funds. 


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

In 2021, the Government legislated to create the Overseas Funds Regime (OFR), which allows overseas funds deemed to be equivalent by the Government, to gain streamlined access to UK retail investors. The Government announced in January 2024 that EEA UCITS (except for money-market funds) have been assessed as equivalent.