Jurisdiction(s):
United Kingdom and Ireland

EEA UCITS Equivalence Under UK OFR: HM Treasury Decision Supports TMPR Exit, FCA Recognition and Retail Marketing; Implementation Expected 2024–2026

Published on: 19 March 2024

Published by a Law360 reporter

Legal News

Article summary

The statement confirms that all EU Member States, alongside Iceland, Liechtenstein and Norway, are treated as equivalent for the purposes of the UK’s Overseas Funds Regime (OFR). This article explains the background to the announcement, the evolution of the OFR, and why this equivalence determination will both:

be a positive outcome for managers of EU UCITS who offer their funds to UK retail investors; and
ease many of the concerns these managers have had about potential disruption to their operations after Brexit

The problem that Brexit posed

Under the UK’s financial services framework, any collective investment scheme established outside the UK must secure recognition from the Financial Conduct Authority (FCA) before it can be promoted to retail clients in the UK.

When the UK remained within the EU, EEA funds were entitled to market directly into the UK and across other EU Member States. There was no need to seek individual national approvals, owing to the marketing passport available under a range of financial services laws, including the UCITS Directive...

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