The FCA issued its Policy Statement PS24/7 "Implementing the Overseas Fund Regime – Feedback to CP23/26 and final rules" on 17th July 2024. This follows the publication of details of the landing slots for operators of funds in the Temporary Marketing Permissions Regime ("TMPR") on 5th July 2024. These updates provide further clarity on how and when overseas UCITS will transition from the TMPR into the Overseas Funds Regime ("OFR") and the requirements which will apply for applications for recognition under the OFR and on an ongoing basis.
Landing Slots
Applications for recognition under the OFR will be the responsibility of the UCITS Management Company ("Fund Operator"). Landing slots have been allocated alphabetically by Fund Operator name, with each landing slot providing a window of 3 months for the Fund Operator to complete all applications for its TMPR funds.
The FCA will issue a 'direction' to each Fund Operator in the TMPR, 8 weeks prior to the Fund Operator's landing slot opening, instructing the Fund Operator how to apply. These directions will be sent by email to the Chief Compliance Officer (the details of which have been provided to the FCA).
Details of the landing slots are set out in Appendix I.
It should be noted that the FCA warns that once it has issued a landing slot direction, and until an application for recognition has been determined, the FCA cannot take account of any change of Fund Operator (management company) for the EEA UCITS within the TMPR. Therefore, UCITS wishing to change Management Company should wait until the scheme is recognised in the UK under OFR.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.