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<p>The UK’s world-leading asset management sector is the second largest by assets
under management, 48% of which are managed on behalf of overseas investors.</p><p>
</p><p>The Overseas Funds Regime was legislated for in the Financial Services Act
2021, to create a more streamlined process for overseas investment funds to be sold
to UK investors.</p><p> </p><p>On 30<sup>th</sup> January, the Economic Secretary
to the Treasury announced that the Government had found the states in the European
Economic Area, including the EU member states, equivalent under the Overseas Funds
Regime, in respect of certain retail funds. This followed a detailed assessment of
the states’ regulatory regimes.</p><p> </p><p>HM Treasury and the Financial Conduct
Authority (FCA) jointly published a roadmap to equivalence on the 1<sup>st</sup> of
May setting out the key milestones to implement this decision.</p><p> </p><p>Alongside
this, the FCA published detailed guidance setting out that funds in scope of the OFR
– but without temporary marketing access – will be able to apply to the FCA for recognition
from September 2024. The FCA intends to invite funds with temporary marketing access
to apply for recognition in tranches between October 2024 and September 2026.</p>
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