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1130447

	registered interest
	date	06/06/2019
	answering body	Department for International Trade
	answering dept id	202
	answering dept short name	International Trade
	answering dept sort name	International Trade
	hansard heading	Financial Services: Foreign Investment in UK
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for International Trade, what assessment he has made of recent trends of the level of foreign direct investment into the UK FinTech industry in the (a) 2017-18 and (b) 2016-17 financial years.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	261177
	answer	answer is ministerial correction date of answer 14/06/2019 answer text <p>The information regarding FDI is not held centrally and could only be obtained at disproportionate cost.</p><p> </p><p>Last year British FinTech’s attracted more venture capital funding than any other European country once again totalling $1.73 billion across 261 deals.</p> answering member constituency Beverley and Holderness answering member printed Graham Stuart question first answered 14/06/2019 13:15:37 answering member 1482 label Biography information for Graham Stuart
	tabling member	1586 label Biography information for Adam Afriyie

1712656

	registered interest
	date	22/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Foreign Investment in UK
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the impact of the delay of the Overseas Funds Regime on the UK's attractiveness to overseas asset managers; and what steps they are taking to mitigate any negative effects.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4017
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <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> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:28:09 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick