Deadline approaching for Recognition of Standalone Funds (schemes) under the Overseas Funds Regime (OFR) in the United Kingdom – 31 December 2024

The deadline to apply for recognition of a qualifying Standalone Overseas Collective Investment Scheme in the Temporary Marketing Permissions Regime (“TMPR”) under the Overseas Funds Regime (“OFR”) is 31 December 2024.

The OFR allows overseas funds to continue being marketed in the United Kingdom. Investment funds currently operating under TMPR must secure recognition under the OFR by the stated deadline to ensure uninterrupted market access.

If the fund operator fails to make an application to register the Standalone Funds currently under the TMPR under the OFR by 31 December 2024, they will lose their marketing rights. Effectively, these investment funds will be deregistered.

A Standalone Fund is defined as a scheme that:

• Does not have two or more sub-funds; and
• Whose fund rules or instruments of incorporation do not enable it to have two or more sub-funds.

Applications received after 31 December 2024 will not be considered, and funds that fail to secure recognition will no longer be able to market in the United Kingdom.

To support applicants, the FCA has published detailed guidance on eligibility criteria, application procedures, and submission requirements.

Fund operators are urged to act promptly to avoid last-minute complications.

The Zeidler Team is here to assist with any questions or support you may need regarding the OFR. Contact us for more information.