FCA Provides Update on OFR Landing Slots for Funds in the TMPR

10th July 2024

On 5 July 2024, the Financial Conduct Authority (FCA) published an important update on the Overseas Funds Regime (OFR), detailing new information about landing slots for firms currently under the Temporary Marketing Permissions Regime (TMPR). Below we detail the key highlights of the update.

Notification and Application Process:

The FCA will issue a binding ‘direction’ to each fund operator in the TMPR, 8 weeks before the fund operator’s landing slot opens. This direction will include instructions on how to apply for recognition under the OFR.

Landing Slot Schedule:

The dates for the OFR landing slots have been published on the FCA website. It’s crucial for operators of funds under the TMPR to note that they must not apply for OFR recognition until their specific landing slot as directed by the FCA. The first landing slots will open for standalone schemes from 1 October 2024 to 31 December 2024. Fund operators can submit their OFR applications at any time during their allocated landing slots.

Preparation and Submission:

To ensure a smooth application process, fund operators must be registered on FCA Connect, the FCA’s online system for managing applications and notifications. Firms are encouraged to complete this registration process well in advance of their landing slot opening.

Impact on UK Investors:

Firms are reminded to evaluate the impact on UK investors, including any potential tax implications if they plan to remove any funds from the TMPR. Thorough consideration and planning are advised to mitigate any adverse effects on investors.

Next Steps and How Zeidler Can Assist:

This update from the FCA is a significant step in transitioning from the TMPR to the OFR. Fund operators can ensure compliance and a seamless transition by following the outlined directions and preparing in advance. For more detailed information, firms should refer to the FCA’s official webpage on OFR landing slots and stay informed of any further updates. If you have any questions or require support, the Zeidler Legal Team and Regulatory Team are here to help. Our global team of professionals remains current on the latest legal, regulatory and compliance changes affecting the asset management industry.  If you require additional information or assistance, please get in touch with us.

Author

Kim Cuong Le