The approach document is intended to assist anyone that is applying for an overseas investment fund to be recognised under the OFR. It sets out details of the process and explains some of the factors the FCA will look at when deciding whether an overseas fund meets the conditions for being recognised under the Financial Services and Markets Act 2000.
Key steps when applying for recognition
The FCA sets out the following key steps when preparing to make a recognition application for a fund:
- Read the information set in the approach document.
- Prepare for the application by gathering together all of the information that is detailed in the document, so that the completion of the application is as efficient as possible.
- Obtain the latest supporting documents for the fund so they can be submitted alongside the application.
- Have an appropriate method of paying the application fee.
- Any person that wishes to make an OFR application must first register for the FCA Connect system. A person with appropriate authority at the firm applying will need to enrol into the FCA Connect System.
- Submit the relevant application on the Connect system and pay the relevant application fee.
Information to be submitted
The approach document provides details of the information that will be required submitting an application, grouped into categories including:
- Information identifying the fund.
- Information on the fund’s profile.
- Name and LEI (or other unique indicator) of parties connected to the scheme.
- Information about marketing and distribution.
Additional information
The FCA also explains:
- What will happen after an application has been submitted.
- Its expectations and approach in relation to the OFR, including features that it considers unlikely to be compatible with the standards it expects.
Alongside its approach document, the FCA has also published various related documents including a set of Connect user guides relating to the OFR, links to which can be found on the FCA’s updated OFR webpage.