On 5 July 2024, the Financial Conduct Authority (FCA) published an update on the Overseas Funds Regime (OFR), providing new information on landing slots for firms that are currently in the temporary marketing permissions regime (TMPR).

The FCA states that it will issue a ‘direction’ to each fund operator in the TMPR, 8 weeks before the fund operator’s landing slot opens, and explain how to apply. The direction will be binding.

The dates for the OFR landing slots are set out on the webpage, and the FCA flags that for a fund that is in the TMPR, the operator must not apply for it to be a recognised scheme under section 271A of the Financial Services and Markets Act 2000 until the landing slot that the FCA specifically directs. 

Firms are also reminded to consider the impact, including potential tax implications, on UK investors if they wish to remove any funds from the TMPR.

For more information on the OFR, see our briefing and podcast.