On 11 March 2020, HM Treasury published a consultation paper setting out the Government’s proposal for a new process for allowing investment funds domiciled overseas to be sold to UK investors, to replace the existing regime, which is not viable over the long-term. The proposed ‘overseas funds regime’ will introduce two new regimes based on the principle of equivalence: one for retail investment funds and one for money market funds. The regime for retail funds will be similar in many respects to its precursor under section 270 of Financial Services and Markets Act 2000 but with some important differences, including the possibility to apply additional requirements to funds from equivalent countries. The deadline for comments on the consultation paper is 11 May 2020.