On 11 October, the AIMA Productive Finance Working Group published an updated version of the model Long-Term Asset Fund Instrument of Incorporation and Authorised Contractual Scheme co-ownership deed, following confirmation from the Financial Conduct Authority.
On 17 September 2024, there was published in the Official Journal of the EU a Corrigendum to Regulation 2023 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and
On 12 September 2024, the Financial Conduct Authority (FCA) published a document setting out its approach to the recognition of funds under the Overseas Funds Regime (OFR), along with a number of related documents.
The approach document is intended to assist anyone that is applying for an overseas investment fund to
On 22 August 2024, the Financial Conduct Authority (FCA) updated its webpage on the Overseas Funds Regime (OFR).
The updated webpage confirms that the OFR gateway will be opened to new schemes (not currently in the Temporary Marketing Permissions Regime (TMPR)) on 30 September 2024, while landing slots for
On 31 July 2024, the FCA published a new webpage “Apply to be UK UCITS Man Co”.
The webpage provides information for firms that wish to become a management company of a UK UCITS, what permissions they will need and how much they will pay.
Among other things the webpage reminds firms that:
On 19 July 2024, the European Commission adopted a Delegated Regulation supplementing Regulation (EU) 2015/760 with regard to regulatory technical standards specifying when derivatives will be used solely for hedging the risks inherent to other investments of the European long-term investment fund (ELTIF), the requirements for an ELTIF’s redemption policy and liquidity management
On 19 July 2024, the FCA updated its webpage on the Overseas Funds Regime (OFR).
The FCA has added to the webpage a new section titled Operational impact for operators of TMPR funds.
In this section the FCA states that it is important for the fund population data at the beginning of
On 17 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/7 on implementing the Overseas Funds Regime (OFR). In PS24/7, the FCA sets out the final rules and guidance necessary to implement the OFR, as well as responding to feedback to its consultation CP23/26.
The new gateway for
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
On 5 July 2024, the FCA published a Direction it had made under regulation 67A(2) of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (the Regulations).
The Direction provides that the operator of: (i) a stand-alone scheme that is a recognised scheme by virtue of regulation 62 of the Regulations; or (ii)