The Overseas Funds Regime and Individually Recognised Schemes

Copyright © 2025 LexisNexis
Produced in partnership with Andre Wint
Practice notes

The Overseas Funds Regime and Individually Recognised Schemes

Copyright © 2025 LexisNexis

Produced in partnership with Andre Wint

Practice notes
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The Financial Services Act 2021 (FSA 2021) introduced a new overseas Funds regime (OFR) for recognition of non-UK retail funds (including EU Undertakings for collective investment in transferable securities (UCITS)) and money market funds (MMFs) for marketing to the general public in the UK, including retail investors. The framework which opened for new overseas funds on 30 September 2024 replaced the previous recognised schemes regime (ie, section 264 (UCITS schemes)), and applies alongside the amended section 272 (individually recognised schemes) of the Financial Services and Markets Act 2000 (FSMA 2000), as amended by FSA 2021.

Background and consultation

Before the UK left the EU, the UCITS marketing passport regime meant that an EEA UCITS automatically became a ‘recognised’ scheme in the UK when its national competent authority (NCA) notified the Financial Conduct Authority (FCA) under FSMA 2000, s 264. This meant that EEA UCITS were readily marketed to UK retail investors.

Following the end of the Brexit transition period on 31 December 2020, FSMA 2000, s 264 was revoked.

The temporary marketing permissions

Andre Wint
Andre Wint

André has over 12 years’ experience as an in-house asset management lawyer, including fund regulation and experience with a variety of fund vehicles (including UCITS and AIFs). André has advised a range of areas within the funds and asset management business, including front office investments (e.g., listed, unlisted, private placements), trading, institutional sales, regulatory change implementation (e.g., MIFID I & II and AIFMD), fund marketing/distribution, and product.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Funds definition
What does Funds mean?

A collection of assets managed in accordance with an objective for the mutual benefit of all the investors. The investors' share in a unit-linked life or pensions fund is represented by the number of units within the fund that they have been allocated by the life company.

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