Eversheds Sutherland’s Post

Just a reminder to please join us for this webinar tomorrow to get the latest #OFR insights.

https://lnkd.in/ezqcAcX6 | The FCA issued their Policy Statement on Implementing the Overseas Funds Regime ("OFR") which sets out the final rules and guidance necessary to implement the OFR. This update includes a timeline of the key dates for implementation, application requirements, fees, and ongoing obligations of the OFR. #UK #OFR #UCITS #GlobalRegistrationServices #InvestmentFunds #FinancialServices

As the UK Offshore Funds Regime draws ever closer, catch up on the latest in our recent update. Feel free to reach out with any Q’s or if you need any assistance navigating marketing your fund products in the UK. #OFR #tmpr #fundmarketing #uk

The UK FCA just released the long-awaited final “How To” guides on the Overseas Fund Regime.     I suggest you spend some time to familiarise with the guide on the approach that the UK FCA will adopt for the recognition. The rest is just noise.     Particularly useful is the table contained in the guide where for each of the main fund features there is a reference to the related expectation from the FCA.     We were spot on in thinking that the UK value assessment would have applied also to UCITS under the OFR – our prediction is now confirmed.     Do not sweat more than necessary on the disclosures because the FCA has provided a template at least for the ones related to investor redress. Do your homework for any additional disclosure required.     I find interesting the way the application form is structured on the exemptions relative to financial promotion approvals and the requirement for fund operators to appoint an entity in charge of approving financial promotions altogether.     Different sets of risks involved in the exemption route, ranging from delays in the processing of the application to penalties for getting the exemption to the financial promotion prohibition wrong. It is also not an entirely free option either in our view. In the face of a potential shortage of authorised third-party financial promotion approvers, certain exemptions will be the most fashionable. But will the FCA just take your word for it?    Get in touch at ukofr@venezianoandpartners.co.uk if you want to know more about having your UCITS recognised under the UK overseas fund regime. #UK #OFR #FCA #OverseasFundRegime #Brexit

https://lnkd.in/grxe9Jn5 | The FCA and Treasury issued a joint roadmap recently, setting out the expected timeline for the implementation of the Overseas Funds Regime ("OFR") which will go live later this year. This update provides an overview of the key milestones and application process for OFR. #UK #OFR #UCITS #Marketing #GlobalRegistrationServices #InvestmentFunds #FinancialServices

🚩 Atttention to Cyprus Investment Firms (CIFs) 📣 CySEC urges CIFs that advertise the provision of financial services and/or financial instruments to investors in Portugal to take, where necessary, appropriate actions and measures to adhere to the Circular Note issued by the the Portuguese Securities Market Commission, regrading advertising by Financial Intermediaries in Portugal. Read More 👇 https://lnkd.in/dk2fkzTF #Portugal #investments #CIFs #financial #intermediaries #investors #onlinetrading #financialinstrument #Cyprus

Starting July 1, 2024, new monitoring and reporting obligations will come into effect under Article 5r of the EU Regulation 833/2014. These apply to all transfers of more than 100,000 euros made out of the European Union and initiated directly or indirectly for legal persons, organizations, or entities established in the EU with a direct or indirect ownership of more than 40% Russian nexus. In detail, this means: 1. Monitoring obligations: Any transfer meeting these criteria must be appropriately labeled and handled by the transferring institutions to ensure compliance with all relevant regulations and requirements. 2. Reporting obligations: The transferring institutions are required to report such transactions to the competent national authorities. This report must include detailed information about the parties involved, the transfer amount, and the purpose of the transaction. These new regulations aim to increase transparency and control over large money transfers and ensure that they comply with EU rules. Affected institutions must therefore adjust their internal processes accordingly and ensure they have appropriate systems in place to record and report these transactions. #EURegulation #Article5r #MonitoringObligations #ReportingObligations #MoneyTransfers #FinancialCompliance #Transparency #EUFinance #RegulatoryCompliance

The UK’s Overseas Funds Regime (#OFR) provides a streamlined route for EEA UCITS #funds to gain UK recognition, ensuring consumer protection measures are equivalent to UK standards. As part of our preparation for OFR, we have put together a guide to help you navigate the practical issues arising from OFR, how to deal with them, and how we can assist. If you would like a copy, please contact your usual Eversheds Sutherland contact. #FinancialServices

There has been much talk about the Overseas Fund Regime set to be implemented here in the UK. HMT and the FCA have now published a draft roadmap setting out the likely steps and draft dates. Here we summarise the content to give a 1 page view of what has been included. Talk to Michael Hilton to find out how we can help you Here is the link to the FCA’s full roadmap https://lnkd.in/eCYsbJQU #ofr #iscdeliveringchangematters

FCA: Overseas Funds Regime for EEA strategies set to go live 'later this year'. Funds based in the European Economic Area (EEA) will be able to apply for recognition under the Overseas Funds Regime (OFR) “later this year”, the Financial Conduct Authority has said. Check out Cristian Angeloni's latest article 👇 https://incm.pub/3LrmMOs #investing #assetmanagement #wealthmanagement #finance