Europe: Updated FCA Guidance on Registration for the UK Overseas Funds Regime

By: Emma O’Dwyer, Aoife Maguire, and Hazel Doyle

On 12 August 2024, the UK’s Financial Conduct Authority released updated information on its website page on the Overseas Funds Regime (OFR). It provides details on how UCITS management companies (Operators) can register for FCA Connect – which is the first step for any Operator looking to register funds under the OFR. See our previous OFR-related blogs for more information on the OFR.

Operators with UCITS funds already registered under the Temporary Marketing Permissions Regime and Operators looking to register new UCITS funds under the OFR will need to register on FCA Connect.

The FCA Connect OFR Registration User Guide describes the steps for an Operator to register and set up their firm’s ‘Principal User’ (PU) on FCA Connect. Only one application should be submitted per Operator.

The application must only be submitted by a person with appropriate authority to register the firm for recognition in the UK and become the PU on FCA Connect. The PU must be in a position to confirm that they are an employee or director of the relevant firm and not of a third party.

There may only be one PU per firm at any time and this PU is the responsible person for FCA Connect. Additional users may be added once the Operator application is approved. The PU’s permissions allow the PU to reassign the PU designation to another user, add and edit other users, and submit firm cancellations.

Additional guidance provided in the Quick Reference Guide describes how additional users may be added to the Operator’s Connect account (including firm administrators and submitters), with relevant permissions assigned to different categories of users.