Commons Sense

Hansard-based summaries and metrics

<-- Back to proposed bills

Update on the Overseas Funds Regime: The UK's Equivalence Assessment of the EEA states

30 January 2024

Proposing MP
Bim Afolami Con
Hitchin and Harpenden
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The UK government has completed an equivalence assessment of EEA states under the Overseas Funds Regime (OFR), determining them to be equivalent.

Action Requested

Secondary legislation will be required when parliamentary time allows, and a consultation on broadening sustainable disclosure requirements for funds recognized under OFR is planned. The temporary arrangement for EEA funds marketing in the UK will be extended until the end of 2026.

Key Facts

  • Asset management contributes to the health of the UK economy and individuals’ savings.
  • The UK sector is the second largest globally, managing the savings and pensions of millions of UK citizens.
  • The Financial Services Act 2021 legislated for a new Overseas Funds Regime (OFR).
  • Undertakings for Collective Investment in Transferable Securities except Money Market Funds are covered by this equivalence decision.
  • Secondary legislation is required to enact the decision.
  • Temporary arrangements allowing EEA funds to market in the UK will be extended until the end of 2026.
▸ Assessment & feedback
Summary accuracy