The Overseas Funds Regime (OFR) took another major step forward this week, as both Houses of Parliament passed the Financial Services Bill, which just leaves Royal Assent to be given to turn the Bill into an Act and become law.
This pulls the trigger on the OFR, which seeks to not only replace the previous passporting regime for EU funds, but opens up another avenue for all non UK domiciled funds to access the British market.
It is worth noting for those thinking about using the OFR to target retail investors that parliamentarians argued until the bitter end over levels of consumer protection outlined in the new law. That angle has not gone away.
30.04.21 Across the line
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