The European Fund and Asset Management Association (EFAMA) has suggested a number of changes to the UK regulator’s (FCA) Overseas Fund Regime (OFR).
The OFR outlines the process that European retail funds have to follow to gain, and keep, access to the UK market.
In an attempt to streamline the process, the regime will replace the existing Temporary Marketing Permission Regime (TMPR).
However, EFMEA suggests reducing some of the regulatory and supervisory burden that the OFR could bring.
They also want to ensure that OFR recognised funds can disclose the mandated information in the most efficient way possible.
Marin Capelle, regulatory policy advisor at EFAMA, says: “Although most funds bought in the UK have their domicile in the UK, we strongly believe that European funds can bring real value to UK retail investors.
“According to the Investment Association, their share of the UK market has increased over time. We hope that the OFR will allow UK investors to continue to choose funds based on their respective merits, regardless of where the fund’s domicile is located.”
