Government eyes 'streamlined' overseas fund access post-Brexit

Covers retail and MMFs

The UK Government is consulting on measures that will allow UK investors to continue to access EU-domiciled after the Brexit transition period at the end of this year.

A document published alongside today's (11 March) Budget announcements explained that the UK's Temporary Permissions Regime allowed for continued access to retail vehicles such as UCITS funds during the transition period to allow for the end of passporting. However, the Government is now proposing a "streamlined regime for overseas funds", known as the overseas funds regime (OFR), which will establish "a more appropriate basis for recognising overseas retail funds". According to ministers, the OFR has the "potential to promote the interconnectedness of financial markets and consumer c...