Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024

11 QUICK LINKS AI DORA FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG TOKENISATION AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2024 UNITED KINGDOM FCA Updates its Overseas Funds Regime Webpage Twice in August On the 12 and 22 August 2024, the Financial Conduct Authority (FCA) made updates to its ‘Overseas Funds Regime (OFR): Update for firms’ webpage for changes to completing applications (12 August) and a change to the date in the news schemes section and OFR landing slots table (22 August). Completing your application The FCA states that firms must be registered on Connect to submit OFR applications. And that each overseas operator must also complete a Connect enrolment form. The FCA says that completion of this form will allow firms to access the relevant OFR application forms. The FCA explain that only one form should be completed on behalf of the overseas operator. The enrolment form must be submitted by an employee of the overseas operator and this person must have appropriate authority to register the overseas operator. The FCA also highlight that further assistance in respect of the registration and enrolment form can be found in its How to guide (PDF). Date in new schemes section and OFR landing slots table The FCA state that it will open the gateway to new schemes (i.e., those not in the Temporary Marketing Permissions Regime (TMPR)) on 30 September 2024, and that new schemes will be able to apply at any time from that date without a landing slot . For schemes in the TMPR, the FCA says that landing slots will start in October 2024 and will be available for operators of stand-alone EEA UCITS. After that, the FCA intends to issue landing slots to operators of umbrella UCITS by alphabetical order of the fund operator’s name. The sequence of landing slots is then staggered monthly to help with operational efficiency. Link to OFRWebpage Update here FCA Consumer Duty: One Year On On 22 August 2024, the Financial Conduct Authority (FCA) updated its Consumer Duty events page for the webinar it hosted on 31 July 2024 to mark the one-year milestone for new and existing products, and the application of the Consumer Duty to closed products and services. In the webinar the FCA focussed on: • The impact the Consumer Duty has had in its first year; • Examples of good practice and areas for improvement; and • The FCA’s priorities for the year ahead. The FCA has now added to its Consumer Duty events page a link to the webinar and a transcript of the event. Link toWebinar here Link to FCA Transcript here