Global Trustee and Fiduciary Services Bite-Sized Issue 8 2024

24 QUICK LINKS AIFMD CBDC CRYPTOASSETS CSDR FINTECH FSB FUND LIQUIDITY MAR MIFID II/MIFIR OPERATIONAL RESILIENCE REMUNERATION SUSTAINABLE FINANCE/ ESG UCITS ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2024 Implementing the Overseas Funds Regime On 17 July 2024, the FCA published policy statement PS24/7: Implementing the Overseas Funds Regime (OFR), detailing the final rules and guidance necessary to implement the OFR and its respond to feedback to CP23/26. The gateway for eligible funds to apply for recognition under the OFR is scheduled to open later this year: in September for new schemes and starting fromOctober for funds currently in the temporary marketing permissions regime (TMPR). The policy statement will primarily interest: • EEA UCITS and the management companies of such funds that currently market to UK investors or plan to do so; • Distributors of EEA UCITS marketed to UK investors; • Investment advisers; • Firms providing facilities to UK investors in EEA UCITS; • Firms approving financial promotions on behalf of EEA UCITS; • Fund and Asset Management trade associations; • EEA and EU National Competent Authorities (NCAs); and • Professional services firms providing legal and support services to operators of EEA UCITS. The new Handbook rules and guidance to support the implementation of the OFR came into force on 31 July 2024. The FCA says the OFR gateway is expected to open later this year for EEA UCITS (except for money-market funds). Operators with funds currently in the TMPR are advised to check the FCA website for details of when they can apply for OFR recognition of those funds. Prior to the publication of PS24/7, on 5 July 2024 the FCA issued a Direction to firms instructing them not to attempt to apply for recognition under the OFR until they are contacted by the FCA and given a landing slot. Link to PS24/7 here FCA Overhauls Listing Rules to Boost Growth and Innovation on UK Stock Markets On 11 July 2024, the FCA published new rules setting out a simplified listings regime with a single category and streamlined eligibility for those companies, including AIFs operating as closed-ended investment funds, seeking to list their shares in the UK. The FCA says the overhaul of listing rules better aligns the UK’s regime with international market standards. It also ensures investors will have the information they need to make decisions about their money, while maintaining appropriate investor protections to hold the management of the companies they co-own to account. The new rules remove the need for votes on significant or related party transactions and offer flexibility around enhanced voting rights. Shareholder approval for key events, like reverse takeovers and decisions to take the company’s shares off an exchange, is still required. The FCA says the changes to listing rules follow extensive engagement across the market. The FCA says it has been clear that the new rules involve allowing greater risk, but believes the changes set out will better reflect the risk appetite the economy needs to achieve growth. The new rules came into effect on 29 July 2024. Link to Policy Statement PS24/6 here