Implementation of the Overseas Funds Regime (OFR) by the FCA – Requirements for Irish Authorised UCITS (with the exception of Money Market Funds)

Irish authorised UCITS (with the exception of Money Market Funds) wishing to avail of the OFR may be required to make changes to fund offering documents in accordance with the FCA guidance.

These amendments to the prospectus must be submitted to the Central Bank as a post-authorisation update. UCITS may avail of one of the following options:

1. The relevant disclosure may be added to the UK country supplement and filed via the Portal using the “UCITS/AIF Country Supplement” Request Change.   

2. Alternatively, if the main body of the prospectus/supplement is amended, the amended document must be submitted to the Funds Post-Authorisation team via the Portal using the “UCITS/RIAIF: Prospectus/Supplement review - No new sub-funds” Request Change.  

It should be noted that, as option 2 involves amendments to the main body of the prospectus as opposed to just the country supplement, any such submissions  will be subject to a lengthier and more detailed review process. This should be factored in to timelines for the submission of the OFR application to the FCA.