Access to Financial Services Markets Overseas Funds Regime Outcomes based equivalence
Regulation in other countries will not be identical to that in the UK, but the overall effect of their rules may combine to achieve similar outcomes. Under the OFR equivalence will be judged on outcomes. Assessments of outcomes will be underpinned by compliance with internationally agreed standards and through different combinations of rules for MMFs and retail collective investment schemes if these practices provide an equivalent outcome to the corresponding UK legal framework.
	Retail collective investment schemes in a particular country or territory must offer at least equivalent investor protection. When assessing overseas schemes and comparable UK schemes, HM Treasury will consider the UK legislation and FCA rules that apply to the kind of UK authorised scheme that is most similar to the category of overseas schemes being considered.
	For MMFs, law and practice in a particular country or territory must offer equivalent effect to Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (MMFR).