The Wellcome Institute has announced its new OA policy, the main points of which are as follows:

• it will apply to any article that includes original peer reviewed research submitted for publication from 1 January 2020
• all research articles wholly or partly funded by Wellcome must be made freely available through PubMed Central and Europe PMC by the official publication date and published under a CC-BY licence
• Wellcome will provide funding to cover “reasonable” APCs for articles published in “fully” OA journals or platforms. There will not be an absolute cap although Wellcome will continue to monitor this and it will work with funding partners to agree a consistent approach towards defining what a ‘reasonable’ APC amount is. They expect grantholders to be aware of the costs of publishing in different journals and only use journals that they consider represent value for money 
• compliant journals will be indexed by the DOAJ (or follow any other criteria that the Plan S coalition may set out in future for OA journals and platforms to be compliant) and have an agreement with the National Library of Medicine to deposit the version of record in PMC and allow that content to be shared with Europe PMC
• Wellcome will no longer cover the cost of OA publishing in subscription journals - although in 2020 and 2021, Wellcome funding can be used for publication costs associated with Jisc Collections transformative OA agreements where the agreement allows 100% of research to be published immediately as OA.  A list of approved agreements will be published before 1 January 2020
• institutions in receipt of Wellcome funding are expected to adhere to DORA principles 
• page and colour charges will not be funded and all Wellcome funded articles must include a statement on accessing data, original software and / or materials
• researchers will be strongly encouraged to post pre prints of their completed manuscripts and publish them under a CC BY licence. Particular conditions will apply in the case of public health emergencies 
• researchers and organisations who do not comply will be subject to appropriate sanctions including not accepting new grant applications and even suspending funding in extreme cases.

In addition, Wellcome has said that 

•  it will not be making any changes to book or monograph OA policy at present
• it is signing up to Plan S as is the Bill and Melinda Gates Foundation. 

Further detail on the policy is available here: https://wellcome.ac.uk/funding/guidance/open-access-policy.