On May 2, the UK Financial Conduct Authority (FCA) updated its webpage on the United Kingdom’s national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive (AIFMD).
The NPPR allows non-European Economic Area (EEA) alternative investment funds (AIFs) that are managed by full-scope UK and EEA alternative investment fund managers (AIFMs), as well as any AIFs managed by non-EEA AIFMs, to be marketed in the United Kingdom.
The FCA’s updated webpage explains that, going forward, AIFMs will need to use the FCA’s Connect system to submit marketing notifications and notifications of material changes in the following circumstances:
- marketing AIFs managed by small third-country AIFMs (i.e., marketing under Regulation 58 of the Alternative Investment Fund Managers Regulations 2013 (the AIFM Regulations);
- marketing, without a passport, AIFs managed by non-EU AIFMs (i.e., marketing under Regulation 59 of the AIFM Regulations); and
- marketing AIFs managed by UK AIFMs (i.e., marketing under Regulation 57 of the AIFM Regulations).
Previously all such notifications were required to be emailed to the FCA; this change now requires all such notifications to be made online only.
The FCA’s updated webpage is available here.