On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes.
The FCA explains that, on September 9, it will introduce changes to the submission of notifications by AIFMs marketing alternative investment funds (AIFs) under regulations 57, 58 and 59 of the UK Alternative Investment Fund Managers Regulations 2013.
Details of the changes will be published on the webpage, but, in broad terms, they include:
- AIFMs marketing funds under regulations 58, 59 and, for UK AIFMs only, regulation 57, will return to submitting notifications via the FCA’s Connect platform
- Full scope EEA AIFMs marketing AIFs under regulation 57 will be required to submit notifications using new forms.
The updated webpage is available here.