National private placement regime (NPPR)

The National Private Placement Regime (NPPR) allows some Alternative Investment Fund Managers (AIFMs) to market certain categories of Alternative Investment Funds (AIFs) in the UK in accordance with the Alternative Investment Fund Managers Regulations 2013 (as amended) (the UK AIFM Regulations)(as amended)(the UK AIFM Regulations).

The NPPR allows the marketing in the UK of non-EEA AIFs managed by full-scope UK and EEA AIFMs as well as any AIFs managed by non-EEA AIFMs.

It can also relate to the marketing of feeder AIFs where the master funds manager is a non-EEA AIFM or the master fund is a non-EEA AIF.

NPPR is available to the following managers:

  • UK and EEA AIFMs marketing non-EEA AIF(s) (or feeder AIFs that are UK AIFs or EEA AIFs where the master fund is a managed by a non-EEA AIFM or is a non-EEA AIF)
  • Non-EEA AIFMs marketing AIF(s), whether UK, EEA or non-EEA AIF(s)

How to market under NPPR

To market under NPPR in the UK, an AIFM must meet a number of conditions before making a notification, as detailed in regulations 57, 58 and 59 of the UK AIFM Regulations.

The notification must include a declaration from the AIFM that the management of the AIF complies with the relevant conditions in the UK AIFM Regulations. As a result of marketing an AIF in the UK under NPPR, the requirements that an AIFM must meet may change, e.g. it might need to report additional information to the FCA.

Find out more about NPPR FCA Handbook/FUND/10/5.

AIFMs marketing funds under Regulations 58, 59 and, for UK AIFMs only, Regulation 57

Notification to market

New AIFMs marketing AIFs under Regulations 58, 59 and, for UK AIFMs only, regulation 57, need to submit their notifications using our online system, Connect.

AIFMs or Representatives of the AIFM who have previously submitted NPPR marketing or material change notifications before the 9th September will need to call the FCA’s Contact Centre 0300 500 0597 from the UK, or +44 207 066 1000 from abroad to be provided with an NPPR Connect Access Code.

The NPPR Connect Access Code allows the AIFM or their representative to access Firm and Fund Information that is required to submit notifications.

Note that before the NPPR Connect Access Code is generated, the caller will be required to complete a verification process.

On successful verification, the NPPR Connect Access Code will be sent via email to the AIFM only.

For UK AIFM’s Marketing funds under Regulation 57 the email will be sent to the Connect NPPR contact email address. AIFMs marketing funds under Regulations 58 & 59, the email will be sent to the Principal Place of Business contact email address.

For Firms who are notifying an NPPR Marketing notification for the first time the NPPR Connect Access Code will be emailed to the AIFM

Once we have received the notification, the AIFM can start marketing the AIF.

Payment of notification fee

You will need to pay a notification fee every time you make a new notification to us.  You can make this payment using Connect with a credit or debit card. See FEES 2.3 (Relieving Provisions) for the circumstances in which the application fee may be repaid.

Notification of material changes

You must notify us of any material changes to information you previously submitted to us (including if the AIFM ceases marketing or if it transfers management of its AIFs to another AIFM).

AIFMs marketing AIFs under Regulations 58, 59 and 57 for UK AIFMs only, need to submit notifications of Material Changes using Connect.

AIFMs who have previously submitted an NPPR marketing notification will be required to use their NPPR Connect Access Code to access their Firm and Fund information when submitting material changes.

AIFMs or Representatives of the AIFM who have previously submitted NPPR marketing or material change notifications before the 9th September will need to call the FCA’s Contact Centre 0300 500 0597 from the UK, or +44 207 066 1000 from abroad to be provided with an NPPR Connect Access Code.

The NPPR Connect Access Code allows the AIFM or their representative to access Firm and Fund Information required to submit notifications.

Note that before the NPPR Connect Access Code is generated, the caller will be required to complete a verification process.

On successful verification, the NPPR Connect Access Code will be sent via email to the AIFM only.

For UK AIFM’s Marketing funds under Regulation 57 the email will be sent to the Connect NPPR contact email address. AIFMs marketing funds under Regulations 58 & 59, the email will be sent to the Principal Place of Business contact email address.

Please email any queries regarding this to [email protected].

Full-scope EEA AIFMs marketing funds under Regulation 57

Notification to market

EEA AIFMs marketing AIFs under Regulation 57 need to submit notifications using the forms below to inform us of their initial registration and the subsequent registration of new AIFs: 

  • EEA Regulation 57 Notification to Market Form - this form is for authorised full scope EEA AIFMs that market in the UK: (1) non-EEA AIFs; or (2) feeder AIFs that are UK AIFs or EEA AIFs where the master fund is managed by a non-EEA AIFM or is a non-EEA AIF.

For help with these forms, please refer to our Guidance for Completing NPPR Notifications.

Completed NPPR notifications must be emailed to [email protected]  

The subject line of the email should include your firm reference number (FRN) or firm name (if you do not have an FRN) followed by ‘AIFMD NPPR notification’.

To notify us of multiple funds, you can use the template but you must only submit 1 form per email, so please send multiple forms in separate emails. 

We will send an automated email to confirm we received your notification. Do not reply to this email as it is sent from an unmonitored email address. If you do not receive an automated response you should email [email protected]

If we are unable to process your notification, we will tell you why and ask you to resubmit it.

Please note: Firms should refer to  this web page and check that they have the latest version of the relevant form before submitting a notification or it will not be accepted.

Payment of notification fee

We will process your notification once we have confirmation that your payment has been received.  We will send you an email to confirm your notification has been processed and we will issue you with a notification number.  See FEES 2.3 (Relieving Provisions) for the circumstances in which the application fee may be repaid.

Find out more about AIFMD fees.

Pay by BACS or CHAPS

Credit transfers by BACS or CHAPS should be made to:

  • Account Name: FCA Collection account
  • Bank Name: Lloyds Bank Plc
  • Account number: 00828179
  • Sort code: 30-00-02
  • Swift/BIC Code: LOYDGB2LCTY
  • IBAN: GB68 LOYD 3000 0200 8281 79

When paying by credit transfer please ensure that you include the Fund Name and the Name of the AIFM. See FEES 2.3 (Relieving Provisions) for the circumstances in which the application fee may be repaid.

You can email any queries about NPPR fees to [email protected]

Notification of material changes

You must notify us of any material changes to information you previously submitted to us (including, but not limited, to the cease marketing and transfer management of AIFs) using the relevant form:

EEA AIFMs Only – Regulation 57 Material Change Form

For help with these forms, please refer to our Guidance for Completing NPPR Material Changes.

Completed NPPR material changes must be emailed to [email protected].

The subject line of the email should include your firm reference number (FRN) followed by ‘NPPR Material Change notification’.

You must submit only 1 material change form per email.  If you are submitting more than 1 form, please send each form in a separate email. 

We will send an automated email to confirm we received your material change notification. Do not reply to this email as it is sent from an unmonitored email address. If you do not receive an automated response you should email [email protected]

We will send you an email to confirm your material change has been processed and we will issue you with a notification number. 

If we are unable to process your notification of material change, we will tell you why and ask you to resubmit it.

Reporting obligations

If you are a Small Non-EEA AIFM (Regulation 58) or an Above-Threshold Non-EEA AIFM (Regulation 59) marketing in the UK under NPPR, you must report transparency information to us.