If you think compliance is expensive, try non-compliance.
Navigate the NPPR and Achieve FCA Authorization with Alumni Compliance
Expert Support for Fund Managers and AIFMs
Are you a fund manager or Alternative Investment Fund Manager (AIFM) looking to market your funds in the UK? Alumni Compliance specialises in guiding businesses through the regulatory landscape of the Financial Conduct Authority (FCA) authorization under the National Private Placement Regime (NPPR). Our experienced consultants, who are former FCA staff members – including personnel who had previously worked within the FCA’s Fund Authorization, Fund Supervision, and Asset Management Department – offer tailored support to ensure your fund marketing efforts comply with UK regulations.
Why FCA Authorization is Crucial for AIFMs
For fund managers and AIFMs, obtaining FCA authorization is essential to market Alternative Investment Funds (AIFs) under the NPPR in the UK. This rigorous regulatory framework enhances your credibility and ensures compliance with UK regulations. Alumni Compliance makes this complex process straightforward and manageable.
The National Private Placement Regime (NPPR)
The NPPR allows AIFMs to market certain categories of AIFs in the UK under specific conditions as per the UK’s Alternative Investment Fund Managers Regulations 2013. Here’s a brief overview of the different types of fund managers recognised by the Regulations and what they can market in the UK:
Full-scope UK AIFM: Can market a third country AIF or a UK/Gibraltar feeder AIF of a master AIF, where the master AIF is either a third country AIF or managed by a third country AIFM.
Full-scope Gibraltar AIFM: Can market similar funds under the same regulations.
Small Third Country AIFM: Can market an AIF under regulation 58, regardless of whether the AIF is UK-based or from a third country.
Above-threshold Third Country AIFM: Can market an AIF under regulation 59 under similar conditions.
How to Market your non-uk fund Under NPPR
To market your fund(s) under the NPPR in the UK, AIFMs must fulfil several conditions and submit necessary notifications via the FCA’s Connect system. Here’s how Alumni Compliance can assist:
Assessing Requirements
Determine whether your fund falls under the NPPR and identify the required permissions. Our consultants evaluate your fund’s structure and activities to ensure compliance with regulations.
Preparing Your Application
Complete all necessary documentation, including the Regulatory Business Plan (RBP) and supplementary forms such as the SMCR Approved Person form. Ensure all individuals meet the FCA’s Fit and Proper Criteria, in addition to reviewing your fund’s prospectus.
Submitting Your Application
Use the FCA’s Connect system for registering and submitting applications. Alumni Compliance ensures your application is correctly completed and submitted, preventing common errors that could delay authorization. We tap into our exclusive knowledge of how the FCA’s internal Fund Authorization process works including exactly what the FCA Case Officer looks for in an application and supplementary documents.
Notification and Fees
Each notification to the FCA requires a fee, payable via Connect. Alumni Compliance guides you through this process, ensuring timely and accurate payments.
Post-Submission Support
After submission, we monitor the progress and respond to any FCA queries. This support continues until your application is approved.
Ongoing Compliance
Post-authorization, Alumni Compliance provides ongoing support to ensure continued compliance with FCA regulations, including assistance with regulatory reporting and fee calculations. See what other compliance solutions we provide for fund managers seeking NPPR registration.
More information about the UK’s National Private Placement Regime is available on the Financial Conduct Authority’s website whilst the rules and guidance in relation to the NPPR can be found in FUND 10.5 of the FCA’s Regulatory Handbook.
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