The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is a European Directive which was transposed into Gibraltar legislation via the Financial Services (Alternative Investment Fund Managers) Regulations 2013. The European Commission has supplemented the AIFMD with a Delegated Regulation, more commonly known as the level 2 implementing measures (Level 2).

With the implementation of the AIFMD, all EU funds will either be Undertakings for Collective Investment in Transferable Securities (UCITS) or Alternative Investment Funds (AIFs). Therefore, the scope of the AIFMD is very large and covers Experienced Investor Funds (EIFs), authorised funds, private funds and some recognised funds. The AIFMD however does not directly regulate the operations of AIFs but instead regulates the managers of the AIFs; i.e. the alternative investment fund managers (AIFMs).

The purpose of this webpage is to provide detailed information on the AIFMD and to facilitate, by organising all the information available in the AIFMD and Level 2, the understanding of all the requirements, big and small, imposed on the investment industry by the AIFMD. Below is a list of the information pages available on the AIFMD.

If you have any questions or queries you may contact the funds team at Funds Team.

National Private Placement Regime (‘NPPR’)

What is the NPPR?

The NPPR is a regime agreed between Member States which allows for AIFMs to market AIFs that are not allowed to be marketed under the AIFMD passporting regime. This mainly relates to the marketing of Small AIFMs, non-EU AIFs and AIFs managed by non-EU AIFMs.

If a non-EU AIFM wishes to market a Gibraltar AIF within the EU, marketing will need to be carried out in accordance with the NPPR in each Member State.

How is it implemented in Gibraltar?

The AIFMD NPPR has been implemented into the Gibraltar AIFM regime and published by the Government of Gibraltar on 11th December 2014 under the Financial Services (Alternative Investment Fund Managers) Regulations 2013.

How to market a fund under the Gibraltar NPPR

How to market a Gibraltar AIF within the EU

  • If a non-EU AIFM wishes to market a Gibraltar AIF within the EU, the non-EU AIFM will need to register in Gibraltar in order to manage the Gibraltar AIF and directly notify each member state it wishes to market into. Marketing will need to be carried out in accordance with the NPPR in each of those Member State.

If you market a fund in Gibraltar, we advise you to monitor ESMA developments. ESMA will be producing a report in 2018 which will detail its opinion on the functioning of the passporting regime under AIFMD and its advice on the termination of the existence of the NPPRs in each Member State. If ESMA issues positive advice to terminate the NPPRs, the European Commission will adopt a delegated act, within three months of receiving this advice, specifying the date when the NPPRs are to be terminated. It is too early to establish if positive advice will be issued by ESMA.

Download Sections

  1. Alternative Investment Managers Directive
  2. EU Regulations
  3. Financial Services (Alternative Investment Fund Managers) Regulations 2020
  4. Financial Services Commission (Fees) Regulations 2020
  5. Overview
  6. Types of firms caught by AIFMD
  7. Small AIFMs
  8. Authorisations Of AIFMs

    1. General
    2. Capital Requirements
  9. Operating conditions for AIFMs

    1. General
    2. Conflicts of interest
    3. Risk management
    4. Liquidity management
    5. Investment in securitisation positions
  10. Organisational requirements

    1. General
    2. Valuation
  11. Delegation

    1. Information Page
    2. Policy Paper
  12. Remuneration

    1. Information Page
    2. GFSC AIFM Remuneration Code
  13. Depositaries
  14. Transparency requirements

    1. Annual report
    2. Disclosure to investors
    3. Reporting obligations to GFSC
      1. AIFMD Reporting general overview.
      2. AIFMD Reporting: timing and frequency of submissions.
  15. AIFMs managing specific types of AIFs

    1. AIFMs managing leveraged AIFs
    2. Private equity provisions
  16. Marketing

    1. General
    2. Implications for non-EU AIFMs managing Gibraltar AIFs
  17. Frequently Asked Questions