Let’s Talk Asset Management – Episode 29 – UK Asset Management Framework Reforms Part 5 – NPPR proposals and the business restriction

This podcast mini-series on the ‘UK Asset Management Framework Reforms’ examines the FCA’s highly anticipated consultation papers published on 14 July 2026, setting out a proposed a package of reforms intended to tailor requirements more proportionately for asset managers. This podcast in the series focuses on further proposals in CP26/28, including the FCA's proposed approach to how the regime will apply in relation to cross-border marketing under the national private placement regime (NPPR) in Chapter 12 and on the discussion paper section in chapter 16, which considers whether the existing business restriction on AIFMs should be retained.