AIF Rulebook

On 14 March 2018, the Central Bank published the latest version of the AIF Rulebook. The AIF Rulebook is the Central Bank’s rulebook in relation to AIFs which contains chapters concerning Retail Investor AIF, Qualifying Investor AIF, AIF Management Companies, Fund Administrators, Alternative Investment Fund Managers and AIF Depositaries.

AIF Rulebook March 2018 | pdf 1916 KB

The Central Bank has issued guidance on a number of topics to assist users of the AIF Rulebook, including that listed below:


The AIFMD Q&A sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is published in order to assist in limiting any uncertainty until definitive positions and practices are finalised. It is not relevant to assessing compliance with regulatory requirements. You should check the website from time to time in relation to any matter of importance to you to see if the position has changed. 

On 20th December, the Central Bank issued the 44th Edition of the Central Bank AIFMD Q&A, which includes three new Q&A’s, ID 1151, 1152 and 1153.

ID 1151 sets out the Central Bank’s expectations in respect of an arrangement involving a non-discretionary investment advisor which provides services to a QIAIF. The Q&A affirms the Central Bank’s expectation that the investment advisor is performing a role that is advisory in nature and the AIFM must be able to evidence this upon request from the Central Bank.

ID 1152 sets out the Central Bank’s expectations that multi-manager Retail Investor AIFs (“RIAIFs”) will comply with ESMA’s Q&A of July 2021 on performance fees in multi-manager AIFs. It confirms that existing multi-manager RIAIFs must bring their performance fee methodologies into compliance by 1 January 2023. 

ID 1153 addresses the circumstances of establishment of a new multi-manager RIAIF utilising a performance fee and notes that those wishing to establish a new multi-manager RIAIF with a performance fee must do so in compliance with ESMAs Q&A of July 2021 on performance fees in multi-manager AIFs.

See all previous versions of the AIFMD Q&A.