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 April 1st, the Central Bank of Ireland issued the 38th edition of the Central Bank AIFMD Q&A, which includes two new Q&A’s, ID 1141 and ID 1142.

The Q&A [ID 1141] relates to raising capital from investors by way of a shareholder (unitholder) loan. The AIF Rulebook does not envisage or specifically permit arrangements which involve loans between an authorised AIF and its members (investors). Such arrangements would not appear to be consistent with the objective of collective investment on behalf of an authorised AIF’s members. The Central Bank may revisit this matter during future public consultations related to the Central Bank’s AIF Rulebook (and their subsequent conversion into regulations).

The Q&A [ID 1142] relates to whether an authorised AIF can enter into transactions with its investors. Except as where expressly set out in relevant legislation, there appears to be no particular prohibition in the legislation or the AIF Rulebook to prevent an authorised AIF from entering into transactions with investors. However, the AIF Rulebook does not envisage that such transactions would take place. ID 1142 sets out the Central Bank’s expectations in this regard. The Central Bank may also revisit this matter during future public consultations related to the Central Bank’s AIF Rulebook. 

See all previous versions of the AIFMD Q&A.