Regulatory Requirements and Guidance

AIF Rulebook

On 3 January 2017, 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 2017.

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

AIF APPLICATIONS FOR AUTHORISATION

AIFM'S/AIF MANAGEMENT COMPANY'S RELATIONSHIP WITH THE CENTRAL BANK

AIF DEPOSITARIES

AMALGAMATION OF RETAIL INVESTOR AIFS AND QUALIFYING INVESTOR AIFS WITH OTHER INVESTMENT FUNDS

ASSET VALUATION FOR AUTHORISED AIF

CLOSED-ENDED AIFS AND OPEN-ENDED AIFS WITH LIMITED LIQUIDITY

DIRECTOR TIME COMMITMENTS INDUSTRY LETTER

DISAPPLICATION OF LEGISLATION

EFFICIENT PORTFOLIO MANAGEMENT BY RETAIL INVESTOR AIF

EXISTING AUTHORISED AIF INVESTING IN UNREGULATED INVESTMENT FUNDS

FINANCIAL DERIVATIVE INSTRUMENTS FOR RETAIL INVESTOR AIF

FUND ADMINISTRATORS –OUTSOURCING OF INVESTMENT FUND ADMINISTRATION ACTIVITIES

INWARD MARKETING OF AIF TO RETAIL INVESTORS

PERMITTED MARKETS FOR RETAIL INVESTOR AIF

PROFESSIONAL INVESTOR FUNDS – GRANDFATHERING ARRANGEMENTS

PUBLICATION OF ANNUAL AND HALF-YEARLY REPORTS FOR RETAIL INVESTOR AIF AND QUALIFYING INVESTOR AIF, AS RELEVANT

QUALIFYING INVESTOR AIFS WHICH INVEST MORE THAN 50% OF NET ASSETS IN ANOTHER INVESTMENT FUND

REDEMPTION FREQUENCY

RETAIL INVESTOR AIF: INVESTMENT POLICIES

RETAIL INVESTOR AIFS WHICH INVEST MORE THAN 30% OF NET ASSETS IN ANOTHER INVESTMENT FUND

RISK SPREADING FOR QUALIFYING INVESTOR AIFS

SHORT-TERM MONEY MARKET FUNDS FOR RETAIL INVESTOR AIFS AND QUALIFYING INVESTOR AIFS – VALUATION ON THE BASIS OF AMORTISED COST

SUBSCRIPTIONS INTO QUALIFYING INVESTOR AIFS

SUBSIDIARIES

UCITS AND AIF MANAGEMENT, ADMINISTRATION/TRANSFER AGENT AND INVESTMENT MANAGEMENT AGREEMENTS

UCITS AND AIF THIRD PARTY APPROVAL AND FUND AUTHORISATION PROCESSES

UCITS AND AIF EUROPEAN CENTRAL BANK REPORTING REQUIREMENTS FOR MONEY MARKET FUNDS

UCITS AND AIF SHARE CLASS HEDGING

UMBRELLA FUNDS - REVISED CASH ACCOUNTS GUIDANCE

AIFMD Q&A

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 altered.

On 6 October 2017, the Central Bank published the twenty-sixth edition of the AIFMD Q&A. A new question ID 1124 related to the maintenance of a designated email address for regulatory correspondence in respect of Irish authorized AIFs is included.

AIFMD Q&A Twenty-sixth Edition

All previous versions of the AIFMD Q&A  are available here.