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 practises are finalised. It is not relevant to assessing compliance with regulatory requirements.

AIFMD Q&A The first edition of the AIFMD Q&A was published on 16 May 2013.

AIFMD Q&A Second Edition: On 3 July 2013 the Central Bank published a second edition, with amendments to questions ID 1014, ID 1016, ID 1018 (email address change); ID 1020, ID 1023, ID 1024 and ID 1025. New questions ID 1042 to ID 1055 were included.

AIFMD Q&A Third Edition: The Central Bank published a third edition on 19 July 2013. Amendments were made to questions ID 1001, ID 1007, ID 1022, ID 1024, ID 1044, ID 1045, ID 1046, ID 1047, ID 1049 and ID 1052. New questions ID 1056 to ID 1059 were included.

AIFMD Q&A Fourth Edition: On 30 September 2013 the Central Bank published a fourth edition, with amendments to questions ID 1020, ID 1022, ID 1029, ID 1030, ID 1046, ID 1050 and the second ID 1059 was renumbered ID 1060. New questions ID 1061 to ID 1064 were included.

AIFMD Q&A Fifth Edition: On 8 November 2013 the Central Bank published a fifth edition. New question ID1065 is included.

AIFMD Q&A Sixth Edition: On the 13 December 2013, the Central Bank published a sixth edition of the AIFMD Q&A. There are three new questions ID 1066 - 1068 . Some questions which are no longer relevant have been deleted while others have been amended for clarification purposes. In particular question ID 1021 provides additional guidance in relation to Article 36 of the AIFMD.

AIFMD Q&A Seventh Edition: On 4 February 2014 the Central Bank published a seventh edition, with amendments to questions ID 1019, ID 1025 and ID 1026.

AIFMD Q&A Eighth Edition: On the 7 March 2014, the Central Bank published an eighth edition of the AIFMD Q&A. Questions ID 1041, ID 1046 and ID 1058 were amended. New questions ID 1069 and ID 1070 were included.

AIFMD Q&A Ninth Edition: On the 2 May 2014, the Central Bank published a ninth edition of the AIFMD Q&A. Question ID1054 was amended. A new question ID1071 was also included.

AIFMD Q&A Tenth Edition: On the 28 July 2014, the Central Bank published a tenth edition of the AIFMD Q&A. Amendments were made to question ID1021 and new questions 1072-1077 were included.

AIFMD Q&A Eleventh Edition: On the 05 November 2014, the Central Bank published an eleventh edition of the AIFMD Q&A. New questions ID 1078 (reporting by non-EU AIFMs) and ID1079 – ID1084 (loan originating Qualifying Investor AIFs) are included.

AIFMD Q&A Twelfth Edition: On the 23 January 2015, the Central Bank published a twelfth edition of the AIFMD Q&A. New questions ID1085 (delegation) ID1086 - ID1087 (transitional arrangements) and ID1088 (disclosure) are included.

AIFMD Q&A Thirteenth Edition: On 12 June 2015, the Central Bank published a thirteenth edition of the AIFMD Q&A, with amendments to questions ID 1030 and ID 1058. New questions ID 1089 - ID 1093 (Marketing of unauthorised AIF) are included.

AIFMD Q&A Fourteenth Edition: On 15 July 2015, the Central Bank published a Fourteenth edition of the AIFMD Q&A. New questions ID 1094 (Irish authorised AIFs seeking to acquire shares through the Shanghai-Hong Kong Stock Connect) and ID1095 (Investments in unregulated funds) are included.

AIFMD Q&A Fifteenth Edition: On 12 August 2015, the Central Bank published a Fifteenth edition of the AIFMD Q&A. New question ID 1096 (Feeder AIF) is included.

AIFMD Q&A Sixteenth Edition: On 5 October 2015, the Central Bank published a Sixteenth edition of the AIFMD Q&A. New questions ID 1097 (Directed Brokerage), ID1098 (Board Composition) and ID1099 (Non- material change) are included

AIFMD Q&A Seventeenth Edition: On 4 November 2015, the Central Bank published a Seventeenth edition of the AIFMD Q&A. A revision has been made to ID 1030 (Non EU AIFM) and a new question ID1100 in relation to subscription and redemption monies of umbrella funds.

AIFMD Q&A Eighteenth Edition: On 24 March 2016, the Central Bank published an Eighteenth edition of the AIFMD Q&A. A revision has been made to ID 1100 and new questions ID1101 and ID1102 have been added in relation to the updated guidance subscription and redemption monies of umbrella funds to make reference to the publication of guidance entitled "Umbrella funds - cash accounts holding subscription, redemption and dividend monies".

AIFMD Q&A Nineteenth Edition: On 2 June 2016, the Central Bank published a nineteenth edition of the AIFMD Q&A. The new questions added were: ID 1104 (Fund Management Company- organizational effectiveness); ID 1105 (Rules - significant influence in the context of certain types of AIFs); and ID 1106 - ID1107 (Companies Act 2014). (ID 1106 was previously issued in the form of a general information note and included in the Markets Update published on the 12 June 2015.)

AIFMD Q&A Twentieth Edition: On 12 September 2016, the Central Bank published a twentieth edition of the AIFMD Q&A. New questions ID1108 – ID 1110 (Umbrella cash accounts) were included.

AIFMD Q&A Twenty-first Edition: On 25 November 2016, the Central Bank published the twenty-first edition of the AIFMD Q&A. A new question ID1111 relating to pension scheme arrangements under EMIR was included.

AIFMD Q&A Twenty-second Edition: On 19 December 2016, the Central Bank published the twenty-second edition of the AIFMD Q&A. Existing question ID 1094 is updated. New questions ID 1112 - ID 1116 are included.

AIFMD Q&A Twenty-third Edition: On 3 January 2017, the Central Bank published the twenty-third edition of the AIFMD Q&A. New questions ID 1117 - ID 1122 regarding loan originating Qualifying Investor AIFs are included.

AIFMD Q&A Twenty-fourth Edition: On 13 March 2017, the Central Bank published the twenty-fourth edition of the AIFMD Q&A, with amendments made to ID 1021, Depositary Services. This amendment was made as a consequence of the publication of the Central Bank (Supervision and Enforcement Act) 2013 (Section 48(1)) (Investment Firms) Regulations 2017.

AIFMD Q&A Twenty-fifth Edition: On 15 May 2017, the Central Bank published the twenty-fifth edition of the AIFMD Q&A. A new question ID 1123 related to the designated email address for fund management companies is included.

AIFMD Q&A Twenty-sixth Edition: 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 authorised AIFs is was included.

AIFMD Q&A Twenty-seventh Edition: On 20 November 2017, the Central Bank published the twenty-seventh edition of the AIFMD Q&A. Question ID 1094 in relation to AIF acquiring Chinese shares through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect was amended.

AIFMD Q&A Twenty-eighth Edition: On 2 January 2018, the Central Bank published the twenty-eighth edition of the AIFMD Q&A. New questions ID 1125 and ID 1126 regarding the PRIIPS Regulation, and ID 1127 relating to prospectus disclosure in the context of the Benchmarks Regulation were included

AIFMD Q&A Twenty-ninth Edition: On 14 March 2018, the Central Bank published the twenty-ninth edition of the AIFMD Q&A. In the section on 'Loan Originating Qualifying Investor AIF' questions ID 1079, ID 1081, ID 1117 and ID 118 are deleted and question ID 1119 was amended. A new question, ID 1128, was included.

AIFMD Q&A Thirtieth Edition: On 4 May 2018, the Central Bank published the thirtieth edition of the AIFMD Q&A. ID 1083, which related to loan originating Qualifying Investor AIF and obligations to report pursuant to the Central Credit Act 2013, was updated.

AIFMD Q&A Thirty-first Edition: On 4 February 2019, the Central Bank has today issued the 31st edition of the Central Bank AIFMD Q&A which includes a new Q&A ID 1129, in relation to Irish Qualifying Investor AIFs with UK AIFMs. The Q&A clarifies that a QIAIF will be permitted to designate a UK AIFM as its AIFM. QIAIFs migrating to such an arrangement need to assess the impacts arising from the loss of the marketing passport under AIFMD including notification to investors, amendments to documentation, filings with the Central Bank or other supervisory authorities and any other operational issues.

AIFMD Q&A Thirty-second Edition: On 7 March 2019, the Central Bank published the thirty-second edition of the Central Bank AIFMD Q&A which includes an updated Q&A ID 1129, in relation to Irish Qualifying Investor AIFs with UK AIFMs. The updated Q&A clarifies that the QIAIFs with UK AIFMs (which become non-EU AIFMs) are subject to the full AIFMD depositary regime including the AIFMD depositary liability provisions.