AIFM APPLICATIONS FOR AUTHORISATION

1. The Central Bank may not grant authorisation to an AIFM unless inter alia:

(a) the applicant is a body corporate with its registered office and its head office in Ireland;

(b) it meets with specific capital requirements as set out in the AIFMD Regulations and AIFMD Level 2;

(c) its shareholders, directors and managers satisfy the requirements of S.I. No. 437 of 2011 on fitness and probity;

(d) its directors and managers are sufficiently experienced in relation to the type of AIF to be managed;

(e) its group structure does not prevent effective supervision by the Central Bank; and

(f) the Central Bank is satisfied that the AIFM will be able to meet with the conditions of the AIFMD Regulations and AIFMD Level 2.

2. An application for authorisation as an AIFM must be made by submitting:

(a) a completed application form signed by two directors of the applicant AIFM;

(b) completed individual questionnaires (IQ) in respect of;

  • each director and senior manager;
  • each individual who has a direct or indirect holding of shares or other interest in the proposed AIFM, which represents 10% or more of the capital or voting rights in the AIFM;
  • any other individual who is in a position to exercise a significant influence over the management of the AIFM.

(c) a programme of activity setting out the organisational structure of the AIFM, including information on how the AIFM intends to comply with its obligations under the provisions of the AIFMD Regulations which implement Chapters II, III, IV (and where applicable) Chapters V, VI, VII and VIII of the AIFMD;

(d) information on the remuneration policies and practices pursuant to Regulation 14 of the AIFMD Regulations;

(e) information on arrangements made for the delegation and sub-delegation to third parties of functions as referred to in Regulation 21 of the AIFMD Regulations;

(f) information on the AIFs it intends to manage as specified in Regulation 8(3) of the AIFMD Regulations;

(g) the statement of responsibility referenced in paragraph 4 of section iii (Organisational requirements) of the AIFM chapter, if applicable.

3. In addition to being subject to the AIFM chapter, AIFMs which manage authorised AIFs are subject to:

(a) the AIFMD Regulations;

(b) AIFMD Level 2;

(c) the investment fund legislation; and

(d) the Retail Investor AIF chapter/the Qualifying Investor AIF chapter (as applicable).

In addition to being subject to the AIFM chapter, AIFMs which manage AIFs which are not authorised AIFs are subject to:

(a) the AIFMD Regulations; and

(b) AIFMD Level 2.

Issued: 3 July 2013

Latest revision: 18 November 2014