INWARD MARKETING OF AIF TO RETAIL INVESTORS

1. AIFs which propose to market their units in Ireland to retail investors must be authorised by a supervisory authority set up in order to ensure the protection of unitholders and which, in the opinion of the Central Bank, provides an equivalent level of investor protection to that provided under Irish laws, regulations and conditions governing Retail Investor AIF.

2. An AIF situated in another jurisdiction which proposes to market its units in Ireland to retail investors must make application to the Central Bank in writing, enclosing the following information and documentation.

Information

(a) the full name of the AIF;

(b) the full name and address of the management company and/or AIFM and/or investment company;

(c) the full name and address of the depositary;

(d) the jurisdiction in which the AIF is authorised and the name and address of the supervisory authority

(e) details of the arrangements for the marketing of units in Ireland;

(f) the full name and address of the establishment in Ireland (hereafter “facilities agent”) where facilities will be maintained where:

  • unitholders can be advised how dividend payments will be made, how a redemption request can be made to the AIF and how redemption proceeds will be paid to unitholders;
  • the constitutional document, the prospectus, the annual and half-yearly reports can be examined, free of charge, and copies obtained if required; and
  • complaints can be made for forwarding to the head office of the management company/AIFM/investment company.

Documentation

(a) a completed Retail Investor AIF application form together with a letter explaining any material differences between the requirements applicable to the AIF and those applicable to a Retail Investor AIF.

(b) a statement or certificate from the supervisory authority of the AIF confirming that it is authorised.

(c) a certified copy of the constitutional document.

(d) the prospectus and any amendments thereto.

(e) the latest annual report and any subsequent half-yearly report.

(f) a copy of any other document materially affecting the rights of unitholders in the AIF.

(g) confirmation from the facilities agent that it has agreed to act for the AIF.

Documentation submitted to the Central Bank must be in English or Irish or must be accompanied with a translation in English or Irish.

3. AIFs which are one of the following:

(a) established in Guernsey and authorised as Class A schemes

(b) established in Jersey and authorised as recognised funds

(c) established in the Isle of Man as authorised schemes

will receive approval to market their units in Ireland to retail investors on completion of the information and documentation requirements. Other AIF's must demonstrate that the AIF arrangements are such that they provide an equivalent level of investor protection to that provided under Irish laws, regulations and conditions governing Retail Investor AIF.

4. Marketing of units in Ireland to retail investors may not take place until the AIF has received a letter of approval from the Central Bank.

5. Applications by AIFs constituted as umbrella funds to market units of additional sub-funds to retail investors in Ireland must be made to the Central Bank, in writing, enclosing the following:

(a) a statement or certificate from the supervisory authority of the AIF confirming that the sub-fund is authorised or approved;

(b) the revised prospectus for the AIF; and

(c) details of any material changes in the operation of the AIF since the initial approval to market in Ireland was provided.

6. AIF marketing their units in Ireland must comply with the law, regulations and administrative provisions in force in Ireland.

7. When an AIF has received approval from the Central Bank to market units in Ireland to retail investors the name of the AIF and the name and address of the facilities agent will be placed on a list of AIF marketing in Ireland to retail investors, which will be made available to the public on request.

Issued: 3 July 2013

Latest revision: 3 July 2013