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

  1. In addition to providing the Central Bank with the prospectus of the Category 2 investment fund, it will assist the Qualifying Investor AIF’s submission if it provides any other information which the Central Bank may request.
  2. The consideration of whether a Category 2 investment fund complies in “all material respects” with the provisions of the AIF Rulebook in respect of Qualifying Investor AIF should include, inter alia, consideration of the following:
    • supervision by the regulatory authority of the investment fund;
    • the existence of an independent depositary with similar duties and responsibilities in relation to both safe-keeping and supervision;
    • availability of pricing information and reporting requirements; and
    • restrictions in relation to dealings by related parties.
  3. The Central Bank’s assessment of a Category 2 investment fund will take into account the totality of the investment fund's arrangements.
  4. In assessing the depositary’s role in relation to a Category 2 investment fund, the Central Bank acknowledges that oversight responsibilities, as opposed to the safe-keeping function, of a depositary of an underlying investment fund, may not be equivalent to those of Irish depositaries.
  5. The Central Bank will consider jurisdictions and types of investment fund other than those listed in the ‘Category 2 investment fund’ definition on the basis of submissions made for that purpose. Such submissions must be detailed and comprehensive and should contain supporting documentation from the jurisdiction in question.

Issued: 3 July 2013
Latest revision: 19 July 2013