Central Bank of Ireland establishes a new framework for authorisation of AIF depositaries under Regulation 22(3) (b) of the AIFM Regulations

The Central Bank has determined to make provision for authorisation of depositaries under Regulation 22(3) (b) of the AIFM Regulations (Depositaries of Assets other than Financial Instruments (DAoFI)). Details are set out in the Central Bank’s Regulatory Guidance.  DAoFI can only be appointed to QIAIFs which have no redemption rights exercisable for at least five years from the date of initial investment and which generally do not invest in financial instruments that can be held in custody.