Central Bank consultation on AIFMDCP 60 – consultation on the new Irish AIF Handbook |
Published November 2012
On 30 October the Central Bank of Ireland (CBI) published a consultation paper (CP 60) on the implementation of AIFMD in Ireland. The CBI has taken the forthcoming implementation of the Alternative Investment Fund Managers Directive as an opportunity to review, consolidate and simplify the existing Irish non-UCITS requirements into a single “AIF Handbook”. This new draft Handbook forms the basis of the Central Bank’s consultation. Certain Irish rules will no longer apply with “optimal reliance on European regulatory requirements”. Some of the key changes include:
- Removal of the current fund promoter regime with reliance instead on the authorisation and supervision of the AIFM
- Removal of a number of requirements that currently apply to Qualifying Investor Funds (QIFs) which do not substantially add to investor protection
- Greater flexibility with regard to the use of share classes to differentiate between investors
- Measures to facilitate property and private equity funds
- Discontinuation of the Professional Investor Fund (PIF) regime
- The introduction of a Retail Investor Alternative Investor Fund (RIAIF) - a higher risk option to UCITS for retail investors
- The CBI is currently consulting on a number of requirements, including those that will be applicable to sub-threshold AIFMs
Read the briefing paper on CP 60 (pdf)
Contact us
Mike Hartwell
Partner, Head of Investment Management
T: + 353 1 417 2303
Brian Jackson
Director, Investment Management Advisory
T: + 353 1 417 2975
Patrick Rooney
Manager, Investment Management Advisory
T: + 353 1 417 2962
Central Bank of Ireland Consultation Paper CP 60
(230.51 KB)