Central Bank publishes updated AIF HandbookIreland prepares for AIFMD |
Published February 2012
The Central Bank of Ireland (CBI) published on 1 February 2013 its revised “AIF Handbook” that will guide the implementation process of the Alternative Investment Fund Managers Directive (AIFMD) in Ireland. The CBI has made some notable changes based on feedback to Consultation Paper (CP) 60 released in October 2012 and the publication of the European Commission’s “Level 2” Regulation in December 2012.
One of the key changes is the relaxing of the requirements applicable to sub-threshold AIFMs to facilitate start-ups. In other areas, the CBI has maintained its general approach but refined the rules, such as those applicable to master-feeder funds structured as Qualifying Investor AIFs (QIAIFs). Additional specifications to the AIFM managerial functions have also been added in light of the Level 2 Regulation.
The CBI has encouraged further engagement with industry in some areas, including on the AIFM managerial functions or suitable commodities for direct investment by Retail Investor AIFs (RIAIFs). This approach reflects the CBI’s intention to make the AIF Handbook an “organic” document that can evolve on the basis of engagement with industry as issues arise. The industry now has a new set of rules to rely on in preparation for AIFMD’s implementation by 22 July 2013.
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