The Central Bank of Ireland has issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD).
The Central Bank is ready to receive applications for authorisation under this new non-UCITS regulatory regime. This is particularly important for those firms aiming to have AIFMD-compliant structures on 22 July 2013, when the AIFMD comes into effect.
In addition to the application forms, the Central Bank has published a new format AIF Rulebook which sets out text for the conditions which will be applied when authorisations are issued.
The Central Bank has also published a Q&A document which addresses the key questions about how the transition to the new regime will operate. This Q&A provides guidance on exactly what firms must do by July 2013, what they may do during the transitional period between July 2013 and July 2014 and how they can plan for achieving AIFMD compliance while maintaining the continuity of their business in the interim.
Key developments include:
• The Central Bank intends to authorise AIFs which have non-EU AIFM;
• The Central Bank will allow AIFMs benefitting from the transitional arrangements to launch AIFMD-compliant AIFs;
• During the transition period, AIFMs may rely on depositories that do not have an AIFMD-compliant authorisation;
• Umbrella QIFs authorised under the old regime can continue to issue sub-funds during the transition period without having to transition to the new regime.
The Central Bank has also set up a one-stop-shop AIFMD web page where all information relevant to the new AIFMD regime can be accessed here.
The Central Bank will update the Q&A as questions requiring a public response are received.