On 16 July 2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (No. 257 of 2013) (the “Regulations”) were signed into Irish law, giving effect to the Alternative Investment Fund Managers Directive (the “AIFMD”) in Ireland.
The transposition of the AIFMD into Irish law follows the announcement by the Central Bank of Ireland (the “Central Bank”) on 15 May 2013, that it was accepting applications under the AIFMD. In conjunction with this, the Central Bank published revised Application Forms, as well as its (“Alternative Investment Fund”) AIF Rulebook, providing clarity on its approach to applications under the AIFMD.
Ireland is one of only 12 Member States to have transposed the AIFMD in line with the deadline of 22 July 2013. The other countries are:
Additionally, Ireland has provided a 2 year transitional period for Alternative Investment Fund Managers (“AIFM”) from Non-European Economic Area countries, which gives added flexibility to AIFMs. In comparison, the majority of other Member States are providing for a 1 year transitional period only.
In a further demonstration of Ireland’s readiness for AIFMD implementation, the Central Bank issued an updated Q&A paper on the AIFMD (the “updated Q&A”) on 3 July 2013.
The updated Q&A contains various amendments with new questions also included pertaining to:
- Transitional arrangements;
- Agreements with non-EU authorities;
- Professional investor funds;
- Investments in unregulated master funds; and
- Capital requirements for internally managed AIF.
Updated guidance relating to AIFs and their service providers has also been provided and includes a list of 26 topics to assist in the understanding of the AIF Rulebook.
Some of these topics include:
- AIF applications for authorisation;
- AIFM applications for authorisation;
- Fund administrators – outsourcing of investment fund administration activities; and
- Third party approval and fund authorisation process – investment managers/ investment advisers.
All of this AIFMD related documentation is currently available on the Central Bank’s website as well as the applicable application forms.