Irish Regulator Sets Deadline for Receipt of AIFM Applications

The Central Bank of Ireland (the “Central Bank”) has set 21 February 2014 as the latest date for receipt of applications from AIFMs wishing to be authorised before the end of the transition period on 22 July 2014.

On 15 May 2013, the Central Bank announced that it was accepting applications for Alternative Investment Funds (“AIFs”) and Alternative Investment Fund Managers (“AIFMs”) under the Alternative Investment Fund Managers Directive (the “AIFMD”).

This has enabled AIFs and AIFMs wishing to avail of the passport under the AIFMD to be able to do so before 22 July 2014, the end date of the transition period for compliance with the European Union (Alternative Investment Fund Managers) Regulations, 2013 (S.I. No. 257 of 2013) (the “AIFM Regulations”).

At the end of September 2013, the Central Bank also wrote to all Non-UCITS funds regulated by it, enquiring as to their intentions as regards AIFMD compliance, in order to determine the likely number of applications it will receive for AIFM authorisations.

As a result of this process, the Central Bank has now set 21 February 2014 as the latest date for the receipt of applications. The following applications must be received by 21 February 2014:

• applications for authorisation as an AIFM (including AIFs which are internally managed); and
• applications to act as a registered AIFM (for applicants whose assets under management are below the thresholds set out in Regulation 4 of the AIFM Regulations.)

The Central Bank does also advise that, given the expected volumes, applications should be completed and submitted at the earliest opportunity and applicants should take care to ensure their applications are of the highest quality, as incomplete or insubstantial applications will be returned.

For a link to the application forms, please click here.

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