Ireland: Open For Business - Ireland Is Now Accepting Applications For Aifms

Late yesterday, May 15, the Central Bank of Ireland (the "Central Bank") published its new AIF Rulebook, AIFMD Q&A Document and Application Forms for AIFMs and AIFs.

Although there may be some adjustments to the AIF Rulebook over the next number of months, no material changes are expected. The Rulebook needs to be considered alongside the AIFMD itself, the Level 2 Regulations and the awaited Irish domestic implementation, the AIFMD Regulations. The Rulebook does not restate the legislative requirements.

The Q&A Document, now and as it evolves over time, should prove a useful guide for industry participants in understanding the Central Bank's approach and give clarity in a number of areas where there has been considerable uncertainty. Matters of guidance which were contained in the draft AIF Handbook (the precursor to the Rulebook) are intended to "continue to inform" participants of the Central Bank's approach. In time, further guidance will appear in the Central Bank's "Markets Update".

Of immediate practical significance, the Central Bank has issued its Application Forms for AIFMs and AIFs and, although these are still draft, it has made it clear that it is willing to accept applications NOW.

Although we have to wait for the legislation underpinning the Irish AIFMD regime to be enacted, it will be in place in time for authorisations to be issued from July 23, onwards and the fact that fund managers can submit applications now, and that those applications will be processed by the Central Bank, is a clear demonstration that Ireland is open for business.

The link to the Central Bank's Q&A document is as set out below :

A number of points from the Q&A document are worth highlighting as follows :

The Central Bank will continue to apply its 24 hour turn around for Qualifying Investors AIFS (QIAIFS). Although not giving a guaranteed timeline for other entities, such as an AIFM, the Central Bank has indicated that it will "prioritise the most urgent applications, in so far as practical. The amount of time that it will take to process the application will depend on the complexity and nature of the proposal as well as the number of other applications which are received".

Managers can continue to seek authorisation for QIFs under the existing, pre AIFMD regime, up to 3 pm on July 20, 2013.

An existing QIF umbrella scheme can continue to launch new sub-funds post July 2013 under the current regime until the AIFM obtains authorisation under the new regime. Pending authorisation of either the umbrella scheme itself (if internally managed) or its manager as an AIFM under the new regime, such new sub-funds will be subject to the old NU Series of Central Bank Notices.

A MIFiD firm contemplating conversion to AIFM status must bear in mind that, under AIFMD, an AIFM does not benefit from the capacity to passport discretionary portfolio management services cross-border other than in respect of AIFs. The exception to this is that where an AIFM also manages UCITS and is in a position to obtain an authorisation under the UCITS Directive, it can do so - using the UCITS passport.

This is a big issue for MIFiD firms and a somewhat bizarre result of European legislation.

The Central Bank will authorise QIAIFs managed by Non-EU AIFM from July, 2013. The fact that the QIAIF has a Non-EU AIFM will not be an obstacle to its application for authorisation from July, 2013.

In the area of delegation of portfolio risk management functions, the Central Bank has said that it will permit an AIFM to delegate portfolio or risk management functions in part but not "either of the functions, in its entirety..... Specifically, it can never include the tasks, as set out in the AIF Rulebook, which must be exercised directly by the board or its designated persons. Rather, certain portfolio and risk management tasks may be delegated. The proposed extent of delegation must be set out clearly for the Central Bank which will review each such proposed arrangement".

  • An existing Irish AIFM may establish a new AIF during the transitional period in which case, the AIF Rulebook will apply to the AIF. The AIFM must comply on a best effort basis. The depositary will, pending authorisation of the AIFM, be permitted to comply with the depositary regime applicable to start-up AIFMs as set out in the Rulebook.
  • The obligation on depositories is to provide depositary services which meet the conditions imposed on the AIF and AIFM to which they provide services. A depositary must comply with the AIFMD Regulations in relation to each AIF from the date of authorisation of that AIF or from the end of the relevant transition period at the latest.
  • A Non-EU AIFM does not have to fulfil all the obligations imposed on AIFMS immediately. The Central Bank will allow a transition benefit to non-EU AIFMs. Any QIAIF which was authorised prior to 22 July, 2013 and which designates a non-EU entity as its AIFM will only be obliged to ensure that it has an AIFM capable of carrying out all the tasks of an authorised AIFM by 22 July, 2015. This is without prejudice to any Member State applying Article 42(i)(a) to any non-EU AIFM marketing an Irish QIF/QIAIF to professional investors domiciled in, or with a registered office in, that Member State.
  • Any QIAIF which is authorised on or after 22 July, 2013 on the basis of designating a Non-EU AIFM must only ensure that the Non-EU AIFM is capable of carrying out all the tasks of an authorised AIFM within two years from the QIAIF date of launch, (i.e. the date when the initial offer period closes or, where there are multiple closings, the date of first closing).
  • The Central Bank states that it will keep the extent of this transition under review with a view to extending the transition period to align with the coming into effect of Article 37 of the AIFMD, unless there are strong reasons not to do so in the light of intervening experience in relation to the regulation of AIFs which have Non-EU AIFM.
  • The recently issued ESMA guidelines on remuneration do apply equally to AIFMs and self-managed AIFs.

We will keep you posted on further developments as they occur over the coming months.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Practice Guides
by Mondaq Advice Centres
Relevancy Powered by MondaqAI
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions