The Irish regulations implementing the EU Alternative Investment Fund Managers Directive ("AIFMD") have been published today, July 17, 2013, on the Irish Department of Finance website, having been signed into law yesterday by the Irish Minister for Finance, Michael Noonan.

The regulations are titled as the European Union (Alternative Investment Fund Managers) Regulations, 2013 (the "AIFMD Regulations") [S.I. No. 257 of 2013].

This is an extremely positive and welcome development as it completes Ireland's AIFMD regime which is now made up of:

  • The AIFMD Regulations
  • The Level 2 Regulation [Commission Delegated Regulation (EU) 231/2013]
  • Commission Implementing Regulation 447/2013 (establishing the procedure for AIFM to opt-in under the AIFMD)
  • Commission Implementing Regulation 448/2013 (establishing a procedure for non-EU AIFM to determine their Member State of reference under the AIFMD)
  • ESMA Guidelines on Key Concepts of the AIFMD
  • ESMA Guidelines on Sound Remuneration Policies under the AIFMD
  • The Central Bank's AIF Rulebook
  • The Central Bank's Application Forms for AIF and AIFM authorisation
  • The Central Bank's Guidance related to AIFs and their service providers, accessible on the Central Bank website
  • The Commission AIFMD Q&A; and
  • The Central Bank AIFMD Q&A (2nd Edition)

Ireland is now ready for next week's AIFMD "go live" date, July 22.

There will continue to be further developments on the AIFMD, such as ESMA's consultation paper of May 24, 2013 on Guidelines on Reporting Obligations of AIFM under Article 3 and Article 24 of AIFM and ESMA's draft regulatory technical standards on types of AIFM (which is subject to endorsement by the Commission), as well as significant national policy matters to be considered such as the application of proportionality under the AIFMD.

For more information on AIFMD in Ireland, please see our detailed "Guide to AIFMD in Ireland" which is available on our website or from any of our Asset Management and Investment Funds Group lawyers.

That Guide will be updated from time to time as further ESMA Guidelines are finalised and to take account of any other material developments relating to AIFMD implementation in Ireland.

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.