The central bank consults on amendments to aif rulebook. Many of the changes proposed are of a technical and clarificatory nature and several of the amendments seek to align with changes under the recently published central bank ucits regulations. The aif rulebook is the central banks rulebook in relation to aifs which contains chapters concerning retail investor aif, qualifying investor aif, aif management companies, fund administrators, alternative investment fund managers and aif depositaries. Aif rulebook november 2015 updated in respect of the organisational requirements set out in chapter 3 aifm requirements, which follow the conclusion of cp86. Irish central bank rules and guidance for management companies passporting into ireland published. This follows on from a consultation process, instigated late in 2015. An alternative investment fund aif is type of collective investing where funds are raised. Chapter 1 of the aif rulebook set out the central banks detailed regulatory requirements for riaifs. Jan 30, 2017 in november 2016, the central bank of ireland the central bank announced that it would be amending the aif rulebook to change the requirements applying to loan originating qualifying investor alternative investment funds lqiaifs. The central bank of ireland central bank has announced that, with effect from 7 march 2018, irish authorised loan originating qualifying investor alternative investment funds lqiaifs will be permitted to engage in a broader range of activities to include investing in debt or credit instruments. Welcome new flexibility for irish direct lending funds passle. This fund was authorised by the central bank of ireland as an.
Download aif rulebook march 2018 central bank of ireland book pdf free download link or read online here in pdf. Central bank of ireland consults on amendments to aif rulebook. The central bank issued the amended aif rulebook on 3 january 2017. Rules on depositaries are revised by virtue of regulations 17 to 23 and 30 of the central bank ucits amendment regulations 2017.
Central bank ucits regulations clarify cp86 location rules. The aif rulebook is available on the central bank of ireland s website. A new question id 1123 related to the designated email address for fund. This fund was authorised by the central bank of ireland. Read online aif rulebook march 2018 central bank of ireland book pdf free download link book now. Nov 28, 2016 specifically, the central bank is proposing to amend its alternative investment fund aif rulebook to allow a loan originating qiaif to make certain investments linked to its loan origination strategy other than those arising directly from that strategy, with effect from 3 january 2017. A new question id 1124 related to the maintenance of a designated email address for regulatory correspondence in respect of irish authorised aifs is was included. Specifically, the central bank is proposing to amend its alternative investment fund aif rulebook to allow a loan originating qiaif to make certain investments linked to its loan origination strategy other than those arising directly from that strategy, with effect from 3 january 2017. March 2017 new central bank investment firms regulations the central bank supervision and enforcement act 20 section 481 investment firms regulations 2017 the cbi if regulations were signed by the central bank deputy governor on february 28, 2017 and were subsequently published in iris oifigiul on march 7, 2017. The aif rulebook is the central banks rulebook in relation to aifs which. Qualifying investor alternative investment fund qiaif. Reporting requirements for aif managers central bank of ireland. A qualifying investor aif qiaif is an aif authorised by the central bank which may be marketed to qualifying investors. The revised alternative investment fund aif rulebook was published on 3 january 2017 by the central bank of ireland central bank.
Aif rulebook march 2018 central bank of ireland pdf. Outsourcing where the outsourcing service provider subcontracts elements of the service to other service providers. Academic research in 20162018, showed ifsc section 110 spvs are largely unregulated, operating like brass plate companies with low supervision from the revenue or the central bank of ireland. Consultation central bank cp99 aif rulebook february 2016 pdf view response to commission consultation document. It was the issuer of irish pound banknotes and coinage until the introduction of the euro currency, and now provides this service for the.
The revised aif rulebook now provides that lqiaifs are permitted to deal in investments connected to the loan origination strategy. In its june 2015 cp86 feedback statement, the central bank stated that it would proceed to. On 3 january 2017, the central bank of ireland published its latest version of the aif rulebook. On 3 january 2017, the central bank issued an updated version of the aif rulebook reflecting changes to the loan originating qiaif regime. It showed section 110 spvs were used by sanctionedprohibited russian banks. Lk shields solicitors llp irishcentralbankrulesand. Central bank publishes updated aif rulebook matheson. Applicants are reminded of the provisions of regulation 12 of the regulations which allows the central bank to withdraw an authorisation issued to an aifm where the authorisation has been obtained by making false statements or other irregular means. Aif rulebook november 2015 updated in respect of the organisational. Aif rulebook consultation markets policy division central bank of ireland. Loan originating qiaifs central bank of ireland offers.
On 14 march 2018, the central bank published the latest version of the aif rulebook. Dec 01, 2015 yesterday, the central bank published cp99, a consultation on amendments to the aif rulebook. Given the limited nature of the change, the central bank will not carry out a formal consultation, rather the new policy will automatically take effect on 7 march 2018, when the central bank intends to publish a revised aif rulebook. The aif handbook has been amended to incorporate changes resulting from the consultation process and the publication of the. The full text of the central bank s announcement is set out here. Aug 09, 2017 the central bank of ireland central bank signed the central bank supervision and enforcement act 20 section 481 undertakings for collective investment in transferable securities amendment regulations 2017, s. Central bank issues new regulations for investment firms. While the central bank has updated the aif rulebook. Furthermore, it has advised that reits that are structured as unauthorised aifs must comply with the central bank aif rulebook for retail aifs.
The central bank of ireland central bank signed the central bank supervision and enforcement act 20 section 481 undertakings for collective investment in transferable securities amendment regulations 2017, s. An external manager, which is the legal person appointed by the aif or on behalf of the aif and which, through that appointment, is responsible for managing the aif. In an important step towards ensuring that ireland is one of the first jurisdictions to implement the alternative investment fund managers directive aifmd, the central bank of ireland central bank has published a consultation in relation to a draft alternative investment funds handbook the aif handbook which will replace the existing nonucits notices and. This amendment was made as a consequence of the publication of the central bank supervision and enforcement act 20 section 481 investment firms regulations 2017. Irish section 110 special purpose vehicle spv wikipedia. Central bank of ireland new alternative investment funds. Global situation of undertakings for collective investment at the end of october 2016 english version 5 january 2017.
Disclosure of open fdi positions in a ucits annual and half. The aif rulebook is the central banks rulebook in relation to aifs which includes chapters concerning retail investor aifs, qualifying investor aifs. The central bank s rulebook in relation to aifs which contains chapters. Yesterday, the central bank published cp99, a consultation on amendments to the aif rulebook. Firms regulations 2017 the central bank investment firms regulations. The same inconsistency is to be found between regulation 2411b and paragraph 3ii in schedule 3 of the central bank ucits regulations s.
Enhancements to irish loan originating funds regime announced. This fund was authorised by the central bank of ireland as an umbrella investment fund which may. Central bank of ireland consults on amendments to aif. Directive 201161eu was transposed into irish law under the. Related consultations and submissions central bank consultation cp99 amendments to aif rulebook february 2016 pdf view irish funds consultation response. Central bank of ireland new alternative investment funds handbook. The aif rulebook is the central bank s rulebook in relation to aifs which contains chapters concerning retail investor aif, qualifying investor aif, aif management companies, fund administrators, alternative investment fund managers and aif depositaries. However, the upgraded lqiaifs offered two specific improvements over the section 110 spv which make lqiaifs a superior debtbased beps tool. The central bank of ireland central bank has published an updated version of its aif rulebook to reflect the. The aif rulebook consolidates in a single document the conditions which. It is the countrys financial services regulator for most categories of financial firms.
Central bank issues consultation paper cp99 on amendments. The central banks restrictions on loan originating. This is a welcome enhancement to the central bank s lqiaif regime, which. Apr 24, 2017 on 2 december 2016 the central bank published a notice of intention to increase the range of investments an irish authorised loan originating qiaifs lqiaifs may make from 3 january 2017. The annual audited accounts must be accompanied by the minimum capital requirement report, which forms part of the aif rulebook.
Although the central bank has not determined that all reits established in ireland are aifs for the purpose of the aifmd, it has indicated that the onus would be on a reit to demonstrate otherwise. Amendments to aif rulebook and ucits regulations finance. This fund was authorised by the central bank of ireland as an umbrella investment. Ireland property investment fund icav reference no. The final guidance provides that immediately, in this context, means that documentation requested before 1pm irish time should be provided to the central bank on. Fund administrators, alternative investment fund managers and aif depositaries.
The aif rulebook is the central banks rulebook in relation to aifs which contains chapters concerning retail investor aif, qualifying investor aif, aif. The central bank has once again used its powers to issue regulations in the form of the central bank supervision and enforcement act 20 section 481 investment firms regulations 2017 investment firm regulations which it published in march 2017. Prior to these changes, loan originating qiaifs had been prohibited from engaging in activities other than lending and related operations. Central bank issues consultation paper cp99 on amendments to.
Review of euveca and eusef january 2016 pdf view irish funds response. Central bank publishes cp 86 feedback positive changes to. This fund was authorised by the central bank of ireland as an umbrella investment fund. The central bank of ireland the central bank last night published aifmdrelated application forms and a rulebook, the first regulator in europe to do so. The central bank ucits and aifm regulations will require fund management companies to keep all of their records in a way that makes them immediately retrievable in or from ireland. In february 2018, the central bank of ireland changed its aif rulebook to allow lqiaifs hold the same assets that section 110 spvs could own.
Prior to this amendment, lqiaifs were prohibited from engaging in activities other than lending and certain related operations. The central bank of ireland central bank has launched a consultation paper cp99 outlining a number of proposed amendments to its alternative investment fund aif rulebook. Central bank of ireland publishes ucits regulations. On this date the central bank published another version of its aif rulebook which extends the scope of permitted activity for lqiaifs. Aifmd questions and answers 2017 central bank of ireland. Jan 23, 2017 in november 2016, the central bank of ireland the central bank announced that it would be amending the aif rulebook to change the requirements applying to loan originating qualifying investor.
In addition, where a nonirish aif has been approved by the central bank to market in ireland to retail investors see question 3. When all sections of the central banks fund management company guidance have been finalised, the central bank will amend theaif rulebook and include in its forthcoming central bank ucits regulations a rule that the organisational effectiveness role must be performed by an independent director. The irish collective assetmanagement vehicle or icav is the most popular of the five irish qiaif structures, and was designed in 2014 to rival the cayman island spc. Both categories are subject to the aifm regulations, the aifmd level 2 regulation and the central bank s aif rulebook. A june 2017 study published in nature listed ireland as one of the global conduit ofcs which. Walkers central bank of ireland publishes rulebook and. The rules restricting loan originating qualifying aifs engaging in activities other than lending and related operations have been amended by the central bank. Chapter 5, section ii, paragraph f of the central bank of ireland aif rulebook commission implementing regulation eu no 6802014 of 16 april 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to regulation eu no 57520 of the european parliament and of the council. This fund was authorised by the central bank of ireland as an umbrella. The central bank of ireland central bank published a new markets update issue 7 2015, dated 4 november which includes.
Qualifying investor alternative investment fund or qiaif is a central bank of ireland regulatory classification established in 20 for ireland s five taxfree legal structures for holding assets. Consultation on amendments to aif rulebook consultation. Fund management company boards feedback statement on consultation on. Irish loan origination funds 2017 ireland was the first european union eu member state to introduce a specific regulatory framework for loan origination funds lo funds, irelands directlending fund structure which benefits from the euwide marketing passport under the alternative investment fund managers directive. The central bank invites all stakeholders to provide comments on the proposed policy and technical changes identified in this consultation paper. European union alternative investment fund managers regulations 20 the. The central bank also published the final rules for the new loan originating qiaifs in an updated version of the aif rulebook. Central bank publishes updated aif rulebook the central bank of ireland central bank has published an updated version of its aif rulebook to reflect the outcome of cp86. Regulatory requirements and guidance central bank of ireland. This fund may be marketed to qualifying investors only in accordance with the central bank of irelands aif rulebooknu notices and therefore a minimum subscription of euro 100,000 is required.
Banc ceannais na heireann is irelands central bank, and as such part of the european system of central banks escb. Currently, the aif rulebook states that a loan originating qiaif must limit its. Asset management update january 2017 grant thornton. Qiaifs are not subject to many investment or borrowing restrictions. The central bank published the latest version of the aif rulebook on 3 january 2017 to reflect updated guidance concerning loan originating qualifying investor aifs. Consultation on amendments to aif rulebook consultation paper. Loan originating funds will only be permitted under the qiaif regime and will be required to appoint an authorised alternative investment fund manager aifm pursuant to the aifm directive.
Mar 09, 2017 central bank publishes feedback statement on cp105 the central bank published its feedback statement on cp105 on 19 january 2017. However, the upgraded lqiaifs offered two specific improvements over the section 110 spv. The central bank of ireland the central bank has published a feedback statement and an updated aif handbook following its october 2012 consultation cp60 on implementation of the alternative investment fund managers directive aifmd. On 5 october 2015, the central bank of ireland the central bank. Aifmd authorisation applications may now be made to the central bank. A guide to investment funds in ireland mccann fitzgerald. This fund may be marketed to qualifying investors only in accordance with the central bank of ireland s aif rulebook nu notices and therefore a minimum subscription of euro 100,000 is required. The central bank has also published an aif rulebook. Bulletin new central bank investment firms regulations. All books are in clear copy here, and all files are secure so dont worry about it. Central bank updates the aif rulebook 3 january 2017 link to the aif rulebook here luxembourg. The central bank of ireland central bank has launched a consultation paper cp99 outlining a number of proposed amendments to its alternative.