IRELAND: Central Bank published updated AIFMD Q&A

Monday November 28 2016

The Central Bank of Ireland has published the twenty-first edition of its AIFMD Q&A. A new question ID 1111 relating to pension scheme arrangements under EMIR is included, as detailed below:

Question

Can a RIAIF or a QIAIF (or a sub-fund in the case of an umbrella RIAIF or QIAIF) be considered a “pension scheme arrangement” under Article 2(10) (a) of EMIR?

Answer

Article 2(10) (a) of EMIR refers to “institutions for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, including any authorised entity responsible for managing such an institution and acting on its behalf as referred to in Article 2(1) of that Directive as well as any legal entity set up for the purpose of investment in such institutions, acting solely and exclusively in their interest”. It may be possible for a RIAIF or a QIAIF (or a sub-fund in the case of an umbrella RIAIF or QIAIF) which meets the relevant requirements to qualify as a pension scheme AIFMD Questions and Answers 30 arrangement under Article 2(10) (a) of EMIR. Accordingly, the RIAIF or the QIAIF (or sub-fund) which qualifies as a pension scheme arrangement under Article 2(10) (a) of EMIR will limit investment in it to such institutions.

RIAIFs and QIAIFs are however subject to rules concerning eligible investors, and the legislative provisions underpinning the various legal structures available to RIAIFs and QIAIFs have different approaches to public participation requirements. It is a matter for the AIFM in the first instance and the RIAIFs or QIAIFs investors to assess whether the RIAIF or QIAIF can and has limited its investors in the required manner and whether the RIAIF or QIAIF qualifies as a pension scheme arrangement under EMIR.

The above is subject to any contrary views or guidance that may be provided by relevant European authorities.

Click on the above link to view the Q&A