IRELAND: Central Bank Publish Seventeenth Edition of AIFMD Q&A

Monday November 9 2015

On 4^th November 2015, the Central Bank of Ireland published the seventeenth edition of the AIFMD Q&A. A revision has been made to ID 1030 (Non EU AIFM) and a new question ID 1100 concerning umbrella funds is included.

ID 1030

Q: Can a professional investor fund or a QIAIF have a non-EU AIFM?

A: Under the current transitional arrangements for AIFMD, a professional investor fund or a QIAIF can have a non-EU AIFM. However, in accordance with Article 67(1)(b) of the AIFMD, ESMA was required to issue advice to the European Commission on inter alia the application of the AIFMD passport to non-EU AIFMs by 22 July 2015. If that advice is positive, the European Commission must adopt a delegated act specifying the date when the non-EU AIFM passport will be ‘turned on’. This process is underway and the outcome is not yet known. Accordingly, professional investor funds and QIAIFs can continue to be managed by non-EU AIFMs under the existing transitional arrangements until the European Commission has reached a decision. At that time this position will be revisited and, if necessary, revised to align it with that decision and any transitional arrangements provided.

ID 1100

Q: Can subscription and redemption monies of individual sub-funds, as fund assets, be held within a single account in the name of the umbrella fund?

A: There is no regulatory obstacle to holding subscription and redemption monies for a single umbrella fund in this way. As this has not been prior practice in the context of Irish authorised investment funds, the Central Bank is working on appropriate guidance which will be issued shortly.

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