Ireland changes up funds regime as AIFMD nears implementation
05 November 2012 Dublin
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The Central Bank of Ireland has proposed enhancements to its non-UCITS regime in preparation for AIFMD.
??It is proposed that the current Qualifying Investor Fund (QIF) regime will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created.??
The new QIAIF regime will remove the long-standing promoter regime, as well as specific additional prime broker and counterparty credit rating requirements.
Changes to share class rules, the issuance of partly paid units and the removal of existing property fund rules also hope to ease the establishing of both private equity and property funds in Ireland.
In addition to the above changes, all existing non-UCITS Guidance Notes, Non-UCITS Notices and Policy Documents issued by the Central Bank of Ireland will be replaced by a new single handbook covering all aspects of regulation for AIFMs, Qualifying Investor Alternative Investment Funds (QIAIFs), Retail Investor Alternative Investment Funds (RIAIFs), Depositary and Administrator requirements. ??
“This consolidation will see the removal of countless minor regulatory requirements which have come into place over the years. Overall, these changes will result in a more efficient and streamlined regulatory environment for all types of alternative investment funds in Ireland,” said a statement from the Irish Funds Industry Association. ??
??It is proposed that the current Qualifying Investor Fund (QIF) regime will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created.??
The new QIAIF regime will remove the long-standing promoter regime, as well as specific additional prime broker and counterparty credit rating requirements.
Changes to share class rules, the issuance of partly paid units and the removal of existing property fund rules also hope to ease the establishing of both private equity and property funds in Ireland.
In addition to the above changes, all existing non-UCITS Guidance Notes, Non-UCITS Notices and Policy Documents issued by the Central Bank of Ireland will be replaced by a new single handbook covering all aspects of regulation for AIFMs, Qualifying Investor Alternative Investment Funds (QIAIFs), Retail Investor Alternative Investment Funds (RIAIFs), Depositary and Administrator requirements. ??
“This consolidation will see the removal of countless minor regulatory requirements which have come into place over the years. Overall, these changes will result in a more efficient and streamlined regulatory environment for all types of alternative investment funds in Ireland,” said a statement from the Irish Funds Industry Association. ??
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