AIF Rulebook

On 11 March 2024, the Central Bank published the latest version of the AIF Rulebook. The AIF Rulebook is the Central Bank’s rulebook in relation to AIFs which contains chapters concerning Retail Investor AIFs, Qualifying Investor AIFs, European Long-Term Investment Funds, AIF Management Companies, Fund Administrators, Alternative Investment Fund Managers and AIF Depositaries.

The Central Bank has issued guidance on a number of topics to assist users of the AIF Rulebook, including that listed below:

• Publication of regulatory fees and charges for AIFs
• Guidance on redemption terms for property funds
• Publication of national provisions governing marketing requirements for AIFs
• AIF applications for authorisation
• AIFM's/AIF Management company's relationship with the Central Bank
• AIF depositaries
• Amalgamation of retail investor AIFs and qualifying investor AIFs with other investment funds
• Asset valuation for authorised AIF
• Closed-ended AIFs and open-ended AIFs with limited liquidity
• Director time commitment's industry letter
• Disapplication of legislation
• Efficient portfolio management by retail investor AIF
• Existing authorised AIF investing in unregulated investment funds
• Financial derivative instruments for retail investor AIF
• Fund administrators - outsourcing of investment fund administration activities
• Performance Fees of UCITS and certain types of Retail Investor AIFs
• Permitted markets for retail investor AIF
• Professional investor funds - grandfathering arrangements
• Publication of annual and half-yearly reports for retail investor AIF and qualifying investor AIF, as relevant
• Qualifying investor AIFs which invest more than 50% of net assets in another investment fund
• Redemption frequency
• Retail investor AIF: investment policies
• Retail investor AIFs which invest more than 30% of net assets in another investment fund
• Risk spreading for qualifying investor AIFs
• Share class features of closed-ended QIAIFs
• Short-term money market funds for retail investor AIFs and qualifying investor AIFs - valuation on the basis of amortised cost
• Subscriptions into qualifying investor AIFs
• Subsidiaries
• UCITS and AIF management, administration/transfer agent and investment management agreements
• UCITS and AIF European Central Bank reporting requirements for money market funds
• UCITS and AIF share class hedging
• Umbrella funds - revised cash accounts guidance

AIFMD Q&A

The AIFMD Q&A sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is published in order to assist in limiting any uncertainty until definitive positions and practices are finalised. It is not relevant to assessing compliance with regulatory requirements. You should check the website from time to time in relation to any matter of importance to you to see if the position has changed. 

On 27 November 2023, the Central Bank published the 49^th Edition of the AIFMD Q&A.

The 49^th Edition revises existing Q&A ID 1126 to clarify that where an AIF is required to produce a PRIIPs KID, this should be filed through the Portal in accordance with the Central Bank’s guidance on the filing of a PRIIPs KID.

The 49^th Edition also features the publication of three new Q&As (IDs 1157, 1158 and 1159) which considers what is permissible when a RIAIF/QIAIF invests through a subsidiary.

See all previous versions of the AIFMD Q&A here.