On 30 November 2015, the Central Bank of Ireland (Central Bank) issued a consultation paper setting out details of proposed policy amendments and technical changes to the AIF Rulebook. This consultation closes on 24 February 2016. In addition to the technical changes, the proposed policy changes deal with;
- Extending the category of investors who are provided with an exemption from the eligibility criteria and minimum subscription amount required to invest in a Qualifying Investor AIF;
- Amending the reporting requirement which applies to AIF depositaries where they provide services to non-Irish AIFs;
- Extending the list of requirements from the AIFM Regulations 2013 which apply to QIAIFs with registered AIFMs;
- Aligning the rules which apply to collateral received by Retail Investor AIFs under an OTC derivative or a repo / securities lending contract and the rules which reference external credit ratings with the rules recently introduced for UCITS;
- Clarifying that the requirement to hold minimum capital as eligible assets and in a separate account does not apply to internally-managed AIFs;
- Removing all references to bearer shares in the AIF Rulebook; and
- Requiring external AIFMs and AIF Management Companies to produce a second set of half-yearly accounts.