The Central Bank published a seventeenth edition of its AIFMD Q&A on 4 November 2015.
Irish AIFs with non-EU AIFMs
The Central Bank has clarified that Irish AIFs established as professional investor funds (PIFs) or qualifying investor alternative investment funds (QIAIFs) may continue to be managed by non-EU AIFMs under the Central Bank’s existing transitional arrangements until the European Commission has reached a decision on the adoption of a delegated act specifying the date when the non- EU AIFM passport will be “turned on” following its receipt of ESMA’s advice on the extension of the management and marketing passports under AIFMD to non-EU AIFMs and non-EU AIFs. After this time, “this position will be revisited and, if necessary, revised to align it with the European Commission’s decision and any transitional arrangements provided”. This is a welcome development as the previous version of the Q&A had referred to a further review of the position in October 2015 (the original date envisaged in AIFMD for the adoption of the delegated act). We note the recent announcement by Steven Maijoor, Chair of ESMA, that ESMA intends to complete its review of the regimes in Hong Kong, Singapore and the US, and to carry out a review of a further group of countries (Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda). In light of this, we think it is likely that the adoption of any delegated act by the Commission will follow the completion of ESMA’s review of the foregoing countries.
Subscription and redemption monies of umbrella funds
The Central Bank has also confirmed that there is no regulatory obstacle to the holding (as fund assets) of subscription and redemption monies of individual sub-funds of an umbrella fund within a single account in the name of the umbrella fund and has advised that the Central Bank is working on appropriate guidance in this area which will be issued shortly.