On 26 May 2011, the Central Bank circulated a new Fund Profile sheet which Qualifying Investor Funds (“QIFs”) will be required to complete from 1 June 2011.
The Fund Profile sheet is required to be submitted with an application for authorisation of a QIF. The purpose of the Fund Profile sheet is to provide key information relating to the QIF to the Central Bank, to assist it in its supervision of the fund.
The Fund Profile sheet is a two page document which requires the names of the various parties to the fund to be detailed including the promoter, manager, Board of Directors, Chairman, Custodian, Administrator, Transfer Agent, Investment Manager(s), Sub-Investment Manager(s), Investment Adviser(s), Legal Adviser, Distributor, Prime Broker, Company Secretary, Auditors and Money Laundering Reporting Officer.
The Fund Profile sheet also requires information relating to investment objective, investment policy, geographic focus, borrowing leverage and the fees that are payable based on the NAV. Where the performance fee is greater than 25%, the QIF must attach a letter from the Directors confirming they have reviewed the amount and basis of payment of the performance fee and consider this to be in the interests of shareholders.