As reported in the Front Page news alert, the Central Bank of Ireland (Central Bank) deputy governor, Matthew Elderfield, addressed the Irish Funds Industry Association (IFIA) conference on 12 September 2012. Of particular note, the Central Bank is considering;

  • the establishment of a new category of fund based purely on the minimum standards of the AIFMD,
  • a rigorous reassessment of the QIF regime (by way of example, AIFMD does not impose minimum initial subscription criteria whereas a QIF has a minimum subscription amount of €100,000)
  • a review of the promoter regime for non-UCITS (Central Bank will consult on proposals to remove the current promoter regime, at least for QIFs)
  • a systematic review of Ireland’s non-UCITS framework (reflecting the approaching implementation of AIFMD) with a rigorous reassessment to see whether domestic requirements need to be retained.

The Central Bank will also undertake;

  • a review of the success and take-up of the IFIA corporate governance code,
  • a move towards the receipt of information in electronic format and the development of automated workflow processes to improve efficiency and shorten timelines for bringing investment funds to market.

Once again, these Central Bank initiatives show an energetic and innovative approach and an encouraging level of understanding and engagement with the Irish funds industry. This is a very important factor in ensuring Ireland’s success in maximising the opportunities presented by the continuous changes in the international financial services sector.