The Central Bank has updated its AIFMD Q&A clarifying two issues for funds which were authorised under the Non-UCITS regime and which are in the process of transitioning to the AIF Rulebook. These funds are currently subject to the Central Bank’s Non-UCITS regime (including the NU Notices/Guidance Notes) and will become be subject to the AIF Rulebook in due course. Q&A 1054 concerns investment in unregulated master funds and Q&A 1071 concerns the transition of existing funds with derogations.