Under the Non-UCITS regime the Central Bank permitted QIFs, in certain circumstances, to invest up to 100% of their assets in unregulated master funds. These QIFs needed a derogation under the Non-UCITS regime. While that derogation will not be available (because that Guidance Note 1/01 will falls away once the relevant fund becomes subject to the Central Bank’s AIF Handbook), these funds may continue to operate in accordance with the derogation previously given and they are not required to apply to the Central Bank for approval to do so.