The Central Bank of Ireland 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 Qualifying Investor Fund (QIF) regime (by way of example, the Alternative Fund Managers Directive (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.