The Central Bank has clarified that once an AIF (whether a QIF or retail) becomes subject to the AIF Rulebook (a RIAIF or a QIAIF), derogations which were granted to it under the NU Series of Notices will no longer be valid or relevant, other than as detailed in Q&A 1054 above. Any requests for derogations from the AIF Rulebook will be considered on a case-by-case basis, but will only be considered where the proposal includes a detailed and comprehensive rationale supporting the request.

As detailed below, the Central Bank issued the second edition of its UCITS Q&A and clarified that it will not object if AIFs provide for investment of up to 100% of their net assets in securities and instruments issued or guaranteed by the government of the People’s Republic of China.