Ireland ready to accept AIFMD applications
The Central Bank of Ireland says it is now accepting applications under the Alternative Investment Fund Managers’ Directive (AIFMD).
The Irish Funds Industry Association (IFIA) has welcomed the CBI’s publication of AIFMD-related application forms and detailed rules relating to the AIFMD, published on its website, which will allow alternative investment fund managers (AIFMs) to seek authorisation under the new AIFMD.
“We know that there is a great deal of pent-up demand around the implementation of the AIFMD and this announcement from the CBI allowing managers to ‘go live’ with applications for AIFMs is further affirmation of Ireland’s dominance and leadership in alternative investments,” commented Pat Lardner, chief executive of the IFIA.
“Having previously provided the first onshore regulated product for hedge funds, it is both fitting and highly consistent that Ireland is also leading in the practical implementation of AIFMD.”
As well as application forms, the CBI also published an AIF Rulebook and a Q&A document providing clear information on the structures and processes that allow managers to comply with the AIFMD in what the IFIA describes as providing a “hassle free” process for managers.
“With more than 40% of global alternative assets administered in Ireland already, we are both well placed and determined to build on the many years of providing excellent solutions to alternative investment managers,” added Lardner.
“And, with that in mind, we have been actively engaged with managers around the world looking at the overall effect of the AIFMD on their businesses – to assist them in planning for these changes.”
Looking to the content of the Rulebook and Q&A, chair of the IFIA’s Alternative Investments Committee and member of the association’s AIFMD Taskforce, Dara Harrington, partner with Arthur Cox, commented that the approach highlighted “a sensible transition arrangement” and was a result of “the constructive way” in which the consultation process had developed.
“And, demonstrating the efficient way in which the implementation of AIFMD has been handled in Ireland, we expect further additions to the Q&A document in the coming weeks,” added Harrington.
The Irish Funds Industry Association (IFIA) is the representative body for the international funds industry in Ireland which today services some €2.2 trillion in assets.