IRELAND Law and Practice Contributed by: Nicholas Blake-Knox, Jonathan Sheehan, Damien Barnaville and Joe Mitchell, Walkers
Similarly, a material change to the details of marketing in accordance with Regulation 43 of the AIFM Regulations should be notified by the non-EU AIFM to the Central Bank without delay. In order to cease marketing a passported AIF in Ireland, a notification to de-register should be made to the competent authority of the AIFM’s home member state. From the date of de-noti - fication, a three-year “black-out” period is trig - gered, during which any pre-marketing of the relevant AIF or in respect of similar investment strategies or investment ideas is prohibited. 2.3.10 Investor Protection Rules Qualifying investors can subscribe for shares, units or interests in a QIAIF and in a qualifying investor ELTIF, whereas only Professional Inves - tors may invest in a professional investor ELTIF, as set out in 2.2.3 Restrictions on Investors . Any further restrictions on the types of eligible investors will be set out in the fund’s prospectus. Please see 2.1.4 Disclosure Requirements for a summary of the regulatory reporting require - ments applicable to QIAIFs and ELTIFs. 2.3.11 Approach of the Regulator Under the fast-track process, applications for the authorisation of QIAIFs and ELTIFs, approv - als of new sub-funds and post-authorisation amendments for existing QIAIFs or ELTIFs are processed within 24 hours of receipt, with the exception of submissions relating to open-end - ed with limited liquidity ELTIFs, retail investor ELTIFs and certain limited QIAIF asset classes (as detailed in 2.1.2 Common Process for Set- ting Up Investment Funds ), in which case a prior submission to the Central Bank is required.
The Central Bank is generally available to answer specific queries relating to the authorisation and ongoing supervision of AIFs. Such queries generally need to be submitted in writing to the Central Bank for consideration, and the time - frame within which the Central Bank will respond depends on the nature of the query received. The Central Bank will typically not address tech - nical or complex queries on a “no names” basis. Face-to-face meetings are not typically required for the authorisation of AIFs. 2.4 Operational Requirements Irish AIFs are required to appoint an Irish-based depositary that is responsible for the safekeep - ing of the fund’s assets, and are subject to the full AIFMD depositary regime. However, an Irish- based depositary of assets other than financial instruments (DAoFI or a real asset depositary) may be appointed to act for a specific type of QIAIF (those funds that have no redemption rights exercisable for at least five years from the date of initial investment and that gener - ally do not invest in financial instruments that can be held in custody). Any entity acting as a depositary or DAoFI for Irish investment funds is required to be authorised by the Central Bank to provide such services. There are also rules relating to the holding of investors’ money in col - lection accounts and umbrella cash accounts. Details of how an investment fund’s assets are valued are required to be set out in the invest - ment fund’s constitutional document and should comply with the valuation rules set out in the AIF Rulebook. Unless an external valuer is appoint - ed, the AIFM will retain responsibility for valuing the fund’s assets. The administrator will assist in calculating the NAV of the fund but will not have any discretion in relation to how assets are valued and will adhere to the valuation policy adopted by the AIFM in respect of the fund.
248 CHAMBERS.COM
Powered by FlippingBook