IRELAND: Central Bank publishes the Forty-First Edition of the Central Bank AIFMD Q&A

The Central Bank of Ireland (CBI) has issued the 41st Edition of the Central Bank AIFMD Q&A, which includes new Q&As, ID1146 and ID 1147.

The new Q&A, ID 1146, sets out the Central Bank’s position with respect to an AIFM whereby its respective AIF is of the view that it no longer meets the criteria of an AIF as per Regulation 5(1) of the AIFM Regulations.

Q&A, ID 1147 sets out the Central Bank’s expectations in relation to an AIFM operating or planning to operate in the manner of a third party management company. The Q&A confirms that where new business results in a material increase in the nature, scale or complexity of a firm’s business, the Central Bank deems this to be a change that materially affects the basis on which authorisation has been granted and requires notification to the Central Bank in accordance with Regulation 11 of the AIFM Regulations 2013.  In these circumstances, management companies are required to engage proactively with Central Bank supervisors and to ensure that they are appropriately resourced to service the additional business.

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