On 23rd November 2020, the Central Bank has issued the 36th edition of the Central Bank AIFMD Q&A, which includes new Q&A IDs 1134 and ID 1135.
The Q&As concern a discontinuation of the practice of requiring general partners of investment limited partnerships to be approved by the Central Bank as AIF management companies.
ID 1134
Q: Must a general partner of an investment limited partnership (“ILP”) also be authorised as an AIF management company?
A: No. The general partner of an ILP has statutory functions imposed by the Investment Limited Partnerships Act 1994 relating to its authority to conduct the business of the ILP. The general partner appoints the AIFM to the QIAIF and also acts in an oversight capacity. A general partner is a regulated financial services provider and is subject to Central Bank Regulations1 relating to fitness and probity. A general partner will not otherwise be authorised by the Central Bank. Directors or partners of a general partner (or general partners, where there are more than one in an ILP) will continue to perform Pre-Approval Controlled Functions within the meaning of those regulations2 and must comply with relevant standards in that regard.
ID 1135
Q: I am a general partner and am also approved as an AIF management company. Can I seek revocation of that approval from the Central Bank?
A: Yes. Application may be made by a general partner to the Central Bank for revocation of approval as an AIF management company. Information required to process such an application is available from MancoFSPauthorisations@centralbank.ie. Applications should be submitted to MancoFSPauthorisations@centralbank.ie.