Wednesday February 6 2019
News Source: Fund Regulation
On 4th February 2019, the Central Bank of Ireland (CBI) published an updated Q&A document, which included a new Q&A relating to Irish Qualifying Investor AIFs with UK AIFMs.
The Q&A clarifies that a QIAIF will be permitted to designate a UK AIFM as its AIFM. When the UK exits the EU, UK AIFMs will become non-EU AIFMs under AIFMD. A QIAIF will be permitted to designate a UK AIFM as its AIFM provided that the QIAIF and its UK AIFM comply with the provisions of the AIF Rulebook that apply in the case of QIAIFs with registered AIFMs.
Notice of intention to designate a UK AIFM as a non-EU AIFM after 29th March must be made to the CBI by 22nd February 2019.
QIAIFs migrating to such an arrangement need to assess the impacts arising from the loss of the marketing passport under AIFMD including notification to investors, amendments to documentation, filings with the Central Bank or other supervisory authorities and any other operational issues.
Click on the above link for further information.