The Irish financial regulator has clarified how it will implement the Alternative Investment Fund Managers Directive (AIFMD), including its process for manager approvals.
The Central Bank of Ireland will end its ‘promoter regime’ and adopt an AIFMD approach, which includes set capital requirements for promoters and should streamline the approval process.
Also, alternative managers that are below the AIFMD threshold of minimum assets and leverage will be given two years to comply with the directive from the date of their first closing.
The clarifications are published in an updated version of the central bank’s Alternative Investment Fund Handbook.
The Irish Funds Industry Association (IFIA) claims Ireland is the first country to publish detailed proposals about AIFMD implementation.
Pat Lardner, chief executive of the IFIA, welcomes the handbook.
It has also been confirmed that condensed portfolio statements listing positions/exposures greater than 5% of net asset value can be provided, and the initial offer period has been extended to two years and six months following the first closing.
The central bank has also published a feedback statement about its recent public consultation on the non-Ucits regime.
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