Central Bank of Ireland Publishes Updates on UCITS and AIFMD Frameworks

The Central Bank of Ireland (CBI) has published a number of significant regulatory updates impacting Ireland’s UCITS and AIFMD frameworks, following ongoing engagement with Irish Funds and member firms.

Irish Funds has been engaging extensively with the CBI on behalf of members, including following the publication of the updated AIF Rulebook in May. The latest developments provide further clarity for firms on key areas of Ireland’s evolving regulatory framework.

Open-Ended Loan Origination Funds

The CBI has confirmed that Qualified Investor Alternative Investment Funds (QIAIFs), whether managed by an Irish authorised Alternative Investment Fund Manager (AIFM) or a non-Irish authorised EU AIFM, may be authorised as open-ended Loan Origination AIFs through the CBI’s standard 24-hour authorisation process.

The CBI expects such funds to adhere to the draft European Securities and Markets Authority (ESMA) Regulatory Technical Standards (RTS) requirements but will not require pre-submissions or engage on these proposals at the authorisation stage.

Updated UCITS Regulations and Performance Fee Guidance

The CBI has also confirmed that the updated Undertakings for Collective Investment in Transferable Securities (UCITS) Regulations are now in force.

Further information is available on the CBI website.

In addition, the CBI has published a number of related updates, including:

• CP161 Feedback Statement

• Guidance on performance fees for UCITS and certain Retail Investor AIFs

These publications provide further guidance and clarity for industry participants on the application of the updated regulatory requirements.

Irish Funds will shortly publish a summary of the key AIF Rulebook changes relating to private assets. The summary will be available to members through the Irish Funds Member Portal in the coming week.

These updates reflect the continued evolution of Ireland’s asset management regulatory framework and highlight the importance of constructive, ongoing engagement between industry and the regulator.