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Regulatory update: Central Bank announces change to its loan origination rules for QIAIFs

8 February 2018

The Central Bank of Ireland has published a Notice of Intention regarding a pending change to the AIF Rulebook in respect of the Loan originating Qualifying Investor AIF (“L-QIAIF”). 

Under the existing rule, an L-QIAIF is only allowed to invest in the debt and equity securities of entities or groups to which it lends, or which are held for treasury, cash management or hedging purposes. Following a review of this restriction, the Central Bank has concluded that it is appropriate to allow L-QIAIFs to have broader credit focussed strategies.

The rule change will enable L-QIAIFs to invest in debt/credit instruments without being required to also lend to these issuers. This is a welcome development and follows a number of submissions (member login required) from Irish Funds to the Central Bank on this matter.

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