Status Of The AIFMD Implemention

Author:Mr Donnacha O'Conner
Profession:Dillon Eustace

The Irish AIFMD rules

The Irish Minister of Finance signed the European Union (Alternative Investment Fund Managers) Regulations, 2013 into law on 16th July, 2013. These regulations transposed Directive 2011/61/EU into Irish law with substantially no gold-plating.

A number of European Commission "Delegated" and "Implementing" pieces of legislation have direct legal effect in Ireland including Commission Delegated Regulation (EU) 231/2013 of 19 December, 2012 supplementing Directive 2011/61/EU, Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU and Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU.

The Central Bank of Ireland's stated general policy with respect to ESMA measures is to apply them as is. On can assume that the Central Bank's policy will therefore be at one with the following ESMA publications and any others unless in the unlikely case that there was a conflicting applicable legislative provision or generally unless the Central Bank were to indicate the contrary: ESMA's Final Report: Guidelines on sound remuneration policies under the AIFMD, ESMA's Final Report: Guidelines on Key Concepts of the AIFMD, ESMA's Final Report: Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD and ESMA's Opinion: Practical arrangements for the late transposition of the AIFMD.

ESMAs Final Report: ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive also has some relevance in interpreting the legislative requirements.

The Central Bank will also generally adopt a policy consistent with the European Commission's pronouncements on matters relating to AIFMD in the Commission's Q&A on the application of the AIFMD.

The Central Bank's "AIF Rulebook" (latest version: July, 2013, available on the Central Bank's web-site) applies to Irish regulated AIFs (Retail and Qualifying Investor), AIFMs, AIF administrators, management companies and depositaries.

The Central Bank publishes many of its policy decisions in its own Q&A on AIFMD (available on its web-site).

The Central Bank also publishes a guidance referred to as "Guidance relating to AIFs and their service providers" which is available on Central Bank web-site.

The Irish AIFMD industry

Ireland, a member of the EU, eurozone and OECD, has a funds industry that supports approximately...

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