The Central Bank of Ireland will now accept applications under the Alternative Investment Fund Managers’ Directive (AIFMD), wih the Irish Funds Industry Association (IFIA) accepting CBI’s publication of AIFMD-related application forms and detailed rules, published on its website, which will enable alternative investment fund managers (AIFMs) to seek authorisation under the new AIFMD.
Pat Lardner, chief executive of the IFIA, said the "great deal of pent-up demand around the implementation of the AIFMD" had been recognised by the firm and the announcement from the CBI allowing managers to ‘go live’ with applications for AIFMs is a "further affirmation of Ireland’s dominance and leadership in alternative investments".
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"Having previously provided the first onshore regulated product for hedge funds, it is both fitting and highly consistent that Ireland is also leading in the practical implementation of AIFMD.
"With more than 40% of global alternative assets administered in Ireland already, we are both well placed and determined to build on the many years of providing excellent solutions to alternative investment managers," Lardner added.
In addition, CBI also published an AIF Rulebook and a Q&A document providing clear information on the structures and processes that allow managers to comply with the AIFMD in what the IFIA describes as providing a "hassle free" process for managers.
Looking to the content of the Rulebook and Q&A, IFIA chair of Alternative Investments Committee and member of the association’s AIFMD Taskforce, Dara Harrington, partner with Arthur Cox, said the approach highlighted "a sensible transition arrangement", and was a result of "the constructive way in which the consultation process had developed".
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By GlobalDataHarrington said that further additions to the Q&A document is expected in the coming weeks.
Lardner further said that IFIA has actively been engaged with "managers around the world looking at the overall effect of the AIFMD on their businesses – to assist them in planning for these changes".
