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ARTICLE · 01 AUGUST 2014

Funds - Ireland - Quarterly Update Q2 - April - June 2014

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The European Union (Alternative Investment Fund Managers) Regulations 2013 (No. 257 of 2013) gave effect to the Alternative Investment Fund Managers Directive.

Cayman IslandsFinance and Banking
Barry McGrath
Barry McGrath
Stephen Carty
Stephen Carty
Peter Stapleton
Peter Stapleton
Paul Dobbyn
Paul Dobbyn
Carol Widger
Carol Widger
Adam Donoghue
Adam Donoghue
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1 Legal & Regulatory

1.1 AIFMD Update

On 16 July 2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (No. 257 of 2013) gave effect to the Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD") in Ireland.

There have been a number of developments over the quarter:

(a) On the 2 May 2014, the Central Bank of Ireland ("Central Bank") published a ninth edition of the AIFMD Q&A.  It answers queries likely to arise in relation to the implementation of AIFMD.  Amendments were made to question ID 1054 (unregulated master funds) and a new question ID 1071 was included.

New ID 1071

Q: I am an existing QIF/Retail Fund which must comply with the AIF Rulebook on authorisation of the alternative investment fund manager ("AIFM").  As a QIF/Retail Fund I previously sought and was granted certain derogations under the Non-UCITS regime.  Will these derogations cease to have validity once the AIF Rulebook is imposed on the

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