AIFMD - CBI Clarifies Non-Application To Debt-Issuing SPVs

The enactment of EU Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFMD") gave rise to considerable uncertainty as to whether structured finance vehicles would be considered alternative investment funds ("AIFs") under the AIFMD and therefore would be required by the AIFMD to appoint an authorised alternative investment fund manager ("AIFM") or be authorised themselves as AIFMs.

Due to this uncertainty, the Irish Debt Securities Association (comprising participants in the Irish structured finance market, including Maples and Calder) have been consulting with the Central Bank of Ireland ("CBI") to clarify its position in respect of the scope of application of the AIFMD.  As a direct result of these efforts an additional Q&A was included in the fifth edition of the AIFMD Q&A published by the CBI on 8 November 2013 (the text of which is set out in full below).