Central Bank Feedback On Exempt Unit Trusts, REITS And SPVs: Are they AIFs?

Via its March 28, 2014 Feedback Statement on CP68 [Consultation on types of alternative investment funds under AIFMD and unit trust schemes under the Units Trusts Act 1990 (including EUTs, REITS, etc)], the Central Bank has provided guidance as to whether EUTs, REITS and SPVs should be considered to be AIFs. That guidance is summarised below and is, we understand, to be reflected in the Central Bank's AIFMD Q&A in due course.

Exempt Unit Trusts (EUTs)

Most of the Feedback Statement is dedicated to EUTs, unit trust schemes which have traditionally been sold to a restricted investor community – pension funds and charities – which the Central Bank had until recently considered not to require regulation under the Unit Trusts Act, 1990. Although many years ago it did authorise a number of such schemes under the 1990 Act, it took the view subsequently that, because of the restricted investor base of such schemes, they did not meet a "public participation" criterion. As