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ARTICLE · 06 NOVEMBER 2012

Central Bank Issues Consultation Paper On AIFMD

Mason Hayes & Curran LLP
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The Central Bank of Ireland (the "Central Bank") has issued Consultation Paper CP 60 (the "Consultation Paper") in relation to the Alternative Investment Fund Managers Directive (the "AIFMD") and its implementation in Ireland.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Mark Browne
Mark Browne
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The Central Bank of Ireland (the "Central Bank") has issued Consultation Paper CP 60 (the "Consultation Paper") in relation to the Alternative Investment Fund Managers Directive (the "AIFMD") and its implementation in Ireland.

AIFMD

The AIFMD will come into effect on 22 July 2013 and will apply to all alternative investment fund managers. The transposition of the AIFMD into Irish law will be by means of secondary legislation, meaning a statutory instrument which can be expeditiously signed into law by the relevant government minister once it is finalised.

All investment funds falling outside the definition of an Undertaking for Collective Investment in Transferable Securities ("UCITS") will fall within the scope of the AIFMD. It can be noted that the AIFMD does not regulate such investment funds directly. However, as the AIFMD deals specifically with alternative investment fund managers (the "AIFMs") this in turn leads to certain requirements being imposed on

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