Open For Business - Ireland Is Now Accepting Applications For Aifms

Late yesterday, May 15, the Central Bank of Ireland (the "Central Bank") published its new AIF Rulebook, AIFMD Q&A Document and Application Forms for AIFMs and AIFs.

Although there may be some adjustments to the AIF Rulebook over the next number of months, no material changes are expected. The Rulebook needs to be considered alongside the AIFMD itself, the Level 2 Regulations and the awaited Irish domestic implementation, the AIFMD Regulations. The Rulebook does not restate the legislative requirements.

The Q&A Document, now and as it evolves over time, should prove a useful guide for industry participants in understanding the Central Bank's approach and give clarity in a number of areas where there has been considerable uncertainty. Matters of guidance which were contained in the draft AIF Handbook (the precursor to the Rulebook) are intended to "continue to inform" participants of the Central Bank's approach. In time, further guidance will appear in the Central