Updates To The Central Bank's Pre-Submission Process

On 1 July 2022, the Central Bank provided an update relating to the pre-submission process it has in place for certain Qualifying Investor Alternative Investment Funds ("QIAIFs"). Going forward this process is only required where it is proposed that a QIAIF will invest in: (i) Irish property assets; or (ii) crypto assets.

Generally QIAIFs can avail of a fast track authorisation process that results in a QIAIF being authorised by the Central Bank within 24 hours of a completed application for authorisation being submitted to the Central Bank. This process also applies in respect of applications for approval of new sub-funds of existing QIAIFs. In the summer of 2020 the Central Bank introduced the pre-submission process for certain types of QIAIFs, being: (i) property QIAIFs; (ii) loan originating QIAIFs; (iii) life settlement QIAIFs; (iv) QIAIFs with high levels of leverage; and (v) QIAIFs with uncommon asset types or with unusual features. QIAIFs subject to this