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ARTICLE · 07 JULY 2022

Welcome Enhancements To The QIAIF Pre-Submission Process

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The Central Bank of Ireland ("Central Bank") has published helpful new guidance (the "Guidance") regarding its pre-submission requirements for certain types of Qualifying Investor AIF ("QIAIF") products...

IrelandTechnology
Eimear O'Dwyer
Eimear O'Dwyer
Caitriona Carty
Caitriona Carty
Stephen Carty
Stephen Carty
Ian Conlon
Ian Conlon
Ronan Cremin
Ronan Cremin
John Gallagher
John Gallagher
Philip Keegan
Philip Keegan
Deirdre McIlvenna
Deirdre McIlvenna
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Aaron Mulcahy
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The Central Bank of Ireland ("Central Bank") has published helpful new guidance (the "Guidance") regarding its pre-submission requirements for certain types of Qualifying Investor AIF ("QIAIF") products, and confirming the 24-hour approval process for all other QIAIFs, including loan-originating QIAIFs ("LQIAIFs").

Background

The QIAIF regime has long been the most popular category of regulated Irish AIF. A key factor underpinning the success of the QIAIF regime has been the speed to market available through the Central Bank's authorisation process. Under this process, new QIAIF products are approved by the Central Bank within 24 hours of submission of a complete application. Bar limited exceptions, no prior regulatory review of those applications is required, and the Central Bank instead relies on the fund's legal advisers and the AIFM to certify compliance with the relevant requirements.

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