ARTICLE · 03 NOVEMBER 2010

Changes to the Irish Qualifying Investor Fund Regime

Dillon Eustace

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The Central Bank of Ireland ("Central Bank") and the Irish Funds Industry Association ("IFIA") have engaged in a consultation process which has resulted in the release by the Central Bank on October 20, 2010 of a revised non-UCITS Notice NU24 which includes two significant positive changes for Qualifying Investor Funds ("QIFs").

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Introduction

The Central Bank of Ireland ("Central Bank") and the Irish Funds Industry Association ("IFIA") have engaged in a consultation process which has resulted in the release by the Central Bank on October 20, 2010 of a revised non-UCITS Notice NU24 which includes two significant positive changes for Qualifying Investor Funds ("QIFs"), namely:

reducing the minimum initial investment per investor to €100,000; and
replacing the high net worth/AUM investor criteria with three new qualifying categories, focused on the investor's knowledge, expertise and understanding.

These changes will enable promoters of QIFs to broaden the distribution base for their QIFs.

QIFs - Background

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