The Front Page, Asset Management & Investment Funds: Irish Practice Developments

Updated AIFMD Q&A

The Central Bank of Ireland (Central Bank) issued an updated AIFMD Q&A (15th edition) with a new question ID 1096 (Feeder AIF) which confirms that, in the context of a QIAIF which raises capital from investors on a formally agreed commitment basis, the reference to “assets” (net assets) in the definition of “feeder AIF” (in Regulation 5 of the AIFM Regulations) can be understood to refer to committed capital, provided the QIAIF remains closed for redemptions during the capital commitment period.

Updated ICAV Q&A

The Central Bank issued an updated ICAV Q&A with a new Q&A concerning the process for access to the ONR for submitting IQs for PCF holders in respect of an ICAV and a variety of Q&As concerning registration of charges.

Central Bank Markets Update

On 12 August 2015 the Central Bank published Issue 5 of 2015 of its Markets Update which looked at; 

Central Bank of Ireland

  • AIFMD Q&A - Fifteenth Edition published (discussed above). 
     
  • Irish Collective Asset Management Vehicles (ICAV') Act 2015 (discussed above).

European Securities and Markets Authority (ESMA)

  • ESMA advises Commission on implementation of CSD Regulation.
     
  • ESMA publishes responses received to the consultation on virtual currencies and distributed ledger technology.
     
  • ESMA advises on extension of AIFMD passport to non-EU jurisdictions (previously discussed in July's edition of the Front Page).
     
  • ESMA consults on UCITS remuneration guidelines (previously discussed in our news alert and in July's edition of the Front Page).
     
  • ESMA to delay publishing opinion and advice under Article 67(1) of the AIFMD (previously discussed in July's edition of the Front Page).
     
  • ESMA publishes updates to Q&As on the application of the AIFMD (previously discussed in July's edition of the Front Page).
     
  • ESMA publishes responses received to CP on clearing obligation.

For more information please contact Nollaig Greene or a member of the Asset Management & Investment Funds Team.

Date published: 27 August 2015