Irish Regulatory Update

Author: Clerkin Lynch LLP

Date Published 12/07/2022

Central Bank QIAIF Submission Update

The Central Bank of Ireland (the “Central Bank”) operates a 24 hour submission and approval process for Qualifying Investor Alternative Investor Funds (“QIAIFs”) as standard. However, it had introduced a requirement for a pre-submission to be made in respect of certain QIAIFS. Such pre-submissions must be cleared by the Central Bank before an application for authorisation of the QIAIF may be filed under the 24 hour process. This requirement for pre-submissions was previously required in respect of the following types of QIAIFs:

  1. QIAIFs proposing to invest in property assets;
  2. QIAIFs proposing to be authorised as loan origination funds; and
  3. QIAIFs proposing to invest in crypto-assets as per the Central Bank’s AIFMD Q&A ID1145 (the “Crypto Answer”),.
    The Central Bank has now amended the above requirements and pre-submissions will now only be required for:
    i. QIAIFs proposing to invest in Irish property assets; and
    ii. Qualifying Investor AIFs proposing to invest in crypto-assets as per the Crypto Answer except those subject to the exemption below.
    This reduction in the range of funds with respect to which pre-submissions must be made is greatly welcomed.


Required Documents

In the case of QIAIFs falling under (i) above the pre-submission must contain the following information:
1. Copies of the prospectus or supplement;
2. A completed model portfolio template, including, where available details of the specific properties that will be invested in and in any event a line by line breakdown of the properties and related securities/instruments that the fund intends to utilise.
3. Details of the maximum LTV/leverage limits that will apply including any debt at SPV/intermediate investment vehicle level and an explanation of the rationale for the relevant limits;
4. Details of the redemption provisions to apply and liquidity status of the QIAIF; and
5. An outline of expected target market.

In the case of funds falling under (ii) above, a pre-submission must contain the following information:
1. Information in relation to how the crypto-assets are capable of being appropriately risk managed, in accordance with the Crypto Answer; and
2. In the case of direct investment in crypto-assets, details from the proposed depositary demonstrating how it is satisfied that it can provide for the safe-keeping of the assets of the QIAIF in accordance with the conditions set down in applicable law including the AIFM Regulations.


Where a QIAIF proposes to include a limit of investing of 10% of its net asset value in cash-settled Bitcoin futures traded on the Chicago Mercantile Exchange, no pre-submission is required. However, the submission must include:

  • A cover letter accompanying the QIAIF application referencing the inclusion of crypto-assets exposure; and
  • Confirmation that shareholder approval has been obtained for the revision to the QIAIFs investment policy to permit exposure to crypto-assets where the application relates to a post authorisation amendment.
    Furthermore, the Central Bank may request other information it deems necessary in the course of assessing a pre-submission.