Irish Regulatory Updates

Author: Clerkin Lynch LLP

Date Published 01/12/2021

Central Bank publishes updated Editions of the Central Bank AIFMD Q&A

The Central Bank issued the 39th edition of the Central Bank AIFMD Q&A in June 2021. This includes two new Q&A’s: ID 1021 and ID 1136 and includes two new Q&As, ID1143 and ID1144.

QA ID 1021 has been updated generally and to clarify the extent to which an Irish entity can perform duties for non-EU AIFs pursuant to Article 36(1)(a) of the AIFMD.

QA ID 1136 updates the types of AIF for which a Depositary of Assets other than Financial Instruments (DAoFI) can act. New QA, ID 1143, outlines the circumstances in which a DAoFI can accept an appointment from a non-EU AIFs pursuant to Article 36(1)(a) of the AIFMD to perform the duties set out in Article 21(7)-(9) of the AIFMD.
QA ID 1144 confirms the Central Bank’s position in relation to AIFs having a share class that makes distributions to charity. The Q&A confirms that this is permissible, subject to a number of conditions being met by the AIF.
On 29th July 2021, the Central Bank issued the 40th edition of the Central Bank AIFMD Q&A, which includes a new Q&A, ID1145.

The new Q&A, ID 1145, sets out the Central Bank’s position with respect to Retail Investor AIFs and Qualified Investor AIFs gaining exposure (directly or indirectly) to crypto-assets. The Central Bank’s approach in relation to crypto-assets will be kept under review, continue to be informed by European regulatory discussions on the topic and may change should new information or developments emerge in the future.