Qualifying Investor AIFS which Invest more than 50% of Net Assets in Another Investment Fund
- In addition to providing the Central Bank with the prospectus of the Category 2 investment fund, it will assist the Qualifying Investor AIF’s submission if it provides any other information which the Central Bank may request.
- The consideration of whether a Category 2 investment fund complies in “all material respects” with the provisions of the AIF Rulebook in respect of Qualifying Investor AIF should include, inter alia, consideration of the following:
- supervision by the regulatory authority of the investment fund;
- the existence of an independent depositary with similar duties and responsibilities in relation to both safe-keeping and supervision;
- availability of pricing information and reporting requirements; and
- restrictions in relation to dealings by related parties.
- The Central Bank’s assessment of a Category 2 investment fund will take into account the totality of the investment fund's arrangements.
- In assessing the depositary’s role in relation to a Category 2 investment fund, the Central Bank acknowledges that oversight responsibilities, as opposed to the safe-keeping function, of a depositary of an underlying investment fund, may not be equivalent to those of Irish depositaries.
- The Central Bank will consider jurisdictions and types of investment fund other than those listed in the ‘Category 2 investment fund’ definition on the basis of submissions made for that purpose. Such submissions must be detailed and comprehensive and should contain supporting documentation from the jurisdiction in question.
Issued: 3 July 2013
Latest revision: 19 July 2013