(1) In these Regulations -

"alternative investment fund" or "AIF" means a collective investment undertaking, including investment compartments thereof, which - (a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and (b) does not require authorisation under Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);

"alternative investment fund manager" or "AIFM" means a legal person whose regular business is managing one or more than one AIF;

"Bank" means the Central Bank of Ireland;