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European Union (Alternative Investment Fund Managers) Regulations, 2013 (AIFMD Regulations) [S.I. No. 257 of 2013]Introductory TextPart 1 Preliminary (regs. 1-6)Regulation 1 Citation.Regulation 2 Subject matter.Regulation 3 Scope.Regulation 4 Exemptions.Regulation 5 Interpretation.Regulation 6 Determination of the AIFM.Part 2 Authorisation of AIFMs (regs. 7-12)Regulation 7 Conditions for taking up AIFM activities.Regulation 8 Application for authorisation.Regulatiion 9 Conditions for granting authorisation.Regulation 10 Initial capital and own funds.Regulation 11 Changes in the scope of the authorisation.Regulation 12 Withdrawal of the authorisation.Part 3 Operating conditions for AIFMs (regs. 13-44A)Chapter 1 General requirements (regs. 13-18)Regulation 13 General principles.Regulaton 14 Remuneration.Regulation 15 Conflicts of interest.Regulation 16 Risk management.Regulation 17 Supplemental provision in relation to Regulation 16.Regulation 18 Liquidity management.Chapter 2 Organisational Requirements (regs. 19-20)Regulation 19 General principles.Regulation 20 Valuation.Chapter 3 Delegation of AIFM Functions (reg. 21)Regulation 21 Delegation.Chapter 4 Depositary (reg. 22)Regulation 22 Depositary.Chapter 5 Transparency Requirements (regs. 23-25)Regulation 23 Annual report.Regulation 24 Disclosure to investors.Regulation 25 Reporting obligations to competent authorities.Chapter 6 AIFMs Managing Specific Types of AIF (regs. 26-31A)Division 1 AIFMS Managing Leveraged AIFS (reg. 26)Regulation 26 Use of information by competent authorities, supervisory cooperation and limits to leverage.Division 2 Obligations for AIFMS Managing AIFS which Acquire Control of Non-Listed Companies and Issuers (regs. 27-31A)Regulation 27 Scope.Regulation 28 Notification of the acquisition of major holdings and control of non-listed companies.Regulation 29 Disclosure in case of acquisition of control.Regulation 30 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies.Regulation 31 Asset stripping.Regulation 31A Conditions for pre-marketing in European Union by EU AIFMChapter 7 Marketing and managing EU AIFs (regs. 32-34)Regulation 32 Marketing of units or shares of EU AIFs managed by Irish AIFMs in the State.Regulation 33 Other Cases of Marketing of Units or Shares of EU AIFs.Regulation 33A De-notification of arrangements made for marketing of units or shares of some or all EU AIFs in Member States other than in home Member State of the AIFMRegulation 34 Conditions for Irish AIFMs managing EU AIFs established in other Member States and for AIFMs from other Member States managing Irish AIFs.Chapter 8 Specific Rules In Relation to Third Countries (regs. 35-43)Regulation 35 Conditions for Irish AIFMs which manage non-EU AIFs which are not marketed in Member States.Regulation 36 Conditions for marketing, with a passport, of non-EU AIFs in the European Union or in the State by, respectively, Irish AIFMs and Other Member State AIFMs.Regulation 37 Conditions for the marketing in the State without a passport of non-EU AIFs managed by an Irish AIFM or an AIFM from another Member State.Regulation 38 Authorisation of non-EU AIFMs intending to manage Irish AIFs or market AIFs managed by them in the European Union in accordance with Regulation 40 or 41.Regulation 39 Peer review of authorisation and supervision of non-EU AIFMs.Regulation 40 Conditions for marketing, with a passport, in the European Union or in the State of EU AIFS managed by, respectively, a non-EU AIFM whose Member State of reference is the State and by such an AIFM whose Member State of reference is another Member StateRegulation 41 Conditions for marketing, with a passport, in the European Union or in the State of non-EU AIFs managed by, respectively, a non-EU AIFM whose Member State of reference is the State and by such an AIFM whose Member State of reference is another Member StateRegulation 42 Conditions for managing AIFs established in other Member States and Irish AIFs by, respectively, a non-EU AIFM whose Member State of reference is the State and such an AIFM whose Member State of reference is another Member State.Regulation 43 Conditions for the marketing in the State without a passport of AIFs managed by a non-EU AIFM.Chapter 9 Marketing To Retail Investors (regs. 44-44A)Regulation 44 Marketing of AIFs by AIFMs to retail investors.Regulation 44A Facilities available to retail investorsPart 4 Competent Authorities (regs. 45-59)Designation, Powers And Redress Procedures (regs. 45-59)Regulation 45 Designation of competent authorities.Regulation 46 Responsibility of the Bank.Regulation 47 Supplemental provisions in relation to Regulation 46.Regulation 48 Powers of the Bank to request Information.Regulation 49 Power to issue directions.Regulation 50 Restrictions on certain proceedings or certain other action being taken where direction given.Regulation 51 Power of High Court to compel compliance with direction.Regulation 52 Information exchanged to be confidential.Regulation 53 Reasons for decisions to be given, etc.Regulation 54 Cooperation between different competent authorities obligation to cooperate.Regulation 55 Transfer and retention of personal data.Regulation 56 Disclosure of information to third countries.Regulation 57 Exchange of information relating to the potential systemic consequences of AIFM activity.Regulation 58 Cooperation in supervisory activities.Regulation 59 Dispute settlement.Part 5 Transitional and Final Provisions (regs. 60-67)Regulation 60 Transitional provisions.Regulation 61 Delegated act on the application of Article 35 and Articles 37 to 41.Regulation 62 Bank to provide certain information to ESMA.Regulation 63 Amendments of Central Bank Act 1942.Regulation 64 Amendments of Unit Trusts Act 1990.Regulation 65 Amendments of Companies Act 1990.Regulation 66 Amendments of Investment Funds, Companies and Miscellaneous Provisions Act 2005.Regulation 67 Amendments of Investment Limited Partnerships Act 1994.Schedule 1Schedule 2 Remuneration PolicySchedule 3 Documentation and Information to be Provided in case of Intended Marketing in the State by Irish AIFMS or by AIFMS Whose Member State of Reference is the StateSchedule 4 Documentation and Information to be Provided in the case of Intended Marketing in Other Member States by Irish AIFMS or by AIFMS Whose Member State of Reference is the StateGiven under
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 16 July 2013 - onwards

Regulation 15 Conflicts of interest.

(1) An AIFM shall take all reasonable steps to identify conflicts of interest that arise in the course of managing alternative investment funds between:

(a) the AIFM, including its managers, employees or any person directly or indirectly linked to the AIFM by control, and the AIF managed by the AIFM or the investors in that AIF;

(b) the AIF or the investors in that AIF, and another AIF or the investors in that AIF;

(c) the AIF or the investors in that AIF, and another client of the AIFM;

(d) the AIF or the investors in that AIF, and a UCITS managed by the AIFM or the investors in that UCITS; or

(e) two clients of the AIFM.

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