An authorised Irish AIFM may manage a non-EU AIF which is not marketed in the European Union provided that:
(a) the Irish AIFM complies with all the requirements provided for in these Regulations, other than Regulations 22 and 23, in respect of that non-EU AIF; and
(b) appropriate cooperation arrangements are in place between the Bank and the supervisory authorities of the third country where the non-EU AIF is established in order to ensure at least an efficient exchange of information that enables the Bank to carry out its duties in accordance with these Regulations.