Published date: 15 May 2013
    Version 1 of 1    

AIF Rulebook (updated March 2018)

Definitions
Introduction
Chapter 1 Retail Investor AIF Requirements
Introduction
Part I: General rules
Section 1: Retail Investor AIF restrictions
i. General restrictions
ii. Investment restrictions
iii. Borrowing powers
iv. Financial derivative instruments
v. Efficient portfolio management
vi. Constitutional documents
vii. Valuation
viii. Distinction between open-ended Retail Investor AIF and those which are open-ended with limited liquidity arrangements
ix. Share classes
x. Umbrella Retail Investor AIFs
xi. Investment through subsidiary companies
xii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of these
xiii. Directed brokerage services and similar arrangements
Appendix 1 Calculation of Global Exposure using the VaR methodology
Section 2: Supervisory requirements
i. General conditions
ii. Offer period
iii. Directors of Retail Investor AIF investment companies
iv. Suspensions
v. Replacement of depositary
vi. Replacement of AIFM, management company, general partner or third party
vii. Monthly and quarterly returns
viii. Amalgamation of Retail Investor AIFs with other investment funds
Section 3: Prospectus requirements
i. General requirements
ii. General information concerning the Retail Investor AIF
iii. Investment policy
iv. Investment in other investment funds
v. Efficient portfolio management
vi. Valuation
vii. Remuneration and costs arising from underlying investments
viii. Dealing
ix. Information concerning a management company or general partner
x. Information concerning investment managers and other service providers
xi. Authorisation status
xii. Risk disclosures
xiii. Conflicts of interest
xiv. Directed brokerage services and similar arrangements
xv. Umbrella Retail Investor AIFs
xvi. Structured Retail Investor AIFs
xvii. Warehousing
xviii. Distributions out of and charging of fees and expenses to capital
xix. Hedged and unhedged Retail Investor AIF and share classes
xx. Investment through subsidiaries
Section 4: General operational requirements
i. Dealing
ii. Hedged share classes
iii. Regulated markets
iv. Directed brokerage services or similar arrangements
Section 5: Annual and half-yearly reports
i. Publication of annual and half-yearly reports
ii. Information to be contained in the annual report
iii. Information to be contained in the half-yearly report
Part II: Specific Fund-type Requirements
Section 1: Venture or development capital or private equity Retail Investor AIFs
Section 2: Money market Retail Investor AIFs
i. Short-Term Money Market Funds
ii. Money Market Funds
iii. Short-Term Money Market Funds - valuation on the basis of amortised cost
iv. European Central Bank reporting requirements
Section 3: Real Estate Retail Investor AIFs
Section 4: Funds of unregulated funds Retail Investor AIFs
Section 5: Retail Investor AIFs which invest more than 30% of net assets in another investment fund
Section 6: Closed ended Retail Investor AIFs or open-ended Retail Investor AIFs with limited liquidity
i. Closed-ended period
ii. Liquidity
iii. Changes to existing closed-ended Retail Investor AIFs
Section 7: Guaranteed Retail Investor AIFs
Section 8: Distributions out of and charging fees and expenses to capital
Part III: Marketing of AIF to retail investors
Chapter 2 - Qualifying Investor AIF Requirements
Introduction:
Part I: General rules
Section 1: Qualifying Investor AIF restrictions
i. General restrictions
ii. Constitutional documents
iii. Valuation
iv. Distinction between open-ended Qualifying Investor AIFs and those which are openended with limited liquidity arrangements
v. Share classes
vi. Umbrella Qualifying Investor AIFs
vii. Investment through subsidiary companies
viii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of these
Section 2: Supervisory requirements
i. General conditions
ii. Offer period
iii. Directors of Qualifying Investor AIF investment companies
iv. Suspensions
v. Replacement of depositary
vi. Replacement of AIFM, management company, general partner or third party
vii. Monthly and quarterly returns
viii. Amalgamation of Qualifying Investor AIFs with other investment funds
Section 3: Prospectus requirements
i. General requirements
ii. General information concerning the Qualifying Investor AIF
iii. Investments in other investment funds
iv. Dealing
v. Information concerning a management company or general partner
vi. Information concerning investment managers and other service providers
vii. Authorisation status
viii. Conflicts of interest
ix. Umbrella Qualifying Investor AIFs
x. Warehousing
xi. Investment through subsidiaries
Section 4: General operational requirements
i. Financial resources of investment companies
ii. Dealing
Section 5: Annual and half-yearly reports
i. Publication of annual and half-yearly reports
ii. Information to be contained in the annual report
iii. Information to be contained in the half-yearly report
Part II: Specific Fund-Type Requirements
Section 1: Money market Qualifying Investor AIFs
i. Short-Term Money Market Funds
ii. Money Market Funds
iii. Short-Term Money Market Funds - valuation on the basis of amortised cost
iv. European Central Bank reporting requirements
Section 2: Qualifying Investor AIFs which invest more than 50% of net assets in another investment fund
Section 3: Closed-ended Qualifying Investor AIFs and duration of closed-ended Qualifying Investor AIFs
i. General requirements
ii. Liquidity
iii. Changes to existing closed-ended Qualifying Investor AIFs
Section 4: Loan originating Qualifying Investor AIF
i. General requirements
ii. Credit granting, monitoring and management
iii. Due diligence by investors
iv. Diversification / eligible investments
v. Stress testing
vi. Liquidity and distributions
vii. Leverage
viii. Disclosure
Part III: Additional provisions applicable to Qualifyng Investor AIFS which have a registered AIFM
Chapter 3 Alternative Investment Fund Manager Requirements
Introduction:
AIFMS which are authorised by the Central Bank under the AIFM Regulations
i. Operating conditions
ii. Remuneration
iii. Organisational requirements
iv. Directors
v. Record keeping requirements
vi. Permitted activities
vii. Relationship with the Central Bank
viii. Financial control and management information
Annex I
Minimum Capital Requirement Report Notes on Compilation (AIFM)
Minimum Capital Requirement Report AIFM
Chapter 4 AIF Management Company Requirements
Introduction:
AIF Management Companies which are not Authorised AIFMs
i. Capital requirements
ii. Organisational requirements
iii. Directors of AIF management companies
iv. Resources
v. Relationship with the Central Bank
Annex I
Minimum Capital Requirement Report - Notes on Compilation
Mimimum Capital Requirement Report AIF Management Company
Chapter 5 AIF Depositary Requirements
Introduction:
Depositary Requirements
i. Eligibility criteria
ii. Conditions applicable to depositaries which fall within Regulation 22(3)(a)(iii) of the AIFM Regulations
iii. Depositary tasks
iv. Operating conditions
v. Delegation
vi. Qualifying Investor AIF with a registered AIFM and Professional Investor AIF with a registered AIFM
vii. Relationship with the Central Bank
Annex I
Minimum Capital Requirement Report Notes on Compilation (Depositary)
Minimum Capital Requirement Report AIF Depositary