AIF Rulebook (updated March 2024)

Published date: 15 May 2013

AIF Rulebook (updated March 2024)

	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:
	Part A AIFMS which are authorised by the Central Bank under the AIFM Regulations before or on 27 November 2023
	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
	Part B AIFMS which are authorised by the Central Bank under the AIFM Regulations after 27 November 2023 and all AIFMS from 27 May 2024.
	i. Operating conditions
	ii. Remuneration
	iii. Organisational requirements
	iv. Directors
	v. Recordkeeping requirements
	vi. Permitted activities
	vii. Relationship with the Central Bank
	viii. Financial control and management information
	ix. Additional capital requirements of AIFMs providing individual portfolio management services
	x. Internal Capital Adequacy Assessment
	Annex I [Deleted]
	Minimum Capital Requirement Report Notes on Compilation (AIFM) [Deleted]
	Minimum Capital Requirement Report AIFM [Deleted]
	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
	Chapter 6 European Long-Term Investment Fund Requirements
	Introduction
	Part I: General Rules
	Section 1: European Long-Term Investment Fund Restrictions
	i. General restrictions
	ii. Constitutional documents
	iii. Valuation
	iv. Distinction between closed-ended ELTIF and those which are open-ended with limited liquidity
	v. Share Classes
	vi. Umbrella AIFs
	vii. 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. Directors of ELTIFs investment companies
	iii. Suspensions
	iv. Replacement of depositary
	v. Replacement of AIFM, management company, general partner or third party
	vi. Monthly and quarterly returns
	vii. Amalgamation of ELTIFs
	viii. Changes to the life of the ELTIF
	Section 3: Prospectus requirements
	i. General requirements
	ii. General information concerning the ELTIF
	iii. Dealing
	iv. Information concerning a management company or general partner
	v. Information concerning investment managers and other service providers
	vi. Authorisation status
	vii. Risk disclosures
	viii. Conflicts of interest
	ix. Warehousing
	x. Charging fees and expenses to capital
	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

Request a trial

The best way to experience Better Regulation is to try it - free and without obligation.

Take a trial

Table of Contents

Related

Document Overview

AIF Rulebook (updated March 2024)

Table of Contents

Related

Document Overview

AIF Rulebook (updated March 2024)

Log in

Request a trial

The best way to experience Better Regulation is to try it - free and without obligation.