Table of Contents
AIF Rulebook (updated March 2024)DefinitionsIntroductionChapter 1 Retail Investor AIF RequirementsIntroductionPart I: General rulesSection 1: Retail Investor AIF restrictionsi. General restrictionsii. Investment restrictionsiii. Borrowing powersiv. Financial derivative instrumentsv. Efficient portfolio managementvi. Constitutional documentsvii. Valuationviii. Distinction between open-ended Retail Investor AIF and those which are open-ended with limited liquidity arrangementsix. Share classesx. Umbrella Retail Investor AIFsxi. Investment through subsidiary companiesxii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of thesexiii. Directed brokerage services and similar arrangementsAppendix 1 Calculation of Global Exposure using the VaR methodologySection 2: Supervisory requirementsi. General conditionsii. Offer periodiii. Directors of Retail Investor AIF investment companiesiv. Suspensionsv. Replacement of depositaryvi. Replacement of AIFM, management company, general partner or third partyvii. Monthly and quarterly returnsviii. Amalgamation of Retail Investor AIFs with other investment fundsSection 3: Prospectus requirementsi. General requirementsii. General information concerning the Retail Investor AIFiii. Investment policyiv. Investment in other investment fundsv. Efficient portfolio managementvi. Valuationvii. Remuneration and costs arising from underlying investmentsviii. Dealingix. Information concerning a management company or general partnerx. Information concerning investment managers and other service providersxi. Authorisation statusxii. Risk disclosuresxiii. Conflicts of interestxiv. Directed brokerage services and similar arrangementsxv. Umbrella Retail Investor AIFsxvi. Structured Retail Investor AIFsxvii. Warehousingxviii. Distributions out of and charging of fees and expenses to capitalxix. Hedged and unhedged Retail Investor AIF and share classesxx. Investment through subsidiariesSection 4: General operational requirementsi. Dealingii. Hedged share classesiii. Regulated marketsiv. Directed brokerage services or similar arrangementsSection 5: Annual and half-yearly reportsi. Publication of annual and half-yearly reportsii. Information to be contained in the annual reportiii. Information to be contained in the half-yearly reportPart II: Specific Fund-type RequirementsSection 1: Venture or development capital or private equity Retail Investor AIFsSection 2: Money market Retail Investor AIFsi. Short-Term Money Market Fundsii. Money Market Fundsiii. Short-Term Money Market Funds - valuation on the basis of amortised costiv. European Central Bank reporting requirementsSection 3: Real Estate Retail Investor AIFsSection 4: Funds of unregulated funds Retail Investor AIFsSection 5: Retail Investor AIFs which invest more than 30% of net assets in another investment fundSection 6: Closed ended Retail Investor AIFs or open-ended Retail Investor AIFs with limited liquidityi. Closed-ended periodii. Liquidityiii. Changes to existing closed-ended Retail Investor AIFsSection 7: Guaranteed Retail Investor AIFsSection 8: Distributions out of and charging fees and expenses to capitalPart III: Marketing of AIF to retail investorsChapter 2 Qualifying Investor AIF RequirementsIntroduction:Part I: General rulesSection 1: Qualifying Investor AIF restrictionsi. General restrictionsii. Constitutional documentsiii. Valuationiv. Distinction between open-ended Qualifying Investor AIFs and those which are openended with limited liquidity arrangementsv. Share classesvi. Umbrella Qualifying Investor AIFsvii. Investment through subsidiary companiesviii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of theseSection 2: Supervisory requirementsi. General conditionsii. Offer periodiii. Directors of Qualifying Investor AIF investment companiesiv. Suspensionsv. Replacement of depositaryvi. Replacement of AIFM, management company, general partner or third partyvii. Monthly and quarterly returnsviii. Amalgamation of Qualifying Investor AIFs with other investment fundsSection 3: Prospectus requirementsi. General requirementsii. General information concerning the Qualifying Investor AIFiii. Investments in other investment fundsiv. Dealingv. Information concerning a management company or general partnervi. Information concerning investment managers and other service providersvii. Authorisation statusviii. Conflicts of interestix. Umbrella Qualifying Investor AIFsx. Warehousingxi. Investment through subsidiariesSection 4: General operational requirementsi. Financial resources of investment companiesii. DealingSection 5: Annual and half-yearly reportsi. Publication of annual and half-yearly reportsii. Information to be contained in the annual reportiii. Information to be contained in the half-yearly reportPart II: Specific Fund-Type RequirementsSection 1: Money market Qualifying Investor AIFsi. Short-Term Money Market Fundsii. Money Market Fundsiii. Short-Term Money Market Funds - valuation on the basis of amortised costiv. European Central Bank reporting requirementsSection 2: Qualifying Investor AIFs which invest more than 50% of net assets in another investment fundSection 3: Closed-ended Qualifying Investor AIFs and duration of closed-ended Qualifying Investor AIFsi. General requirementsii. Liquidityiii. Changes to existing closed-ended Qualifying Investor AIFsSection 4: Loan originating Qualifying Investor AIFi. General requirementsii. Credit granting, monitoring and managementiii. Due diligence by investorsiv. Diversification / eligible investmentsv. Stress testingvi. Liquidity and distributionsvii. Leverageviii. DisclosurePart III: Additional provisions applicable to Qualifyng Investor AIFS which have a registered AIFMChapter 3 Alternative Investment Fund Manager RequirementsIntroduction:Part A AIFMS which are authorised by the Central Bank under the AIFM Regulations before or on 27 November 2023i. Operating conditionsii. Remunerationiii. Organisational requirementsiv. Directorsv. Record keeping requirementsvi. Permitted activitiesvii. Relationship with the Central Bankviii. Financial control and management informationPart 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 conditionsii. Remunerationiii. Organisational requirementsiv. Directorsv. Recordkeeping requirementsvi. Permitted activitiesvii. Relationship with the Central Bankviii. Financial control and management informationix. Additional capital requirements of AIFMs providing individual portfolio management servicesx. Internal Capital Adequacy AssessmentAnnex I [Deleted]Minimum Capital Requirement Report Notes on Compilation (AIFM) [Deleted]Minimum Capital Requirement Report AIFM [Deleted]Chapter 4 AIF Management Company RequirementsIntroduction:AIF Management Companies which are not Authorised AIFMsi. Capital requirementsii. Organisational requirementsiii. Directors of AIF management companiesiv. Resourcesv. Relationship with the Central BankAnnex IMinimum Capital Requirement Report - Notes on CompilationMimimum Capital Requirement Report AIF Management CompanyChapter 5 AIF Depositary RequirementsIntroduction:Depositary Requirementsi. Eligibility criteriaii. Conditions applicable to depositaries which fall within Regulation 22(3)(a)(iii) of the AIFM Regulationsiii. Depositary tasksiv. Operating conditionsv. Delegationvi. Qualifying Investor AIF with a registered AIFM and Professional Investor AIF with a registered AIFMvii. Relationship with the Central BankAnnex IMinimum Capital Requirement Report - Notes on Compilation (Depositary)Minimum Capital Requirement Report AIF DepositaryChapter 6 European Long-Term Investment Fund RequirementsIntroductionPart I: General RulesSection 1: European Long-Term Investment Fund Restrictionsi. General restrictionsii. Constitutional documentsiii. Valuationiv. Distinction between closed-ended ELTIF and those which are open-ended with limited liquidityv. Share Classesvi. Umbrella AIFsvii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of theseSection 2: Supervisory requirementsi. General conditionsii. Directors of ELTIFs investment companiesiii. Suspensionsiv. Replacement of depositaryv. Replacement of AIFM, management company, general partner or third partyvi. Monthly and quarterly returnsvii. Amalgamation of ELTIFsviii. Changes to the life of the ELTIFSection 3: Prospectus requirementsi. General requirementsii. General information concerning the ELTIFiii. Dealingiv. Information concerning a management company or general partnerv. Information concerning investment managers and other service providersvi. Authorisation statusvii. Risk disclosuresviii. Conflicts of interestix. Warehousingx. Charging fees and expenses to capitalSection 4: General operational requirementsi. Financial resources of investment companiesii. DealingSection 5: Annual and half-yearly reportsi. Publication of annual and half-yearly reportsii. Information to be contained in the annual reportiii. Information to be contained in the half-yearly report
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Version date: 11 March 2024 - onwards
iii. Valuation
1. The ELTIF shall specify, in its constitutional document, the rules for the valuation of its assets. These rules shall clearly and unambiguously define an expected method of valuation and shall set out a framework for variation from this method of valuation.
2. The ELTIF shall only purchase and sell assets at prices which are in conformity with the rules in the constitutional document.