Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 6, 2018: Ireland

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Central Bank issues new edition of the AIFMD Q&A

The Central Bank published the 30th edition of the AIFMD Q&A. ID 1083 on 4 May 2018, which relates to loan originating Qualifying Investor AIF and obligations to report pursuant to the Central Credit Act 2013.

Read: The updated AIFMD Q&A. ID 1083

Central Bank to update annual fund profile return

The Central Bank has been writing to funds to announce an update to the IF annual sub-fund profile return, which is applicable to all sub-funds authorised by the Central Bank. The first fund profile return is to be prepared for the period up to report date 30 June 2018. Subsequent fund profile returns are to be prepared as of the annual calendar year-end.

In 2018 the fund profile return will also be required to be submitted for reporting purposes dated 31 December 2018.

Central Bank issues clarification on certain PCF roles

The Central Bank wrote to Irish Funds on 23 May 2018, to clarify its position regarding the approval of a designated person who also acts as a director of a fund management company

Referencing Part III of the Fund Management Company Guidance (the “Guidance”), the Central Bank stated that a designated person for managerial functions should be considered separately to the role of director. The practical implication of this is that the Central Bank considers separate IQ submissions are required in respect of PCF-1 / PCF- 2 and PCF - 39.

Practice note for ICAVs and property transactions

The Law Society of Ireland’s Conveyancing Committee issued a practice note on 29 May, regarding the operation of Irish Collective Asset-Management Vehicles (“ICAV”) in dealing with property transactions.

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