AIFM passporting in Ireland

AIFMs authorised in their EEA home State may exercise passport rights for management in Ireland in relation to AIFs in the scope of AIFMD, on a services and / or branch basis, provided that the AIFM is authorised to manage the relevant type of AIF.

Regardless of whether an existing passport to perform management business under another single market directive (such as UCITS) is held, EEA AIFMs are required to make a separate notification to their home State competent authority if they intend to manage an AIF domiciled in Ireland on a passported basis. The home State competent authority will send the management passport notification to the Central Bank of Ireland (“CBI”) on behalf of the EEA AIFM.

In relation to marketing, a full scope EEA AIFM authorised in an EEA State other than Ireland which would like to market an Irish AIF or EEA AIF to professional investors in Ireland may do so in compliance with the requirements set out by its home State competent authority. A full scope EEA AIFM authorised in Ireland which would like to market an Irish AIF or EEA AIF 1 As long as it is not a feeder AIF, the master AIF of which is managed by a Non-EEA AIFM or is a Non-EEA AIF.  to professional investors in Ireland may do so by applying to the CBI directly using a prescribed form, which is available from the CBI website.

Regarding marketing of an AIF to retail investors, a full scope EEA AIFM authorised in an EEA State other than Ireland may do so by applying to the CBI directly. Amongst various other items the application must demonstrate that the AIF is equivalent in all material respects to an AIF authorised by the CBI under its "retail investor AIF" (RIAIF) regime.

AIFMs based in Non-EEA jurisdictions who wish to market AIFs to professional investors in Ireland must apply to the CBI for approval of those AIFs intended to be marketed in Ireland. Marketing of such an AIF may commence once the CBI confirms receipt of the notification and consents to the marketing.

EEA AIFMs may commence pre-marketing AIFs which are not yet established, to potential investors in Ireland subject to the requirements of regulation 31A of the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013) as amended.

The information provided to investors within the context of the pre-marketing activity should not enable such investors to commit to acquiring shares of the pre-marketed AIF or amount to a subscription form, constitutional document or offering document, whether in draft or final form. 

The EEA AIFM must ensure the pre-marketing is adequately documented and for a period of 18 months after the start of the pre-marketing of the AIF, the EEA AIFM may not rely on reverse solicitation in Ireland.

Pre-marketing by a third party on behalf of the EEA AIFM is only permitted where that third party satisfies certain prescribed regulatory criteria.

Ireland does not currently charge an application fee for outward or inward AIFMD passport notifications.