Supervisory conditions for the retails AIFs
Every retail AIF must have an authorised AIF manager.
It must notify the Central Bank of any proposed amendment to its prospectus. It must not alter its constitutional documents or change its names without the prior approval of the Central Bank.
A retail AIF must ensure that the offer period does not commence prior to authorisation where they are established as private equity or real estate retail investor AIFs. This may be extended upwards of a year provided the terms of the offer ensure the early unit holders are not prejudiced.
Where the AIF is an investment company, departures from the office of directors must be notified to the Central Bank. The investor must form a view as to impact of the resignation which view may need to be communicated to the Central Bank.
A retail AIF which is an investment company must not have directors in common with its depository. It must have a minimum of two Irish resident directors. Where the retail AIF is an investment company, it shall ensure that each of its Directors is required to disclose concurrent directorships.
Central Bank must be informed, where calculation of net asset value is suspended.
There are procedures regarding replacement of a depository. Particulars must be notified to the Central Bank. There are limitations on termination of depository’s appointment. There are provisions applicable to replacing the management company, general partner or equivalent.
The fund must make monthly and quarterly returns to the Statistics Division of the Central Bank using online reporting system. This is to include relevant codes for the fund and sub-funds, base currency, fund type, closed asset value, net asset value, number of units, net asset value at month end, payments received and made by the issue and repurchase of units in the month, net amount from issues and repurchases profit and loss, investment fees and other expenses.
There is a requirement for a quarterly survey of collective investment undertakings to be returned to Statistics Division of the Central Bank.