Asset Management & Investment Funds Q&A: January 2019

Question

Will the Brexit deadline of 29 March impact any of the Central Bank filing deadlines?  

Answer

The A&L Goodbody Asset Management & Investment Funds team have been informed by the Central Bank of Ireland (Central Bank) that, due to the large volume of Brexit related applications expected, the Central Bank will not be applying normal timeframes in respect of change of service provider applications (COSPs) for Qualifying Investor AIFs (QIAIFs). 

The Central Bank advised as follows:

The United Kingdom’s date for withdrawal from the European Union is less than ten weeks away. With this in mind, the Central Bank would like to advise funds that change of service provider applications (COSPs) for Qualifying Investor AIFs (QIAIFs) must be submitted to the Central Bank of Ireland no later than 1 March 2019 to ensure they can be processed by 29 March 2019.

Due to the large volume of Brexit related applications expected, the Central Bank will not be applying normal timeframes as per the current procedures.

The Central Bank furnished a summary of the filing process along with examples.

Dating of documents example: QIAIF COSP with an effective time of 00.01am on 29 March 2019

  • All agreements/novation agreement must be dated (at the latest) 28 March 2019 and refer to the effective time and date
  • These documents are noted and the COSP must be approved by the Central Bank in advance of the proposed effective time. The Central Bank will issue an approval letter dated 28 March 2019.
  • The prospectus and all supplements must be dated 29 March 2019. These documents will be noted on 29 March 2019
  • If the newly appointed service provider is authorised in another Member State and availing of a passport under AIFMD then a new/updated passporting notification must be filed to include reference to the relevant fund(s). The Central Bank also require that the updated passporting notification is completed sufficiently in advance of the effective time.

We have asked for clarification as to whether other filing and approval timeframes will be impacted.

For more information in relation to this topic please contact a member of the Asset Management & Investment Funds team.

Date published: 25 January 2019