There are two broad categories of regulated investment funds in Ireland. The first category comprises undertakings for collective investment in transferable securities ("UCITS"). The second category comprises alternative investment funds ("AIFs").
The term "AIF" is broadly defined and essentially comprises all non-UCITS funds. AIFs are subject to the regulations implementing the EU's Alternative Investment Fund Managers Directive ("AIFMD"). AIFMD applies to alternative investment fund managers ("AIFMs") which manage and market AIFs within the EU. The Appendix to this briefing includes a decision tree to determine whether a particular vehicle is an AIF.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
