The AIFM will need to submit the following documents to the Central Bank for review as part of the application for authorisation:
- details of the significant shareholders of the AIFM and its ownership structure;
- a draft programme of activities setting out the organisational structure of the AIFM and how it intends to comply with AIFMD;
- financial projections for the first three years of the AIFM's business following authorisation;
- details of any proposed delegation arrangements;
- a statement of responsibility for the AIFM;
- board confirmation of capital from the AIFM to the Central Bank;
- details of the AIFs the AIFM intends to manage, including the investment strategies and projected assets under management for the first three years following authorisation;
- a completed prescribed application form issued by the Central Bank and signed by two directors of the AIFM; and
- information on the persons effectively conducting the business of the AIFM.
Additional supporting documents are required for an application for authorisation as a SuperManCo or as an AIFM with an IPM and other "non-core" authorisation.
The Central Bank reviews these documents in detail. The Central Bank review process is an iterative process, and the Central Bank can be expected to raise queries in relation to the proposed AIFM and its operations in a number of successive rounds of comments before authorising the AIFM.
In particular, the Central Bank will interrogate the proposed staffing and delegation arrangements to ensure that an AIFM has sufficient substance and governance structures in place to carry out and oversee its proposed activities, having regard to the scale of the projected assets under management and the nature of the investment strategies to be pursued.
It can be helpful to schedule an introductory meeting with the Central Bank before submitting a formal application for authorisation of an AIFM so that any key issues can be addressed at an early stage.
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.
