Central Bank of Ireland publishes Markets Update No 3 of 2024

On 11 March 2024, the Central Bank of Ireland (the Central Bank) published Issue No 3 2024 of its regular Markets Update, in which it sets out alerts of interest to Irish regulated firms and other market participants.

For our summaries of the previous issues, please see the right-hand column of this page.

The new Update contains the following three items, each related to the Central Bank's moves to implement a regime for funds established under the EU's recently revised European Long Term Investment Funds (ELTIF) Regulation in Ireland.

Our summary of the changes made to the ELTIF Regulation can be found here.

ELTIF Authorisation Process - New Application Form and updated Website Guidance

All ELTIF applications must be made through the Portal. Please see website guidance here for further information, but the authorisation process to be used will depend on whether the targeted investor type is

• Retail

• Qualified or

• Professional.

All ELTIF applications (whether for a new authorisation or containing post authorisation amendments) must submit final authorisation documents by 5.00 pm on the day prior to the proposed authorisation day.

For Retail Investor ELTIFs,  the Authorisation Team will require dated documentation to be received no later than 10am on the day prior to the proposed authorisation day (but this should ideally be submitted as early as possible).

Note that, until the Level 2 RTS are available, this process is currently only applicable to closed-ended ELTIFs.

Feedback Statement to CP 155 - ELTIF chapter in the AIF Rulebook

The Central Bank has published the Feedback Statementto CP 155, "Consultation on ELTIF chapter in the AIF Rulebook" (the CP).

Our summary of the CP can be found here.

Our summary of the Feedback Statement can be found here

The Feedback Statement explains the Central Bank's views on the submissions received to the consultation and the revisions that have been made to the final ELTIF chapter in the AIF Rulebook (to which an ELTIF seeking authorisation from the Central Bank will be subject). 

AIF Rulebook updated to include ELTIF chapter

The Central Bank has published an update to its Alternative Investment Funds Rulebook, including a new Chapter 6 for ELTIFs, setting out the requirements related to ELTIF specific restrictions, supervisory, prospectus and general operational requirements and annual and half-yearly reporting.