Ireland’s securities regulator, the Central Bank, has clarified when GPs must file their first Alternative Investment Fund Managers Directive (AIFMD) reports.
The Central Bank requires GPs to report on either a quarterly, half-yearly or annual basis depending on the amount of assets under management in the portfolios of the funds it manages, and the investment policy of those funds.
For fund managers reporting quarterly or semi-annually, the Central Bank has set an extended deadline for the first reporting submission. These fund managers will have up to ten weeks to submit their first report, with information on the reporting period ending June 30, 2014 due to be submitted no later than September 11, 2014.
But legal sources expect private equity fund managers to be required to report only on a yearly basis – and annual filers have not been afforded an extended deadline for their first reports. Information for the period ending December 31, 2014 must be submitted by January 31, 2015.
Ireland has proven to be a popular domicile for fund managers looking for AIFMD authorization. The Central Bank believes it will be exceeding its initial expectations and processing up to 90 applications before the AIFMD’s July 22, 2014 go-live date.
Ireland’s rival domicile Luxembourg has also set its reporting deadlines. Luxembourg’s regulator, Commission de Surveillance du Secteur Financier (CSSF), set January 31, 2015 as a deadline for annual filers and also for semi-annual filers. Fund managers filing quarterly reports must submit their information by October 31, 2014.
However, fund managers wanting to become authorized in Luxembourg have only a few days left to submit their applications. Last month, the CSSF issued guidance requiring all AIFMD applications by April 1 in order to authorize GPs by July.