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NETHERLANDS Application of the AIFM Directive for fund managers with an existing license from the AFM Background As per 22 July 2013, the AIFMD was implemented in the Dutch Act on Financial Supervision. What’s in there? Asset managers with an existing license from the Dutch Authority for the Financial Markets (AFM) have been granted a one-year transferal period to prepare their compliance with the AIFMD requirements. What’s next? As per 22 July 2014 asset managers are automat- ically granted an AIFMD license. As per this date asset managers are obliged to act in line with the AIFMD requirements.  

Central Bank publishes a guidance note

ance notes and accompanying templates to be used when undertaking the required regulatory reporting pursuant to Article 24/Article 3 (3) (d) of the AIFMD. What’s in there? The guidance notes are relevant to all Alternative Investment Fund Managers (“AIFMs”), including In- ternally Managed Alternative Investment Funds, who are authorized or registered by the Central Bank of Ireland or who manage or market Alternative Invest- ment Funds in Ireland. The guidance notes aim to provide information to the AIFM and their service providers on the reporting requirements relating to the extension of the Central Bank of Ireland’s Online Reporting System to AIFMs and to assist them in preparing for AIFMD regulatory reporting. It provides practical guidance with respect to: « Identifying the key actions that need to be taken by AIFMs and administrators; « Identifying which data fields are mandatory, condi- tional or optional; « Identifying which fields are static and which are dynamic; « Suggesting a data owner (AIFM or administrator) for the various categories of data; « Rating the complexity level of the various data requirements; « Outlining key areas of judgment/uncertainty which may need to be agreed between AIFMs and their service providers through various protocols, with a sample protocol provided. What’s next? A Q&A on AIFMD regulatory reporting will be pub- lished separately by the IFIA based on ongoing dis- cussion with the Central Bank of Ireland. THE AIFM REPORTING DOCUMENTS ARE AVAILABLE ON THE CENTRAL BANK’S AIFMD WEBPAGE. « Identifying reporting requirements;

and template for completion of the Minimum Capital Report by Irish authorized AIFMs

and/or UCITS management companies Background

The Minimum Capital Requirement Report must be submitted to the Central Bank by an Irish au- thorised AIFM and/or as a UCITS Management Company. The report should be submitted along with the half yearly and annual audited accounts at the reporting intervals specified in paragraph 20 of Notice UCITS 2 and Chapter 3 of the AIF Rulebook. What’s in there? The Guidance Notes are divided into separate sections with guidance relating to the reporting requirements for each section:- « Section 1 - Initial Capital Plus Additional Amounts; « Section 2 - Expenditure Requirements; « Section 3 - Professional Liability Risks (This only applies to AIFMs); « Section 4 - Minimum Capital Requirement; « Section 7 - Previous Guarantee Agreed With Central Bank; « Section 8 - Professional Indemnity Insurance; « Section 10 - Qualifying Subordinated Capital. A Template of the Minimum Capital Require- ment Report is attached to Guidance Notes to be completed in respect of each of the above sections. « Section 9 - Compliance Test; « Section 5 - Own Funds; « Section 6 - Eligible Assets;

IRELAND Central Bank publishes AIFMD

Reporting Guidance Notes and Templates Background The Central Bank published AIFM reporting guid-

THE GUIDANCE NOTES AND REPORTING DOCUMENTS ARE AVAILABLE ON THE CENTRAL BANK’S AIFMD WEBPAGE

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