The Central Bank has published a feedback statement outlining how its new European Long-Term Investment Funds (ELTIF) regulation will operate.

Its main points are that Irish ELTIFs can be set up as standalone structures or as sub-funds within existing Qualifying Investor Alternative Investment Fund (QIAIF) or Retail Investor Alternative Investment Fund (RIAIF) umbrellas.

The Central Bank will, in relation to ELTIFs, disapply nearly all of its local requirements generally applicable to QIAIF funds, including:

• Loan origination requirements,
• Subsidiary rules, and
• most other requirements.

QIAIF ELTIFs will be approved under an expedited authorisation process.

ELTIFs may be established in Ireland with immediate effect.

Speed to market

Gayle Bowen and Shane Geraghty of K&L Gates (pictured) point out that the Irish ELTIF regime will be very flexible, offering managers speed to market.

Ireland is now a leading domicile for alternative funds and has the largest alternative fund administration centre in the world.