The Central Bank of Ireland (“Central Bank”) has published its updated AIF Rulebook following a consultation process commenced in late 2025. Updated Central Bank UCITS Regulations are also expected to be published in the coming weeks.
What changes have been made to the AIF Rulebook?
The AIF Rulebook represents the Central Bank’s set of requirements applicable to alternative investment funds (“AIFs”) established in Ireland. The latest amendments to the rules follow a period of constructive engagement with industry and the recommendation in the Irish Department of Finance’s Funds Sector 2030 report that the Central Bank review its AIF Rulebook and associated requirements with a particular focus on the establishment of private funds in Ireland. The changes complement changes to the AIF Rulebook made previously to facilitate the establishment of European Long Term Investment Funds in Ireland and also implement the provisions of the revised Alternative Investment Fund Managers Directive (“AIFMD 2.0”). We are also aware that the Central Bank may at a future date propose changes to its retail investor AIF requirements, to enhance Ireland’s retail private fund offering, which can be a key consideration for asset managers in determining where to establish their funds. See our earlier publication on the CP162 consultation for further details of the changes.
What changes will be made to the Central Bank UCITS Regulations?
The Central Bank will also repeal and replace its UCITS regulations to align the Irish domestic regulatory framework with the changes to the UCITS framework introduced under AIFMD 2.0. The new regulations will address outstanding updates from previous consultations, clarify certain provisions, incorporate some pre-existing guidance and change existing domestic rules in relation to performance fees and the operation of redemption gates for UCITS. See our earlier publication on the CP161 consultation for further details of the changes.
What other measures transpose the AIFMD 2.0 requirements?
In addition, the European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2026 and the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2026 have been published, transposing the AIFMD 2.0 requirements into Irish domestic law.
Please get in touch with your usual Asset Management and Investment Funds Department contact or any of the contacts listed in this publication should you require further information in relation to the material referred to in this update.
Full details of the Asset Management and Investment Funds Department, together with further updates, articles and briefing notes written by members of the Asset Management and Investment Funds team, can be accessed at www.matheson.com.