Central Bank brings Exempt Unit Trusts into the AIFMD net, REITs may escape, SPVs exempt for now

April 02, 2014

The Central Bank of Ireland (the “Central Bank”) issued feedback on 28 March 2014 to its consultation in relation to whether investment structures, most notably exempt unit trusts (“EUTs”), should be considered to be Alternative Investment Funds (“AIFs”) in the wake of the implementation of the Alternative Investment Fund Managers Directive (“AIFMD”) in Ireland. The feedback statement entitled “Feedback Statement on CP68: Consultation on types of alternative investment funds under AIFMD and unit trust schemes under the Unit Trusts Act 1990 (including EUTs, REITs etc.)” (the “Feedback”) also addresses the position of REITs and SPVs in this regard.

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