EUROPE: ELTIF 2.0 Regime Goes Live in Ireland

By: Gayle Bowen and Shane Geraghty

After much anticipation, the new ELTIF 2.0 regime has gone live in Ireland. The Central Bank has, this morning, issued a feedback statement outlining how its new regime will work. Key points include the following:

• Irish ELTIFs can be set up as standalone structures or as sub-funds within existing QIAIF or RIAIF umbrellas;
• The Central Bank will, in relation to ELTIFs, disapply nearly all of its local requirements generally applicable to QIAIF funds, including:
  • its loan origination requirements
  • its 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.

As result, the Irish ELTIF regime will be one of the most flexible regimes in the market, offering managers speed to market. Ireland is a leading domicile for alternative funds and has the largest alternative fund administration centre in the world.