There is no provision in the Irish AIFM Regulations (i.e. the domestic regulations that transposed the AIFM Directive) which allows a non-Irish registered EU AIFM to market AIF in Ireland to professional investors. The provisions of the Irish AIFM Regulations which allow AIFMs from other Member States to market AIFs to professional investors in Ireland only apply to authorised AIFMs. This position has been confirmed by the Central Bank of Ireland in its "Questions & Answers" on AIFMD (ID1062).
Since 22 July 2013 marketing an AIF in Ireland is subject to the Irish AIFM Regulations. Conditions in relation to marketing to professional investors without a passport in the Irish AIFM regulations relate only to an authorised EU AIFM marketing a non-EU AIF and a non-EU AIFM marketing an EU or non-EU AIF.
There is currently no provision in the AIFM Regulations addressing reverse solicitation by AIFMs, nor has the Central Bank issued any guidance or direction on this. In the absence of any guidance, caution should be exercised should an AIFM seek to rely on such grounds as a basis for marketing and advices should be sought on a case-by-case basis.
The information in our toolbox provides managers of private equity or venture capital funds with an initial overview of certain framework conditions in the respective country. It does not provide advice on the law of any country, neither does it substitute such advice. The above information reflects the legal situation as of February 10, 2020. Before marketing a fund into the respective country, it is at all times necessary to seek expert advice. Our team is happy to assist you with all questions at any time.