The Irish qualifying investor fund (QIF) is a regulated fund that requires a minimum subscription of €250,000 and investors are also subject to a net worth test on entry. It is the most flexible regulated fund available as no borrowing, leverage or investment restrictions apply to QIFs.

QIFs can now be authorised by the Financial Regulator on a filing-only basis within one day of receipt by the regulator of a completed application. The Financial Regulator no longer undertakes a detailed review of the fund documents, provided certain conditions are met.

The new regime marks a very important and welcome development for the QIF product. Certain conditions apply to this 'fast track' approval, including the requirement that all parties to the QIF, such as the promoter and investment manager, need to be approved in advance of the application being made. The introduction of the 'fast track' approval regime for QIFs is in direct response to market demands and will further enhance Ireland's appeal as the domicile of choice for such regulated products.

For further information, please contact Sarah Lyons or Tracy Gilvarry.


Summer 2007.