In December 2006 the board of the Irish Financial Services Regulatory Authority approved a proposal to streamline the current authorisation process for qualifying investor funds (QIFs).
Under the proposal, draft fund documentation for QIFs (including a draft prospectus) will no longer need to be submitted to the regulator for review prior to the authorisation of the fund. Instead, it is proposed to authorise QIFs on the day after the fund documentation is filed with the regulator, together with certain forms and confirmations to be provided by the fund’s law firm. This new authorisation process for QIFs started on 14 February, 2007.
