Michael Tuohy, Partner and Head of Financial Services Audit & Assurance, Forvis Mazars:
The CBI’s proposed amendments to its AIF Rulebook in CP162 mark an important step in modernising Ireland’s AIF framework.

It translates the main elements of AIFMD II into the Irish rulebook while advancing certain recommendations from the Funds Sector 2030 review.

A particularly significant aspect is its supports for the development of private asset strategies. The consultation clarifies the treatment of capital commitment structures and removes the loan origination QIAIF section of the AIF Rulebook to align fully with the European AIFMD framework. This alignment will give managers greater confidence that Ireland will remain an efficient and attractive jurisdiction for private credit, infrastructure and real asset funds.

Taken together, these changes address several themes highlighted in Funds Sector 2030 – notably enabling scale and positioning Ireland at the forefront of EU regulatory convergence. The CBI’s engagement with industry through this process is welcome and will be vital as the April 2026 AIFMD II implementation date approaches.

Overall, CP162 represents a positive step in ensuring Ireland’s AIF regime remains competitive and future-focused.

Oisin McClenaghan, Partner, Investment Funds, Ogier: We are currently seeing significant enhancements to our private assets and AIF offering being delivered by way of the current AIF Rulebook overhaul. The consultation includes enhanced loan origination flexibilities, AIFMD II alignment without any gold plating, substantial additional subsidiary and downstream structures flexibilities, simplification of AIF financing arrangements, greater side-letter flexibility and regulatory streamlining and is a significant enhancement to the Irish private assets offering.

Both the Central Bank and the Department of Finance deserve credit for their proactive follow through on the recommendations contained in the Funds Sector 2030 review..v