QIAIF Application Process. Key Information Resource Pack

Transcription

1 QIAIF Application Process Key Information Resource Pack November 2016

2 Contents How to Login Starting a new Application PCF approval Document Upload Application Status and Guidance 2

3 Online Regulatory InformatiON (ORION) Online Reporting System (ONR) Authorisation of QIAIFs Individual Questionnaires Prudential Returns 3

4 Login Page Logging into ORION will require: 1) Institution Code 2) User Name 3) Password ed to user 4) Pin number first time login only Each legal firm should have at least two administrators for managing access to ORION. 4

5 Starting a new application Select appropriate option and click View : 5

6 Starting a new Application - guidance Guidance is available to the user throughout the application process. 6

7 Starting a new application (cont) Select the New tab at the top left of the screen: 7

8 Starting an application Authorisation Type Select the applicable authorisation type and then click Submit : 8

9 Starting an application New Regulated Entity Section The New Regulated Entity Section is the first section that is required to be completed: 9

10 Re ICAVs, for Registration purposes the newly created C- Number can be viewed by selecting Funds and viewing the C-Number column 10

11 Structure Section continued The Application Structure section must be completed 11

12 Online Reporting (ONR) Firm Administrator role ONR Firm Administrator needed: To submit PCF (IQ) applications To submit Prudential returns If the Firm Administrator is an employee of the AIF/AIF ManCo Bank will set up the Firm Administrator with access to ONR Otherwise Bank will require a letter from the AIFM/AIF ManCo stating the name of the person to be appointed as ONR Firm Administrator A template letter is available at 12

13 Submitting Individual Questionnaires (IQs) IQs are required for Investment Companies and ICAVs IQ applications will be processed within the 5 day turnaround as outlined in the Fitness and Probity Service Standards If there is an issue with the application, you will be contacted before the 5 day period has elapsed. 13

14 Completing an application Upon completion of the Structure section you will be brought to the Application Summary screen where all Required sections must be completed in order to complete an application. 14

15 Completing Information Section Complete all Questions and Steps in this Section 15

16 Documentation - Required Documentation Once the Information Section has been completed please gather all necessary documents for upload in the required sections (e.g. Prospectus, Memorandum and Articles of Associations etc.) The documents required will be dependant upon the answers provided to the questions in the Structure and Information Sections. 16

17 Uploading Documents For the relevant document that requires upload click on Browse to navigate to the correct File Location and then press Submit 17

18 New Sub Fund Submissions Click on Required for Sub Fund. Select Add New Sub Fund. Enter Sub Fund name in the pop up box. Click Required 18

19 Sub-Fund Application Form for Umbrella QIAIFs Complete all relevant Questions and Steps 19

20 Supplementary Documentation Required and Optional Supplementary Documentation can be uploaded by clicking on the file field, selecting New and browsing (see next slide) Note: All relevant checklists, e.g., Section 2 Prospectus, Section 3 Trust Deed or Section 4 Depositary Agreement, etc. may be downloaded from the Central Bank website. 20

21 Supplementary Documentation (Continued) Uploading Checklists and other Required or Optional documents 21

22 Complete and submit the relevant Checklist Fill out all questions on the form/checklist, save document and upload 22

23 Depending on Structure - Documentation needs to be submitted with application Prospectus - Mandatory Memorandum and Articles of Association - Depends on Structure Deed of Constitution - Depends on Structure Trust Deed - Depends on Structure Instrument of Incorporation Depends on Structure Depository Agreement Mandatory for 4 of 5 structures AIF Management Company Agreement - Optional AIFM Agreement Mandatory (could be included in Trust Deed) Investment Management Agreement - Optional Investment Limited Partnership Agreement - Depends on Structure Administration / Transfer Agent Agreement Optional Distribution / Paying Agent / Representative Agent Agreement - Optional Investment through Subsidiaries - Optional Sub Fund Optional Supplementary Documents - Optional PCF approvals - Mandatory for Investment companies 23

24 Submitting an application Once an application is complete and every section is valid then an application may be submitted by selecting Submit and then Confirm: 24

25 Application Status - Under review When the application is being reviewed by the Central Bank, ORION will display a status of Fund Application Submitted or for a sub-fund application Sub Fund Application Submitted : 25

26 Application Status - Fund Application Authorised Following issue of fund authorisation letters, the application will be located in the Applications (Closed) tab. Please regularly check ORION for status updates and CBI messages throughout the review process. 26

27 Guidance Guidance for applicant firms is available at horisation/guidance/pages/default.aspx ORION Enhancements Guide ORION User Manual (currently in preparation) ORION User Access Procedures One Minute Guides Online Training Videos 27

28 Contact Details The QIAIF Authorisation team may be contacted at 28