STAGE 1: PROMOTER APPROVAL

The Promoter is the party responsible for submitting the application for the fund authorisation with the Central Bank of Ireland. The Promoter appoints legal counsel to draft the documentation establishing the fund. The legal counsel will also liaise with the Central Bank of Ireland throughout the approval process.

STAGE 2: FUND APPROVAL

Once the Promoter and Investment Manager have been approved, the next step is obtaining authorisation of the fund documentation. An application for authorisation of an investment fund is made by submitting the fund documentation, in draft form, with the Central Bank of Ireland.

APPROVAL OF SERVICE PROVIDERS

For all Irish investment funds the principal service providers to the fund must be approved in advance by the Central Bank of Ireland. This applies to the Promoter, Management Company (if appointed), the Directors, the Investment Manager and the Irish Administrator and Custodian.