Introduction to investment funds other than UCITS - Non UCITS (“NU”) Funds 

NU Funds are alternative investment funds (‘AIFs’) authorised prior to 22 July 2013 which are availing of the transitional provisions under AIFMD.  As such these NU Funds have not appointed an alternative investment fund manager (‘AIFM’) and are, not yet, subject to the conditions imposed under AIFMD.  

These AIFS are established under the following legislation.

• Unit trusts under the Unit Trust Act 1990;  
• Investment companies under the Companies Act, 2014 Part 24
• Investment Limited Partnerships under the Investment Limited Partnership Act, 1994
• Common Contractual Funds under the Investment Funds, Companies and Miscellaneous Provisions Act, 2005.   

NU Funds are subject to the conditions under the Central Bank’s NU Series of Notices.  The NU Notices should be read in conjunction with the Acts referred to above, which contain, inter alia, detailed provisions on the operation of NU Funds.  

New NU Funds cannot be authorised under the NU regime. Existing NU Funds established as umbrella structures may still launch new sub-funds - see Approval Process under Forms for further details.