Dáil Éireann Debate, Thursday - 18 June 2026
256. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance for an update on plans to reform and enhance Ireland’s regulatory framework for Retail Investor Alternative Investment Funds (AIFs); and if he will make a statement on the matter. [46749/26]
Amharc ar fhreagraThe Savings and Investments Union aims to create better financial opportunities across the EU, providing people with more opportunities to invest and provide for their current and future prosperity.
Ireland is committed to support initiatives that enhance retail investor participation in capital markets. In considering any reforms to Ireland’s regulatory framework for Retail Investor Alternative Investment Funds, it is important that the deployment of retail savings into capital markets is undertaken in a manner that is commensurate with the knowledge, experience and risk tolerance of the investor.
The regulatory framework should support access to investment opportunities while ensuring that products are designed, distributed and governed in a way that meets the needs of investors at different stages of their financial lives and protects them from risks they may not be well placed to assess or manage.
The Central Bank has recently concluded a significant programme of work to implement the requirements arising from the Alternative Investment Fund Managers Directive II 2024 (AIFMD II). This has resulted in substantial amendments to both the Alternative Investment Fund (AIF) AIF Rulebook and the Central Bank UCITS Regulations, including the establishment of a harmonised European framework for loan-originating funds.
Importantly, the revised AIF Rulebook was published only last month (May 2026), with the updated UCITS Regulations expected to be finalised shortly. Against this backdrop, the sequencing and prioritisation of any further reforms to the regulatory framework, particularly those affecting retail investors, will require careful consideration. Market participants are currently adapting to the significant changes introduced through AIFMD II implementation, while further legislative and regulatory developments are anticipated through the European Commission’s Markets Integration and Supervision Package (MISP) which is currently the subject of consideration by Council and Parliament separately with the view to achieving agreement later this year.
It will therefore be important to ensure that any future enhancements to the retail AIF framework are considered in the context of this broader regulatory agenda, allowing sufficient time for implementation and ensuring that reforms are coherent, proportionate and aligned with evolving European policy objectives.
We continue to engage with the Central Bank and other stakeholders on how the retail investment framework can continue to evolve in a manner that supports investor outcomes, market development and the competitiveness of Ireland’s funds sector, while maintaining high standards of investor protection and market integrity.
