Ireland introduced a specific regulatory framework for loan originating investment funds in October 2014. In January 2017, the Central Bank of Ireland introduced flexibility to the permitted scope of activities of loan originating investment funds. Separately, the European Securities and Markets Authority has given its view on the necessary elements for a common European framework for loan origination by investment funds, and the European Commission has indicated that it intends to develop its thinking in this area as part of its ongoing work on building a capital markets union. See “E.U. Action Plan to Unify Capital Markets May Affect Hedge Fund Managers” (Oct. 8, 2015). In a guest article, partner Vincent Coyne of William Fry, along with associate David Naughton, outline the recent regulatory change in Ireland, analyze some of its practical implications, summarize the applicable regulatory framework and review how a manager may establish and obtain authorization for a loan originating investment fund in Ireland. For additional insight from Coyne, see “Trends in Irish Fund Launches and the Challenges – and Solutions – for Non-E.U. Fund Managers Using These Vehicles” (Oct. 6, 2016); and “New Irish Fund Structure Offers Re-Domiciliation Possibilities and Tax Advantages for Hedge Funds” (Mar. 12, 2015). For more on loan origination by private funds, see “The Current State of Direct Lending by Hedge Funds: Fund Structures, Tax and Financing Options” (Oct. 27, 2016); “Hedge Funds As Direct Lenders: Structures to Manage the U.S. Trade or Business Risk to Foreign Investors (Part Two of Three)” (Sep. 29, 2016); and “Hedge Funds As Shadow Banks: Tax Considerations for Hedge Funds Pursuing Direct Lending Strategies (Part One of Three)” (Sep. 22, 2016).