Ireland—Banking & Financial Services analysis: This article, written by Ian Dillon, partner (Asset Management and Investment Funds), Dara Harrington, partner (Asset Management and Investment Funds) and Kevin Murphy, partner (Asset Management and Investment Funds) of Arthur Cox LLP, examines the key changes introduced by the Central Bank of Ireland's updated alternative investment fund (AIF) Rulebook. It outlines the new liquidity management tools framework, reforms to loan origination, fund financing and intermediary investment vehicles, changes affecting side pockets, capital commitments, preferential treatment arrangements, depositaries and regulatory reporting, and considers the practical steps fund managers and boards should take to implement the revised requirements.