There are two broad categories of regulated investment funds in
Ireland. The first category comprises undertakings for collective
investment in transferable securities ("UCITS"). UCITS
are subject to the regulations in Ireland implementing the EU's
UCITS Directive.
The second category essentially comprises all non-UCITS funds,
which are defined as alternative investment funds
("AIFs").
This briefing sets out the main steps involved in establishing a
UCITS in Ireland.
Umbrella or Single Fund and Classes of Shares
A UCITS may be established in Ireland as a single fund or as an
umbrella fund comprising one or more sub-funds, each with a
different investment objective and policy. UCITS are typically
established as umbrella funds and the segregation of liability
between sub-funds is achieved either by law (as is the case for an
investment company or ICAV) or by contract. Each sub-fund may
comprise different classes of units or shares. Typically, classes
of units
