INTRODUCTION
There are two broad categories of regulated investment funds in
Ireland. The first category comprises undertakings for collective
investment in transferable securities ("UCITS"). The
second category essentially comprises all non-UCITS funds and which
are defined as alternative investment funds ("AIFs").
UCITS are subject to the regulations in Ireland implementing the
EU's UCITS Directive. This briefing sets out the main steps
involved in establishing a UCITS in Ireland.
UCITS STRUCTURES
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. A sub-fund may comprise
different classes of units. Typically
