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ARTICLE · 25 FEBRUARY 2015

Legislation Passed Introducing New Irish Fund Vehicle – The ICAV

Matheson
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The ICAV will offer a strategic alternative to the investment company and may also be used for establishing both UCITS and AIFs.

IrelandFinance and Banking
Michael Jackson
Michael Jackson
Dualta Counihan
Dualta Counihan
Anne-Marie Bohan
Anne-Marie Bohan
Shay Lydon
Shay Lydon
Liam Collins
Liam Collins
Tara Doyle
Tara Doyle
Philip Lovegrove
Philip Lovegrove
Joe Beashel
Joe Beashel
Elizabeth Grace
Elizabeth Grace
+2 more
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The keenly anticipated legislation introducing a new Irish corporate fund vehicle – the Irish Collective Asset-management Vehicle Bill (the "ICAV Bill") – has been passed by both houses of the Irish legislature today and is expected to be signed into law by the President next week.  Ministerial enactment will follow shortly thereafter.

The ICAV will offer a strategic alternative to the investment company and may also be used for establishing both UCITS and AIFs.  The ICAV provides a more tailored, bespoke fund vehicle solution designed to meet the operational needs of European funds and the needs of their investors.

The Central Bank of Ireland has indicated that it will be in a position to accept applications for ICAV authorisations from promoters within two weeks of formal ministerial enactment of the new ICAV legislation.

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