First Merger Of Irish UCITS Approved Under UCITS IV

The first merger of an Irish authorised UCITS has been approved under the new merger regime for UCITS, as set out in Directive 2009/65/EC ("UCITS IV"). The transaction involved the merger of a sub-fund of an Irish UCITS unit trust (the "Merging Fund") with a sub-fund of a UCITS SICAV authorised under Luxembourg law (the "Receiving Fund"). The merger was approved by the Central Bank of Ireland (the "Central Bank") on 1st September, 2011 and implemented on 21st October, 2011. Dillon Eustace acted for the Merging Fund.

The purpose of this Article is to examine the merger requirements under UCITS IV and the practical application of such requirements.

Merger Techniques

There are three types of merger techniques contemplated under UCITS IV as follows: