The Irish Collective Asset-management Vehicles Act 2015 (the ICAV Act) was signed into law on 4 March 2015. The ICAV Act allows for the establishment of a new Irish corporate investment fund structure (the ICAV) that is tailored to the needs of the global funds industry.
The ICAV sits alongside the other available fund structures in Ireland, namely the variable capital company (VCC), the unit trust, the common contractual fund (CCF) and the investment limited partnership (ILP). It should be noted that similar to the current regime for an Irish VCC, ICAVs may be set-up as a stand-alone structure or an umbrella structure.
The Central Bank of Ireland (Central Bank) acts as the incorporating, authorising and supervisory body for the ICAV.
Dates to note
On 6 March 2015, the Central Bank published an Irish Collective Asset-Management Vehicle (ICAV) Information Note. In terms of the timing of the first incorporations of and conversions to ICAVs, we note that;
- the ICAV application forms will be available from the Central Bank’s website from 10 March 2015;
- the Central Bank will begin accepting applications for registration of ICAVs on 16 March 2015;
- for fitness & probity purposes, the timeframes that currently apply for processing IQs for PCF holders for investment companies will apply to PCF holders of ICAVs; and
- the Central Bank will issue a Registration Order for a new ICAV within two weeks from the date of receipt by the Central Bank of a complete application for registration.