The Irish President has today signed into law the legislation introducing a new Irish corporate fund vehicle – the Irish Collective Asset-management Vehicle Act 2015 (the “ICAV Act”) – following the passing of the legislation by the Irish parliament last week. It is expected that the ICAV Act will come into effect next week upon ministerial enactment. 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.
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.
It will be possible for an existing investment company to convert to an ICAV using a relatively straightforward process.