As detailed in our Front Page newsalert, 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 Irish Collective Asset- management Vehicle or 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). As with Irish VCCs, 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. It has a page on its website with links to application forms for applications for registration and post-registration filings and an ICAV Q&A. Of particular interest are the following Q&A;
- Q&A 4; 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.
- Q&A 5; for fitness & probity purposes, Individual Questionnaires (IQs) need not be submitted for PCF holders as part of an application to register an ICAV. IQs are only required to be submitted as part of, or, in the case of a proposed QIAIF in advance of, the submission of an ICAV’s application for authorisation.
- Q&A 8; for fitness & probity purposes, the timeframes that currently apply for processing IQs for PCF holders for investment companies apply to PCF holders of ICAVs.
The Central Bank also updated its funds authorisation application forms and its AIF Rulebook to reflect the introduction of the ICAV. Further information, including the advantages and opportunities presented by the ICAV and practical considerations associated with conversion to an ICAV can be found here or contact a member of our Asset Management & Investment Funds team.