The ICAV Bill was passed by Dáil Eireann (lower house of the Irish Parliament (Oireachtas)) on 28 January 2015. The Bill is currently before Seanad Eireann (upper house of the Oireachtas).

The legislation, once enacted, will provide for a structure specifically designed to meet the needs of the global funds industry with several advantages over the existing corporate structure for collective investment schemes in Ireland, the public limited company (plc).

The Bill is likely to complete its legislative journey within a matter of weeks. Once enacted it must be commenced by way of a Commencement Order and the Central Bank has indicated that it will be in a position to accept applications within two weeks of the Act’s commencement.