The Irish Collective Asset Management Vehicles Bill 2014 (ICAV Bill) was passed by both Houses of the Oireachtas (the Irish Parliament) on 19 February 2015.
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 will shortly be sent to the President of Ireland for signing, with the President being obliged to sign the Bill no earlier than 5 and no later than 7 days after receiving it. Once the President has signed the Bill it will be enacted into law. Therefore, it is expected that the Bill will be enacted by no later than the end of February or early March, depending on when the President receives the Bill for signing.
Following signing, the Act will come into operation by way of Ministerial Order. It is anticipated that the Minister for Finance will issue the commencement order shortly following enactment. The Central Bank of Ireland has previously indicated that it will be in a position to accept applications under the Act within two weeks of commencement.