The Companies (Miscellaneous Provisions) Act 2009 provides a mechanism whereby certain collective investment fund entities can migrate their registered offices into and out of Ireland without firstly having to wind up in their current jurisdiction. The mechanism is to be available to funds migrating from and to jurisdictions that will be prescribed by the Minister for Enterprise Trade and Innovation. Inward migrating fund will be authorised and supervised by the Financial Regulator in the same way as existing collective investment funds already based in Ireland.
The Minister has now made an Order commencing Sections 3 and 5 of the Act with effect from 7 September 2010. These are the sections which provide the mechanism for migration of collective investment funds. The measures are effected by the insertion of new sections into the provisions of the Companies Act 1990.
Under the provisions of the Act the Minister has made further Regulations dealing with jurisdictional and procedural aspects of the mechanism and relating to requirements for filing in the Companies Registration Office (CRO).