As previously highlighted, A&L Goodbody completed the first redomiciliation of an investment fund company to Ireland under the Companies (Miscellaneous Provisions) Act, 2009 (the Act). (A Bermudan investment company migrated to Ireland with effect from 8 December 2010 under the new procedure which involves applications to, and approvals by, the Companies Registration Office and the Central Bank of Ireland).
The Act, which came into effect in September 2010, permits funds which are companies to migrate to Ireland from 6 jurisdictions; namely Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey and Guernsey. The attractiveness of the migration legislation means that the corporate legal entity continues in existence so that fund managers can preserve the fund's performance. Since 8 December 2010 A&L Goodbody has completed further redomiciliations of investment fund companies and is in the process of redomiciling a number of Unit Trusts.
The Central Bank issued a letter to the industry dated 17 December 2010 which sets out
- some of the procedural issues involved in the simultaneous registration of an investment fund company with the CRO and its authorisation by the Central Bank
- requirements regarding the filing with the Central Bank of confirmation of the fund's de-registration in the relevant jurisdiction
- requirements specific to the redomiciling of Qualifying Investor Funds (QIFs)
- the Central Bank process for the authorisation of unit trusts which are redomiciling from Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey and Guernsey, which is important because no legislative provisions expressly address the redomiciliation of unit trusts to Ireland.