Maples and Calder ("Maples") is pleased to announce that the Irish Collective Asset-management Vehicle Act, 2015 ("ICAV Act") is now fully in force and we have advised on one of the first major registrations.

The ICAV Act commenced on 12 March 2015 and allows the incorporation of a new, tax efficient and innovative corporate structure, specifically for Irish investment funds. Available to both new and existing UCITS and AIFs structures, the ICAV offers numerous benefits over existing Irish corporate fund structures. Please visit our ICAV webpage for further details of key features. 

The Central Bank of Ireland ("CBI") opened its ICAV register on 16 March 2015 and Maples has advised the Permal Group on first day registration. The Permal Managed Account Platform ICAV ("PMAPL ICAV") will complement the Permal Group's existing BVI managed account fund range and will see up to US$4billion of assets being transferred to the PMAP ICAV. Maples is further advising a number of international managers and institutions who will also register within the first days of the register being opened.

The registration of the ICAV follows a series of notable firsts for Maples' Dublin office, including advising on: (i) the establishment of the first investment limited partnership for private equity; (ii) authorisation of the first cross-border AIFM in Ireland; (iii) the first Irish UCITS authorised by the CBI to invest 100% in China A Shares under China's RQFII Scheme; and (iv) the first loan origination QIAIF.