The Central Bank has clarified that management companies, alternative investment fund managers, AIF management companies, fund administrators, depositaries and investment firms which are companies are not required to convert to designated activity companies (DACs) under the Companies Act 2014 nor are they required to do so by the Central Bank. The Companies Act 2014 prohibits private companies limited by shares from carrying out the activity of a credit institution or insurance undertaking. Therefore, those entities, unless they are PLCs will be required to convert to DACs.

It goes without saying that regardless of the corporate structure chosen regulated financial service providers must comply with all regulatory requirements applicable to them.