Ireland is set to launch a new type of fund vehicle, the Irish Collective Asset-management Vehicle (ICAV), for global asset managers.
The ICAV is a new type of Irish corporate structure designed for both UCITS and alternative investment funds (AIFs).
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The Irish Minister for Finance has recently published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill in the parliament to introduce the ICAV, which it is hoped to be passed early in 2014.
The Central Bank will serve as the supervisory authority for the ICAV, which will not be affected by amendments to certain pieces of European and domestic company legislation that are aimed at trading companies rather than investment funds.
Additionally, the ICAV will increase the range of fund vehicles in Ireland available to promoters, complementing the existing range of Irish fund vehicles.
The proposed ICAV legislation will also determine Ireland’s pro-active approach in fulfilling the needs of fund promoters.
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By GlobalDataThe ICAV will not result in any changes for established PLCs, which will continue to co-exist with the ICAV.
