The Irish Collective Asset-management Vehicles Act 2015 (the “Act”) was signed into law by the President of Ireland on 4 March 2015 and came into effect in its entirety on 12 March 2015. The Act provides for the establishment of the new Irish corporate investment fund vehicle that is specifically tailored to the needs of the global funds industry.
The Act contains a mechanism for existing corporate collective investment schemes established in the Cayman Islands, the British Virgin Islands, Bermuda, Jersey, Guernsey and the Isle of Man to migrate to Ireland as an ICAV by way of continuation. The migration process is the same as the fund redomiciliation process that was introduced in Ireland in 2009 pursuant to which non-Irish funds can move to Ireland and become subject to Ireland’s regulatory regime for investment funds. The main difference with the ICAV migration process is that the application for migration is made solely to the Central Bank of Ireland (the “Central Bank”) and not to the Irish Registrar of Companies.
This briefing sets out the steps to be followed for a non-Irish fund to apply to the Central Bank for authorisation as an ICAV in Ireland.