IRELAND: Central Bank of Ireland Publishes Updated Q&A on the Irish Collective Asset-management Vehicles Act 2015

Thursday August 13 2015

The ICAV Act 2015 was signed into law on 4 March 2015. It provides an additional legal structure for Irish authorised investment funds, both UCITS and AIFs. The Central Bank has updated its AIF Rulebook to reflect this.

On 12^th August 2015, the Central Bank of Ireland published updated answers to the following questions which have arisen and/or may arise in relation to ICAVs in order to assist in limiting uncertainty regarding our registration and authorisation processes:

• Q1 How do I submit an application for registration of an ICAV?
• Q2 How long does it take the Central Bank to issue a registration order for a new ICAV?
• Q3 Are Individual Questionnaires (‘IQs’) required to be submitted for PCF holders as part of an application to register an ICAV?
• Q4 Is a PCF holder for an investment company required to submit a new IQ when the investment company converts to an ICAV?
• Q5 When may an investment fund seek access to ONR for submitting IQs for PCF holders in respect of an ICAV?
• Q6 What are the timeframes for processing an IQ for a PCF holder in an ICAV?
• Q7 Where the memorandum and articles of association of an investment company, authorised under the Companies Act 1990, Part XIII or under the UCITS Regulations 2011, provides that the company may convert to an ICAV, is this provision sufficient to enable an application for the investment company to convert to an ICAV?
• Q8 How do I submit any post-registration filings for an ICAV?
• Q9 How do I submit details in relation to a new charge for an ICAV or amendment of details for an existing charge for an ICAV?
• Q10 How frequently is the register of charges published?
• Q11 Should a single email notification contain details of more than one charge?
• Q12 Will I receive an acknowledgement of the registration of a charge?
• Q13 Is the charge number in the certificate of registration indicative of priority assigned to the charge being registered?
• Q14 Can extraneous material be included on the registration form and will this also be included on the register of charges?
• Q15 Other than extraneous material as referred to in Q14, can registration forms include additional information?
• Q16 What level of information is required under question 1.1.2 – ‘Description of charge’?
• Q17 Can I register a charge against sub-funds of an umbrella ICAV?

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