IRELAND: Central Bank publishes information note on ICAV

Monday March 9 2015

The Central Bank of Ireland has published an update on ICAV.

The ICAV Act 2015 was signed into law on 4 March 2015 and it is expected that it will shortly come into effect. 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 and is revising its draft UCITS Rulebook similarly.

The Central Bank will act as registrar for ICAVs. It has prepared a number of application forms to facilitate the submission of applications for registration and post-registration filings. These will be available from the Central Bank’s website from 10 March 2015.

ICAVs which are AIFs will be authorised by the Central Bank under the ICAV Act 2015. ICAVs which are UCITS will be authorised by the Central Bank under the European Communities (UCITS) Regulations 2011.

The Central Bank has published a brief Q&A, covering the following:

• Submitting an application for registration

• Issuance of Registration Orders

• Requirements for Individual Questionnaires

• Submission of post-registration filings

Click on the above link for more details.