Wednesday March 11 2015

News Source: Fund Regulation

Focus: AIFMD

Type: General

Country: Ireland




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The Central Bank of Ireland has published an updated AIF Handbook to make reference to Irish Collective Asset-management Vehicles (ICAVs). The rules were updated to clarify that both Retail Investor AIFs and Qualified Investor AIFs may now be established as ICAVs under the ICAV Act.

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 new structure is similar to those already in place in many other EU jurisdictions including the Luxembourg and French “SICAV” and the UK Open Ended Investment Company (“OEIC”).

The ICAV will be a corporate entity, with limited liability for investors, formed by two or more persons and with a registered office in Ireland.

The AIF Handbook details the following for Retail Investor AIFs and Qualifying Investor AIFs:

  • AIF restrictions
  • Supervisory requirements
  • Prospectus requirements
  • General operational requirements
  • Annual and half-yearly reports
  • Specific fund-type requirements
  • Marketing of an AIF to retail investors

The rules also detail requirements for AIFMs, including operating conditions, remuneration, organisational requirements, directors, record-keeping requirements, permitted activities, relationship with the Central Bank, and financial control and management information. The rules also set out requirements for fund administrators and depositaries.

Click on the above link for the AIF Handbook.