IRELAND: Ireland gets ready for more Hedge Funds

Wednesday January 6 2010

The Irish Funds Industry Association has welcomed new legislation passed by Seanad Eireann, the upper house of the Irish parliament, which will enable investment funds to re-domicile to Ireland simply and efficiently.

The Upper house of the Irish Parliament has passed new legislation providing for simple and streamlined re-domiciliation of Investment funds to Ireland.

The new legislation (Companies (Miscellaneous Provisions) Act 2009) provides a clear framework designed to address and minimise the challenges currently experienced when re-domiciling a fund. The legislation has been drafted to specifically allow a fund structured as a corporate entity in another domicile to re-register in Ireland with its original corporate identity retained, ensuring continuity of service for the investment fund concerned.

The Companies (Miscellaneous Provisions) Act 2009 enables redomiciliation at a single meeting of shareholders in the fund ` jurisdiction from which the fund is seeking to move as well as a one time filing with the Companies Registration Office in Ireland to include a statutory declaration from a director of the company.

The Irish Funds Industry Association has welcomed this development. Michael Jackson, Chairman of the IFIA commented:

“With a robust, well-understood, common law legal infrastructure and unparalleled expertise and experience in sophisticated fund structures and strategies, Ireland has always offered significant advantages for asset managers seeking a regulated jurisdiction for their funds. Now with further enhancement, through efficiencies to the legal framework, Ireland is continuing to add to its reputation as the place “to do business” for the international funds industry.”