ICAV Bill Published

Author:Mr Aiden Kelly, Anne-Marie Bohan, Liam Collins, Dualta Counihan, Elizabeth Grace, Joe Beashel, Michael Jackson, Philip Lovegrove, Shay Lydon and Tara Doyle

The eagerly awaited legislation introducing the Irish Collective Asset-management Vehicle ("ICAV") was published by the Department of Finance today, 29 July 2014, in the form of the Irish Collective Asset-management Vehicle Bill 2014 (the "Bill").  The partners in Matheson's Asset Management and Investment Funds Group have been to the fore in recommending and assisting in the development and implementation of Ireland's new fund vehicle. The Bill is now due to pass through the next stages of the Irish legislative process and it is anticipated that it will be enacted during the third quarter of 2014.  On that basis, it is expected that ICAVs will become available, as an investment fund specific corporate vehicle, during the last quarter of this year.  The Central Bank of Ireland has committed that it will be in a position to accept ICAV applications within two weeks of the legislation being enacted.

What is the ICAV?

The ICAV is a new corporate vehicle designed for Irish investment funds, providing a tailor-made corporate fund vehicle for both UCITS and alternative investment funds ("AIFs").  Conceived specifically with the needs of investment funds in mind, the ICAV, as a bespoke corporate investment fund vehicle, will have the advantage that it will not be automatically impacted by amendments to certain pieces of European and domestic company legislation that are targeted...

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