Ireland Eases Funds' Return

Author:Mr Philip Rubens
Profession:Finers Stephens Innocent
 
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Ireland addresses needs of funds seeking "onshore" advantages Accounting requirements for SEC-registered companies eased New legislation reduces paperwork for redomiciled funds The Irish hedge fund industry has welcomed a law passed by the Irish government on 18 December which will make re-domiciliation of funds to Ireland simpler and more efficient. Amendments to the original Companies (Miscellaneous Provisions) Act (http://tinyurl.com/yz26l4a) contains measures intended to address what the Irish Funds Industry describes as the "challenges currently experienced when re-domiciling a fund" and allow a fund structured as a corporate entity in another jurisdiction to re-register in Ireland keeping its original corporate identity.

At the heart of the new legislation is a relaxation of the rule that companies headquartered in Ireland must send an Irish GAAP or IFRS-based annual report and accounts to every shareholder. The Act allows Securities and Exchange Commission (SEC) registered companies merely to amend their US GAAP accounts so as to comply with the Irish accounting regime.

Amendments(http://tinyurl.com/ylx63wv) to the legislation affect funds more closely, by including a provision which allows a fund to be redomiciled at a single meeting of shareholders in the jurisdiction from which the fund is seeking to move, and by a single filing of registration documentation with the Companies Registration Office in Ireland with a statutory declaration from a director of the company concerned.

Speaking in the Seannad Eirann, the upper house of the Irish parliament, one parliamentarian commented that while recent turmoil had inflicted damage on the finance industry...

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