| Taoiseach announces at the Irish Funds Industry Association's annual conference that the ICAV Bill will be published 'in the coming weeks' |
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| The Irish Government will publish the long awaited General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill in the coming weeks, said Taoiseach Enda Kenny speaking at the Irish Fund Industry Association's (IFIA) annual conference on the 18th of June 2014. Speaking immediately after the Taoiseach, the Central Bank of Ireland's director of markets Gareth Murphy said that the Central Bank stood ready to implement ICAV within two weeks of the legislation. |
Murphy also announced that the Central Bank is beginning a consultation process to be completed by the end of the July from which will follow a chapter in the AIF handbook which will provide the regulatory framework for loan origination funds in Ireland.
 | | Taoiseach Enda Kenny addressing the IFIA annual funds conference on June 18th 2014. |
The ICAV legisaltion when passed will allow for the establishment of a new Irish corporate investment fund structure that will streamline the way in which funds are established and operated and minimise complexity as well as reduce the cost of establishing and maintaining funds in Ireland. An important feature of the ICAV is that it will be able to elect its classification under the US check-the-box taxation rules.
The Taoiseach said that the Government is dedicated to making Ireland's regulated fund structures the most accessible, innovative and sophisticated in the EU. He said the ICAV legislation will 'open up the Irish investment fund market to new participants, providing new solutions for managers who use Ireland and in doing so will create new revenue streams and new jobs in fund services around the country.'
'Over the past year we have seen unparalleled demand for onshore regulated funds in Ireland.' said Pat Lardner addressing the conference. 'We believe this has been driven by the demand for our hugely experienced fund services industry, which has been in existence for 25 years,' he added.
With the onset of the Alternative Investment Fund Managers Directive (AIFMD) on 22nd July, added to the increasing expectations from the investment community in accessing onshore regulated funds, this year has seen increased interest globally in Ireland and the jurisdiction’s well established and regulated funds industry. Up to 100 fund managers are expected to be authorised and fully regulated under the new regime come the deadline. |
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