The Central Bank of Ireland today registered and authorised the first fund to convert from an Irish company, authorised under Part XIII of the Irish Companies Acts, to an ICAV under the new Irish Collective Asset-management Vehicles Act 2015. The process was completed quickly and efficiently, confirming the readiness and ability of the Central Bank of Ireland to process such conversions, in line with its previous assurances.
 
William Fry Associate, Lorena Dunne who managed the conversion process for our client, commented:  “The Central Bank provided very clear and concise guidance on what was required in terms of documentation and timing and despite this being new ground for everyone concerned, made the process simple and straightforward for our client.”
 
The Irish Collective Asset-management Vehicles Act 2015 creates a new form of corporate vehicle for funds known as the Irish collective asset-management vehicle (ICAV). In addition to minimising the administrative complexity of maintaining a collective investment scheme in Ireland, the ICAV will be an “eligible entity” for US tax purposes, allowing it to “check the box”.
 
The ICAV offers a streamlined, bespoke product for fund managers considering the establishment of new funds in Ireland, the re-domiciliation of existing offshore funds or indeed, the conversion of an already authorised Irish fund to an ICAV. It is anticipated that the tax and administrative benefits of an ICAV will allow Ireland to continue its growth as one of the world’s premier fund domiciles.