Ireland’s Minister of Finance Micheal Noonan on March 11 signed an order to commence legislation that establishes the Irish collective asset-management vehicle (“ICAV”), a new Irish corporate vehicle for investment funds. According to the order, the ICAV legislation will go into effect in its entirety on March 12.
The ICAV will be a corporate entity with limited liability, but it is established outside the Irish Companies Act. A key feature of the ICAV is that it is an “eligible entity” that may elect its entity classification under US check-the-box rules.
“The creation of this new corporate vehicle for investment funds outside the Companies Acts is a key Government commitment in the IFSC Strategy Statement. The structure is similar to those already in place in many of our competitor jurisdictions including the Luxembourg and French “SICAV” and the UK Open Ended Investment Company,” the Irish Finance Ministry said in a press release.
The ICAV legislation was signed into law by the Irish President on March 4.
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