The new Irish Collective Asset-management Vehicle Bill (ICAV) could come in to law within a matter of weeks, according to director of the Irish Fund Industry Association (IFIA) Kieran Fox.
The bill establishes laws designed specifically for the global funds industry that will work alongside existing legislation while offering a more tailored, appropriate and efficient legal structure for Irish funds.
Fox said: “The ICAV is a bespoke piece of legislation specifically designed, from start to finish, for investment funds. It will be a more efficient corporate structure for investment funds to use.”
He added: “We expect it to be finalised around the end of February. It should be online within weeks, and the Central Bank have committed to accepting applications within two weeks of the legislation being finalised, which we are eagerly anticipating.”
The general scheme for the bill was published in December 2013, and a final draft was revealed in July 2014. The bill is currently in the stages of parliamentary approval.
