The keenly anticipated legislation introducing a new Irish corporate fund vehicle – the Irish Collective Asset-management Vehicle Bill (the "ICAV Bill") – has been passed by both houses of the Irish legislature today and is expected to be signed into law by the President next week.  Ministerial enactment will follow shortly thereafter.

The ICAV will offer a strategic alternative to the investment company and may also be used for establishing both UCITS and AIFs.  The ICAV provides a more tailored, bespoke fund vehicle solution designed to meet the operational needs of European funds and the needs of their investors.

The Central Bank of Ireland has indicated that it will be in a position to accept applications for ICAV authorisations from promoters within two weeks of formal ministerial enactment of the new ICAV legislation.

Matheson will keep you updated.  In the meantime, should you require additional information on the ICAV or in relation to any other matter, please do not hesitate to get in touch with your usual Asset Management Group contact.

Further information on the key benefits and features of the ICAV, establishing an ICAV and on the conversion of an existing investment company to an ICAV may be accessed here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.