Mon, Apr 21, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Irish Funds Industry welcomes new law to enhance the efficiency of fund re-domiciliation to Ireland

Monday, December 21, 2009
Opalesque Industry Updates - The Irish Funds Industry Association (IFIA) has today announced that it welcomes the new legislation passed by Seanad Éireann - the upper house of the Irish parliament – on Friday, 18th December 2009. The Companies (Miscellaneous Provisions) Act 2009 will enable investment funds to re-domicile to Ireland simply and efficiently.

The new legislation provides a clear framework designed to address and minimise the challenges currently experienced when re-domiciling a fund. The legislation has been drafted to specifically allow a fund structured as a corporate entity in another domicile to re-register in Ireland with its original corporate identity retained, ensuring continuity of activity and continuation of arrangements.

In addition, the legislation simplifies the considerations involved when re-domiciling. These include the ability to re-domicile a fund at a single meeting of shareholders in the jurisdiction from which the fund is seeking to move; and a single filing of registration documentation with the Companies Registration Office in Ireland to include a statutory declaration from a director of the company. The simplified process should thus reduce the burden and cost of re-domiciling by eliminating unnecessary shareholder meetings, notary declarations, certificates and reports.

Responding to the immediate need for a simple and efficient legislative process and to shorten the time frame for the enactment of primary legislation, the legislative provisions were included in the Companies (Miscellaneous Provisions) Bill 2009 as amendments to the Bill.

The new legislative framework was prepared with the involvement of all relevant agencies and authorities including: the Dept of Enterprise Trade and Employment, the Department of Finance, the Financial Regulator, the Companies Registration Office and the Revenue Commissioners. This co-ordinated approach has ensured that the corporate re-registration will take place simultaneously with the authorisation of the investment company by the Financial Regulator so that the re-domiciled company can benefit immediately from Ireland’s tax regime for investment funds.

Welcoming the new legislation, the Tánaiste and Minister for Enterprise, Trade and Employment, Ms. Mary Coughlan, T.D., said

“The investment funds industry in Ireland has gained international recognition and prospered by fostering an environment of openness, transparency and regulation. As investment funds seek to re-establish themselves in regulated European jurisdictions, it is highly appropriate that we enable them to do so by ensuring our legislative framework is as efficient as possible. The Government is very aware of the importance of the legal framework for the investment funds industry and is committed to its continued development, as this important industry evolves and grows in Ireland”.

Michael Jackson, Chairman of the IFIA commented:

With a robust, well-understood, common law legal infrastructure and unparalleled expertise and experience in sophisticated fund structures and strategies, Ireland has always offered significant advantages for asset managers seeking a regulated jurisdiction for their funds. Now with further enhancement, through efficiencies to legal framework, Ireland is continuing to add to its reputation as the place “to do business” for the international funds industry.

Gary Palmer, Chief Executive of the IFIA commented:

While legislation has existed to facilitate fund re-domiciling, and indeed there are many examples of funds that have re-domiciled, it was generally agreed that a modern and specific legislative framework was needed. Achieving the stated objective of providing a clear and simple framework for the re-domiciliation of investment funds will add further efficiencies for the benefit of both investors and industry alike.


The Irish Funds Industry Association (IFIA) is the representative body of the international investment funds community in Ireland, representing the administrators, custodian banks, managers, transfer agents, fund promoters and professional advisory firms involved in the international fund services industry in Ireland.

The IFIA’s 76 members and 24 associate members are responsible for in excess of 10,700 funds with a net asset value of over Euro 1.35 trillion. The objective of the IFIA is to support and complement the development of the international funds industry in Ireland, ensuring Ireland continues to be a location of choice for the domiciling and servicing of investment funds.

For further information about the IFIA, please visit www.irishfunds.ie


Be

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably