Fri, Sep 22, 2017
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   |   
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. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2

  2. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De

  3. Neuberger Berman closes $1.1bn Credit Opportunities Fund[more]

    Neuberger Berman, a private, independent, employee-owned investment manager, announced that NB Private Equity Credit Opportunities Fund LP closed on $1.1 billion of limited partner commitments. The Fund seeks to invest in the secured and unsecured debt of private equity-backed companies, primarily i

  4. Capital Dynamics launches mid-market private credit business[more]

    Capital Dynamics, a global private asset manager, has launched a dedicated Private Credit Asset Management business. Experienced industry executives Jens Ernberg and Thomas Hall have joined Capital Dynamics to co-lead the company's new private credit initiative. They are based in Capital Dynamics' N

  5. ...And Finally - FAN-antic[more]

    From Newsoftheweird.com: Jeffrey Riegel, 56, of Port Republic, New Jersey, left 'em laughing with his obituary's parting shot at the Philadelphia Eagles. In it, Riegel asked that eight Eagles players act as pallbearers, "so the Eagles can let me down one last time." Riegel owned season tickets for 3