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New law a boost to Irish funds industry

Friday, December 20 10:32:19

The Government today published the "heads" of a new Bill setting up a new funds structure that will streamline the way in which funds are established and operated and is designed to attract more funds to the country.

The Minister for Finance, Michael Noonan, today published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill.

Speaking this morning, the Minister for Finance said: "This is a significant milestone in delivering a new corporate vehicle for investment funds which will be more suited to the needs of the global funds industry. The ICAV will help the Irish funds industry to compete for new sources of business. I intend to push ahead with the drafting of the Bill as a matter of priority"

The IFSC Strategy Statement 2011-2016 commits the Government to the development of proposals for a new type of corporate vehicle for the funds industry aimed at enhancing the attractiveness of Ireland as a domicile for collective investment funds.

As the Secretary General of the Department of Finance, John Moran, highlighted at a recent conference on Funding for Growth, hosted by the Irish Stock Exchange, "We are, in close collaboration with the relevant stakeholders, creating a new funds structure which will streamline the way in which funds are established and operated. The ICAV proposal will minimise the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland and will allow us to maintain our competitive advantage as a funds domicile of choice in Europe."