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New law boost for Irish funds industry

Wednesday, July 30 11:47:18

In a boost to the already buoyant Irish funds sector, the Government today published a new Bill that will make it easier to set up collective investment schemes here.

Minister for State, Simon Harris, today announced the publication of the Irish Collective Asset-management Vehicle Bill 2014 (ICAV bill).

"The early enactment of this Bill is a high priority for me. This is a key commitment in the Action Plan for Jobs and one, I believe, that will enhance Ireland's attractiveness as a domicile for funds and better meet the needs of an expanding industry," he said.

The ICAV Bill will create a new form of corporate vehicle for funds (collective investment schemes). The purpose of the proposed ICAV structure is to minimise the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland.

The creation of this new vehicle type is a commitment in the IFSC Strategy and the Action Plan for Jobs, the Minister added.

"The funds industry is a key contributor to employment in Ireland. The ICAV Bill is a very important part of the Government's strategy for the continued development of the international financial services and job creation in Ireland," he said.

Funds under administration in Ireland have grown rapidly in recent years and currently stood at around E2,825 billion at the end of the first quarter of this year, according to figures from the Irish Funds Industry Association.

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