Irish Funds Industry Welcomes New Law

The Irish Funds Industry Association (IFIA) has welcomed the new fund legislation passed by Seanad ireann - the upper house of the Irish parliament on Friday. The Companies (Miscellaneous Provisions) Act 2009 has been drafted to specifically allow a fund structured
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The Irish Funds Industry Association (IFIA) has welcomed the new fund legislation passed by Seanad ireann – the upper house of the Irish parliament on Friday. The Companies (Miscellaneous Provisions) Act 2009 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.

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 new process hopes reduce the burden and cost of re-domiciling by eliminating unnecessary shareholder meetings, notary declarations, certificates and reports.

The Tnaiste and Minister for Enterprise, Trade and Employment, 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.

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