The Irish Funds Industry Association has welcomed new legislation passed by Seanad Éireann, the upper house of the Irish parliament, which will enable investment funds to re-domicile to Ireland simply and efficiently.
The Companies (Miscellaneous Provisions) Act 2009 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 reduce the burden and cost of re-domiciling by eliminating unnecessary shareholder meetings, notary declarations, certificates and reports.
The Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, says: “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, adds: 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.”
