The Law Office of JM Donnelly

EU REGULATED INVESTMENT FUNDS IN IRELAND​

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The practice provides specialist legal and regulatory advice in relation to EU regulated investment funds, with particular experience in the structuring, governance and ongoing operation of UCITS, AIFs and ETFs.

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Ireland is an established European centre for investment funds and offers an extensive legal, regulatory and professional-services infrastructure for asset managers seeking to establish and operate an EU regulated fund. An Irish UCITS, once authorised, may be marketed throughout the EU under the applicable EU passporting regime, while Ireland offers a range of AIF structures suited to different investment strategies and investor requirements.

 

For US asset managers, the Irish Collective Asset-management Vehicle (ICAV) can be particularly attractive. The ICAV is a dedicated Irish fund vehicle that can be used for both UCITS and AIF structures and can be established as an umbrella with segregated liability between sub-funds.

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Importantly for US investors and asset managers, an ICAV can generally make an election under the US “check-the-box” rules to be treated as a partnership or disregarded entity for US federal tax purposes. This can allow the vehicle to be treated as fiscally transparent for US tax purposes, subject to the applicable US tax rules and the particular circumstances of the fund and its investors.

 

The combination of an established EU regulatory framework, access to European markets and the flexibility of the ICAV structure makes Ireland an attractive domicile for US asset managers seeking an EU fund platform.

 

The practice advises on the legal and regulatory aspects of establishing an Irish fund, including the selection and structuring of the appropriate vehicle, preparation for authorisation, governance and ongoing regulatory requirements.