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| Irish Funds Industry Association Welcomes New Re-Domicile Law |
by Jason Gorringe, Tax-News.com, London
Monday, December 28, 2009
The Irish Funds Industry Association (IFIA) has welcomed new legislation
– The Companies (Miscellaneous Provisions) Act 2009, passed by the upper house
of the Irish parliament on December 18 – which will enable investment funds
to re-domicile to Ireland more simply and efficiently.
The new legislation provides a clear framework designed to address and minimize
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 therefore reduce the burden and cost of re-domiciling by eliminating
unnecessary shareholder meetings, notary declarations, certificates and reports.
Responding to the immediate need for a simple and efficient legislative process
and to shorten the timeframe for the enactment of primary legislation, the
legislative provisions were included in the Companies (Miscellaneous Provisions)
Bill 2009, as amendments to the Bill.
Welcoming the new legislation, the Tánaiste and Minister for Enterprise,
Trade and Employment, Mary Coughlan, 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.”
Michael Jackson, Chairman of the IFIA, stated: “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.”
Gary Palmer, Chief Executive of the IFIA, added: “While legislation has existed to facilitate fund re-domiciling, and
indeed there are many examples of funds that have re-domiciled, it was generally
agreed that a modern and specific legislative framework was needed. Achieving
the stated objective of providing a clear and simple framework for the re-domiciliation
of investment funds will add further efficiencies for the benefit of both investors
and industry alike.”
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