IRELAND - Ireland has taken a significant step towards establishing an international centre for pooled pensions by becoming the first European Union country to consolidate its UCITS structures.
From now on UCITS (Undertakings for Collective Investment in Transferable Securities) can now be set up under corporate, trust and contract structures. UCITS is the name given to the various types of pooled fund which exist across the EU.
The move was unveiled at the DFIA/NICSA Sixth Annual Global Fund Conference in Dublin, where Irish deputy prime minister, Tanaiste Mary Harney, signed legislation permitting a Common Contractual Fund structure (CCF) and transposing the amending UCITS Product Directive into Irish law.
Commenting on the development, Gary Palmer, chief executive of the Dublin Funds Industry Association, said: “These timely developments re-enforces Ireland’s commitment to remain at the forefront of the international investment funds arena and yet again demonstrates the mutual benefit of the government agencies, the regulator and the industry working together.”
The new CCF structure follows on from a provision in the Irish Finance Act 2003 which allows the structure to have a transparent tax position.
It is hoped that the availability of the CCF will attract multi-nationals which operate pension schemes in several jurisdictions.
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