According to asset management sources,
regulators’ recent streamlining of the
authorisation and post-authorisation processes in Ireland for
undertakings for collective investment in transferable
securities (Ucits) have been successful. The growth rate of the
country’s funds industry is now significantly
higher than global leader Luxembourg’s.
Because of the amendments, the filing
process in Ireland is now perceived to be much quicker than
other jurisdictions, including Luxembourg.
CIFC Asset Management launched its Ucits
fund at the end of January, and told IFLR that it chose Ireland
to domicile the fund for this reason.
Changes in November 2018, including that the Central
Bank of Ireland (CBI) will no longer conduct prior reviews of
depositary agreements, prospectuses and Ucits financial
indices, have significantly accelerated the process. The CBI
also published a Ucits merger application form, which intended
to shorten the process.
According to Jay Huang, managing director and head of