Irish Collective Asset-Management Vehicles Act 2015


Failure to comply

144. (1) Where a company that has become registered as an ICAV under section 142(1) has failed to comply with this Part the Bank may give notice to the ICAV that, unless it rectifies the failure within 1 month after the date of the giving of notice and confirms that it has rectified the failure, a notice may be published in the Iris Oifigiúil with a view to striking it off the register of ICAVs.

(2) Where the failure mentioned in subsection (1) is not rectified within 1 month after the date of the giving of the notice referred to in that subsection, the Bank may publish in the Iris Oifigiúil a notice stating that, at the end of 1 month after the date of that notice, the ICAV will, unless the matter is resolved, be struck off the register of ICAVs and will be dissolved.

(3) At the end of the time mentioned in the notice, the Bank may, unless cause to the contrary is previously shown by the ICAV, revoke the relevant authorisation of the ICAV and strike the ICAV off the register, and shall publish notice thereof in the Iris Oifigiúil, and on that publication, the ICAV shall be dissolved.