Irish Collective Asset-Management Vehicles Act 2015

148.

Supplementary provision in relation to section 147

148. (1) The migrating body shall notify the Bank, within 3 days after the date of its de- registration in the relevant jurisdiction, of that de-registration in such manner and form as may be specified by the Bank.

(2) On registration of the migrating body under section 147(5) the Bank shall forthwith authorise the migrating body to carry on business.

(3) If there is any material change in any of the information contained in the statutory declaration mentioned in paragraph (d) of the definition of “registration documents” in section 146(1) after the date of the declaration and before the date of the registration under section 147 , the director who made that statutory declaration, and any other director who becomes aware of that material change, shall forthwith deliver a new statutory declaration to the Bank relating to the change.

(4) If the migrating body fails to comply with any provision of section 147 or this section, the Bank may give notice to the ICAV that, unless it rectifies the failure within 30 days 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.

(5) If the failure mentioned in subsection (4) is not rectified within 30 days 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 expiration of 1 month after the date of that notice, the migrating body will, unless the matter is resolved, be struck off the register of ICAVs, and the migrating body will be dissolved.

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

(7) For the purposes of this section section 166 shall apply as if reference in it to Chapter 1 of Part 11 included a reference to this section and, accordingly, the other provisions of Chapter 2 of that Part shall apply with any necessary modifications.