Irish Collective Asset-Management Vehicles Act 2015

2.

Definitions

2. In this Act—

“AIFM Regulations” means the European Union (Alternative Investment Fund Managers) Regulations 2013 ( S.I. No. 257 of 2013);

“annual general meeting” has the meaning given by section 89(1) ;

F1 [ ]

“authorised ICAV” means an ICAV in respect of which a relevant authorisation is in operation;

“Bank” means the Central Bank of Ireland;

“Bank regulations” means regulations made by the Bank under Part 8 of the Central Bank (Supervision and Enforcement) Act 2013 ;

“category 1 offence” means an offence the penalties for which are specified in section 186 (1) ;

“category 2 offence” means an offence the penalties for which are specified in section 186 (2) ;

“category 3 offence” means an offence the penalties for which are specified in section 186 (3) ;

F2 [ category 4 offence means an offence the penalties for which are specified in section 186(4) ; ]

“Community act” means an act adopted by an institution of the European Union;

“company” means a company formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act;

“debenture” includes debenture stock, bonds and any other securities of an ICAV whether constituting a charge on the assets of the ICAV or not;

“depositary” means a depositary within the meaning of Regulation 22(3) of the AIFM Regulations;

“disqualification order” has the same meaning as in the enactments specified in section 87 as applied in relation to an ICAV by that section;

“enactment” includes an instrument under an enactment;

“financial services legislation” has the meaning given by section 3 of the Central Bank (Supervision and Enforcement) Act 2013;

“group” means a holding company and its subsidiaries;

“holding company” has the meaning given by section 8 of the Companies Act 2014;

“ICAV” means an Irish collective asset-management vehicle;

“information” includes information contained in a document;

“instrument of incorporation” shall be read in accordance with section 6 ;

“investment company” has the same meaning as in Part 24 of the Companies Act 2014 ;

“Irish collective asset-management vehicle” means a body registered as such under this Act;

“management company”, in relation to an ICAV, means a company designated by the ICAV to undertake the management of the ICAV;

“member”, in relation to an ICAV, means a shareholder in the ICAV;

“Minister” means the Minister for Finance;

“officer”, in relation to an ICAV, includes a director or secretary;

“ordinary resolution”, in relation to an ICAV, means a resolution passed by a simple majority of the votes cast by the members of the ICAV as, being entitled to do so, vote in person or by proxy at a general meeting of the ICAV;

“register of ICAVs” means the register kept by the Bank under section 14 ;

“register of members”, in relation to an ICAV, means the register of members kept by it under section 49 ;

“Registrar” means Registrar of Companies;

“registration order” shall be read in accordance with section 12 ;

“relevant authorisation” means an authorisation under—

(a) section 19 , or

(b) the UCITS Regulations;

“shadow director”, in relation to an ICAV, means a person in accordance with whose directions or instructions the directors of the ICAV are accustomed to act except a person in accordance with whose directions or instructions the directors are accustomed so to act by reason only that they do so on advice given by the person in a professional capacity;

“special resolution”, in relation to an ICAV, means a resolution passed by not less than 75 per cent of the votes cast by the members of the ICAV as, being entitled to do so, vote in person or by proxy at a general meeting of the ICAV;

“sub-fund” means a portfolio of assets and liabilities maintained by an ICAV in accordance with its instrument of incorporation;

“subsidiary” has the meaning given by section 7 of the Companies Act 2014;

“UCITS Regulations” means the European Communities (Undertakings for Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011);

“umbrella fund” means an ICAV which has one or more sub-funds;

“undischarged bankrupt” means a person who is declared bankrupt by a court of competent jurisdiction, within the State or elsewhere, and who has not obtained a certificate of discharge or its equivalent in the relevant jurisdiction.

Annotations

Amendments:

F1

Deleted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 74(a), S.I. No. 366 of 2018.

F2

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 42, S.I. No. 19 of 2021.

Editorial Notes:

E2

Previous affecting provision: definition of “Audits Regulations” substituted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 144(2), in effect as per reg. 1(2); deleted as per F-note above.