Oireachtas Joint and Select Committees

Tuesday, 11 November 2014

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage

3:45 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I understand that, but an ICAV could go into liquidation. An ICAV may not be registered and may not have complied with section 13. If an ICAV continues to operate during that period of notice, which is, I understand, 28 days, it could continue to draw investment into the funds it manages. I know the Central Bank has proposals to try to get them back, but in the case of a liquidation they will be stung anyway. They should not be, because the Central Bank has identified a problem. Can a requirement be included in the Bill that ICAVs do not continue to draw on those type of investment funds where a notice has been issued?

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