Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

The IREF regime will not apply to certain categories of investment funds that fall within the definition of "investment undertakings" in section 739B. The first of these is a unit trust scheme that is or is deemed to be a currently authorised unit trust scheme under the Unit Trusts Act 1990 but not special investment schemes as defined in section 737 or exempt unit trusts as defined in section 731(5)(a). Exempt unit trusts do not come within the terms of the new regime because they are not authorised and are not deemed to be authorised. However, an exempt unit trust will come within the terms of the regime if it becomes authorised. Other investment undertakings include undertakings for collective investment in transferable securities authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989, certain authorised investment companies within the meaning of Part XIII of the Companies Act 1990, authorised Irish collective asset-management vehicles within the meaning of the Irish Collective Asset Management Vehicle Act 2015, investment limited partnerships within the meaning of the Investment Limited Partnership Act 1994 that were authorised before 13 February 2013 and certain wholly owned companies of an investment undertaking categorised above.