Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The purpose of amendment No. 3 is to ensure the Central Bank is notified of the details of an external fund manager in the case of an alternative investment fund ICAV. In relation to an ICAV that is an alternative investment fund, it will have either internal management within the ICAV or appointed external management. The Central Bank, through the authorisation process of the internal management, will be aware of the manager if he or she is internal to the ICAV since it will be one and the same person. However, in the case of external fund management, the bank will not automatically know who the manager is. The amendment clarifies that all external managers will have to provide their full name and address for the Central Bank of Ireland on application to the Central Bank for authorisation as an ICAV. All managers of non-UCIT funds will be authorised separately under the rules implementing the alternative investment fund managers directive.

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