Pearse Doherty (Donegal, Sinn Fein)
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76. To ask the Minister for Finance if he will legislate to ensure that Irish collective asset-management vehicles are used for their purpose of investment by funds rather than as a tool for investment by a person; and if he will make a statement on the matter. [29378/16]

Michael Noonan (Limerick City, Fine Gael)
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Irish Collective Asset-management Vehicles ("ICAVs") are corporate entities which may only operate as regulated collective investment schemes ("funds"); either Undertakings for Collective Investment in Transferable Securities ("UCITS") or as Alternative Investment Funds ("AIFs"). 

The ICAV is one of a range of legal structures available only to managers of regulated collective investment schemes including: Investment Companies established in accordance with Part 24 of the Companies Act 2014; Investment Limited Partnerships established in accordance with the Investment Limited Partnership Act 1994; Common Contractual Funds established in accordance with the Investment Funds, Companies and Miscellaneous Provisions Act 2005; and Unit Trusts established in accordance with the Unit Trust Act 1990. 

The primary rules concerning the establishment and operation of UCITS are the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 which transpose Directive 2009/65/EC (the UCITS Directive), and the primary rules concerning the establishment and operation of AIFs are set out in the Central Bank's AIF rulebook. Rules concerning the managers of AIFs are set out in the European Union (Alternative Investment Fund Managers) Regulations 2013 which transpose Directive 2011/61/EU "the Alternative Investment Fund Managers Directive).

I do not currently propose to bring forward legislation to amend funds legislation for the specific purpose to which the deputy refers. However, I should add that officials in my Department and in the Office of the Revenue Commissioners are examining the use of certain structures in the Irish property market and that I am considering targeted proposals in relation to the use of collective investment schemes in the Irish property market for the forthcoming Finance Bill.