Q. Should the object clause in a UCITS ICAV's instrument of incorporati on include the text set out in section 6(3)(a) of the ICAV Act 2015 or the text set out in Regulation 4(3)(a) of the UCITS Regulations?
A. Section 6(3)(a) of the ICAV Act 2015 requires that the sole object of an ICAV must be included in the instrument of incorporation as follows:
"the sole object of the ICAV is the collective investment of its funds in property and giving members the benefit of the results of the management of its funds".
While Regulation 4(3)(a) of the UCITS Regulations specifies what the sole object of a UCITS is, it does not specifically require that this be set out in the UCITS constitutional document.
The sole object provisions in the ICAV Act 2015 and UCITS Regulations are not inconsistent with each other. In the Central Bank's view, text included in a UCITS ICAV's instrument of incorporation consistent with section 6(3)(a) of the ICAV Act 2015 will also satisfy the requirements of Regulati
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