Undertakings for Collective Investment in Transferable Securities (UCITS) were first introduced in 1985. The UCITS Directive sets out a common set of rules for the cross-border distribution of collective investment schemes via the European Passport. UCITS were designed with the retail consumer in mind, ensuring appropriate levels of protection for investors. The key common aspects of UCITS funds are that they must be open-ended and liquid. The Central Bank of Ireland is the competent authority in Ireland for UCITS.
The Irish Collective Asset-management Vehicle (ICAV), which was introduced in 2015, is a corporate vehicle designed specifically for Irish domiciled and regulated investment funds. The Central Bank of Ireland is the registrar for ICAVs. All ICAVs must registered and authorised by the Central Bank of Ireland.
I been informed by the Central Bank of Ireland that UCITS, including UCITS which are registered as ICAVs, are not required to list on regulated markets and the Central Bank does not track the number of listed UCITS. Thus in the time available, my officials have not been able to determine if this information is available publicly from alternative sources. My officials will continue to examine the issue and will revert to the Deputy if it is possible to source the number of listed UCITS registered as ICAVs.
In relation to ICAVs that are UCITS, I have been informed by the Central Bank of Ireland that:
- Number of UCITS ICAVs (including sub-funds and standalone funds) = 613
- UCITS ICAVs as a percentage of total UCITS = 13.23%
- UCITS ICAVs total NAV = €61.9 billion (rounded)
- UCITS ICAVs total NAV as a percentage of UCITS total NAV = 3.13%