Steps to Launching an IFSC Fund in Dublin

These can be set up as UCITS or Non-UCITS funds and umbrella or stand alone funds. Within the Non-UCITS range there is a variety of different types of funds available, including special categories of funds and funds with potentially more flexible investment policies such as professional and qualifying investor funds.

Steps to Launching an IFSC Fund in Dublin

1. Choose Fund Structure and Regulatory Status. The main choices available to choose from are Unit Trusts and Variable Capital Companies. These can be set up as UCITS or Non-UCITS funds and umbrella or stand alone funds. Within the Non-UCITS range there is a variety of different types of funds available, including special categories of funds and funds with potentially more flexible investment policies such as professional and qualifying investor funds.

2. Choose service providers - including custodian, administrator, stockbroker, lawyer and accountants. These parties will work with a fund promoter to bring the fund project towards launch. It is important to involve all parties in relevant discussions at an early stage.

3. Apply to Central Bank of Ireland (CBI) for approval as a promoter of an IFSC fund. The CBI has a specific application form in which information relating to the fund promoter should be given including details of the fund project, the ownership structure of the promoter, the promoter's current areas of activity, its experience as fund promoter, financial details, etc.

4. The lawyers draft the prospectus and other material contracts. The custodian and administrator draft their custodian and administration agreements. The chosen service provider will work closely with the fund lawyers to produce initial drafts of the fund documentation.

5. All documentation circulated to all relevant parties for comment. An important step in the process is to allow all parties to review early drafts of the documentation, in particular prior to the submission of such documentation to CBI. This will allow any issues to be resolved at an early stage.

6. When documentation is agreed between those parties, submit it to CBI for approval. Submitting "agreed" documents to CBI should speed up the process and minimise subsequent changes, other than those necessitated by CBI comments.

7. If a listing on the Irish Stock Exchange (ISE) is being sought submit documents to ISE at the same time it is submitted to CBI. It is recommended that this process be done in tandem with the CBI authorisation, since the requirements of both the CBI and the ISE are similar.

8. Revise documentation in the light of comments received from CBI/ISE. The CBI/ISE comments are generally circulated to all parties and the documentation revised to address their comments.

9. When documentation is finalised, submit executed agreements to CBI, who then issue letter of authorisation. When all parties are happy with the documentation and the CBI/ISE comments have been addressed, the documentation should be executed and original copies of each document filed with the CBI, who will issue a letter confirming that the fund has been authorised by CBI. Copies of the documents should also be filed with ISE.

10. Once the fund is authorised the Initial Offer Period (IOP) can commence. It is at this point that the IOP can commence, during which the shares/units in the fund are offered for sale to potential investors at a fixed price.

11. Once the IOP has expired, the shares/units will be issued and the fund commences trading. When confirmation of the issue of shares/units has been given to the ISE, the fund will be admitted to the Official List. From this point forward the fund trades on the basis of NAV/price as set out in the documentation of the Fund