Beneficial Ownership filings for ICAVs and Unit Trusts

The Central Bank of Ireland (CBI) have confirmed that they will be responsible for establishing the Central Beneficial Ownership Register in respect of ICAVs and Unit Trusts. 

Background

Article 30 of 4AMLD, as amended by 5AMLD, obliges Member States to ensure details of beneficial owners of corporate and legal entities incorporated within its jurisdiction are held on a central register. The Central Register of Beneficial Ownership of Companies was established during 2019. The Minister for Finance has decided that the CBI will be responsible for establishing the Central Beneficial Ownership Register in respect of ICAVs and Unit Trust Schemes. ICAVs and Unit Trusts are currently obliged to maintain their own internal register of beneficial ownership. The relevant Statutory Instruments are expected to issue during March.

Timing and transition

The CBI have indicated that they expect there will be a five-month lead-in period (from the date of the Statutory Instruments) for ICAVs and Unit Trust Schemes to file information with the CBI. This would mean a deadline in August if the Statutory Instruments issue in March and this is subject to the terms of those Statutory Instruments.

What is happening next?

Information on the Central Register will be available during the transition period. The CBI are finalising arrangements to implement the Central Register. These arrangements include setting up a dedicated area on the CBI website containing:

  • General information on the Central Register
  • FAQs in relation to the Central Register and how entities can submit the required information
  • Secure return upload facility for entities to submit their information 

Common Contractual Funds and Investment Limited Partnerships

The Minister for Finance has indicated that Common Contractual Funds and Investment Limited Partnerships registered under the Investment Limited Partnerships Act, 1994 will also be included on this Central Register in due course.

How we can help

A&L Goodbody have extensive experience in advising on compliance with obligations to maintain and file information on beneficial ownership having helped many companies through the process in 2019. We are well placed to advise and assist ICAVs and Unit Trust structures. 

Please speak with your usual contact in our Asset Management & Investment Funds team for more information or for assistance with your compliance obligations.

Date published: 9 March 2020