EMAIL DETAILS

<html>
<head>
<meta name="viewport" content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=0;"/>
<style></style>
</head>
<body><!-- Start Template code -->
<html>
<head>
<title></title>
</head>
<body style="MARGIN-TOP: 0px; MARGIN-LEFT: 0px; MARGIN-RIGHT: 0px; table-layout:fixed">
<!-- SPKID:(714-131-1314489-29224-399-1-ZW1hcmtldGluZzMw)-->
<table id="canvasTable" cellspacing="0" cellpadding="0" border="0" width="100%">
<tr>
<td><table id="padTable" cellspacing="0" cellpadding="0" bgcolor="#05426E" border="0" width="100%">
<tr id="hedRow">
<td> </td>
</tr><tr id="TableRow1">
<td id="TableCell1" align="center" style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:12px;"><table id="contentTable" cellspacing="0" cellpadding="0" width="630" bgcolor="white" border="0" style="font-family: Verdana, Arial, Helvetica, sans-serif;font-size:12px;">
<tr>
<td align="left" valign="top" style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:12px;"><table style="width: 630px; border: 0px;" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="border: 0px;"><img src="http://newsletter.ie/E/organization/CARNE/Images/top_curve.jpg" style="display: block;" width="650" height="15" border="0" /></td>
</tr>
<tr>
<td style="border: 0px;" bgcolor="#ffffff">
<p style="text-align: center;"><span style="font-family: arial,helvetica,sans-serif; font-size: 12px;"><strong><strong>Carne : Key features of the new Irish ICAV structure</strong></strong></span><br /><span style="font-family: arial,helvetica,sans-serif; font-size: 12px;"><strong><a href="https://newsletter.ie/run/v3.aspx?m=XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk">View in browser</a> | <a href="https://newsletter.ie/run/tafn.aspx?m=XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk" >Tell a Friend</a><br /></strong></span></p>
</td>
</tr>
<tr>
<td style="border: 0px;" bgcolor="#ffffff"> <br /> <img src="http://newsletter.ie/E/organization/CARNE/Images/carneGlobalLogo.jpg" style="display: block;" alt="Carne" title="Carne" width="622" height="102" border="0" /></td>
</tr>
</tbody>
</table></td>
</tr><tr>
<td align="left" valign="top" style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:12px;"><table width="95%" id="dynPadTable1" cellpadding="0" cellspacing="0" border="0" align="center"><tr><td align="left"><div style="font-size: 12px; font-family: 'Calibri'; line-height: 1.5em; width: 98%;">
<h2 style="padding-top: 4pt; line-height: 1.15; text-align: left; color: #000000; font-size: 12pt; font-weight: bold;"><span>CARNE CLIENT NOTE – February 2015</span></h2>
<h1 style="line-height: 1.15; text-align: left; color: #365f91; font-size: 14pt; font-weight: bold;"><span>Key features of the new Irish ICAV structure</span></h1>
<h2 style="line-height: 1.15; text-align: left; color: #365f91; font-size: 12pt; font-weight: bold;"><span>The ICAV is likely to become the structure of choice for Irish funds</span></h2>
<p>The much anticipated Irish Collective Asset Management Vehicle (“ICAV”) legislation has now been passed into law by the Irish Parliament. The ICAV is a bespoke corporate vehicle for investment funds in Ireland. It is likely to become the vehicle of choice for those seeking to establish funds in the country.</p>
<p>While the variable capital company ("VCC") will remain available to promoters setting up funds in Ireland, the ICAV has a number of features which set it apart from the plc. The legislation also makes it possible for existing VCCs to transition to the ICAV structure and provision is made for the redomiciliation of foreign investment funds into Irish ICAVs.</p>
<p><strong>Key Features of the ICAV</strong></p>
<p><strong>Check the Box</strong></p>
<p>One of the primary benefits of the ICAV is that it will 'check the box' for US tax purposes. Currently an Irish fund structured as a plc is treated as a per se corporation for US tax purposes and therefore cannot “check the box” in order to be treated as a transparent entity for US tax purposes. This has resulted in both the fund and the investor being treated as taxable persons from the US tax perspective. The ICAV will be an eligible entity for the purposes of "checking the box".</p>
<p><strong>Streamlining of company law requirements</strong></p>
<p>Investment funds structured as plcs are subject to a number of company law requirements which are viewed as inappropriate for investment funds and the ICAV will not be subject to these requirements.</p>
<p>The main amendments include:</p>
<ul>
<li>Making the Central Bank of Ireland the competent authority for the incorporation of the ICAV</li>
<li>Removal of the requirement to operate on the principle of risk spreading</li>
<li>Removal of the requirement to have an annual general meeting</li>
<li>No requirement to receive shareholder approval to amend the instrument of incorporation where the depositary is satisfied that such amendment is not prejudicial to shareholders and the amendment is not one which the Central Bank requires to be approved by shareholders</li>
<li>Permitting annual financial statements to be prepared at individual sub-fund level</li>
</ul>
<p><strong>Plus ça change plus c'est le même chose</strong></p>
<p>While the ICAV contains a number of benefits over the VCC regime many of the key governance structures which made VCCs so successful have been retained. The ICAV will have a board of directors who will be responsible for its governance, its shares may be listed on a stock exchange and it may be self-managed or appoint a management company.</p>
<p>From a prudential perspective it will be regulated in the same manner as a plc or unit trust under the UCITS Notices or AIFM Rulebook by the Central Bank. The Central Bank authorization process will remain largely the same.</p>
<p><strong>Next Steps</strong></p>
<p>The Central Bank has advised it will be in a position to shortly commence reviewing applications for authorization from ICAVs and it is likely that the first ICAVs will launch in a matter of weeks. We would expect that the transition provisions will be attractive for plcs who wish to receive investment from US investors with others waiting to see the lay of the land before deciding on whether to transition to the new regime. The redomiciliation regime is also likely to be attractive to promoters looking to consolidate their existing EU fund range or to redomicile into the EU.</p>
<p><strong>How Carne can help</strong></p>
<p>Carne is the leading supplier of governance services to Irish Funds. Carne will be able to offer the following services to ICAVs:</p>
<ul>
<li>UCITS and AIFM Management Company in Ireland</li>
<li>Independent fund directors</li>
<li>Designated Persons for self managed ICAVs</li>
<li>Company Secretarial Services</li>
<li>Money Laundering Reporting Officer</li>
<li>Foreign Registrations for ICAVs</li>
</ul>
<p> </p>
<div style="border: 1px solid #353535; padding: 2px;">For more information on Carne and its services, please contact:
<table style="width: 98%; margin: 0 auto; font-size: 12px; font-family: 'Calibri';">
<tbody>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Ireland</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">London</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">John Skelly</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Aymeric Lechartier</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +353 489 6806</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +44 207 936 9139</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">e: <a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:john.skelly@carnegroup.com">john.skelly@carnegroup.com</a></td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;"><a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:aymeric.lechartier@carnegroup.com">aymeric.lechartier@carnegroup.com</a></td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Channel Islands</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Luxembourg</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Mark Hodgson</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Thomas Nummer</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +44 1534 511786</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +352 2673 231</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">e: <a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:mark.hodgson@carnegroup.com">mark.hodgson@carnegroup.com</a></td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;"><a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:thomas.nummer@carnegroup.com">thomas.nummer@carnegroup.com</a></td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Chicago</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">New York</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Scott Craven Jones</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Joe Hardiman</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +1 312 804 1823</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +1 732 642 5808</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">e: <a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:scott.cravenjones@carnegroup.com">scott.cravenjones@carnegroup.com</a></td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;"><a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:joe.hardiman@carnegroup.com">joe.hardiman@carnegroup.com</a></td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Asia Pacific</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px; font-weight: bold;">Cayman Islands</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">Chris Day</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">John Ackerley</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +44 207 936 9692</td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">T: +1 345 769 9902</td>
</tr>
<tr>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;">e: <a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:chris.day@carnegroup.com">chris.day@carnegroup.com</a></td>
<td style="width: 50%; text-align: left; color: #353535; padding: 2px;"><a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="mailto:john.ackerley@carnegroup.com">john.ackerley@carnegroup.com</a></td>
</tr>
</tbody>
</table>
</div>
<p><span style="font-weight: bold; text-decoration: underline;">About Carne Group</span></p>
<p>Carne is a leading international specialist in the provision of independent governance services and European management company solutions to the global asset management industry. We advise both hedge fund and traditional fund managers on their governance, oversight and management needs, as well as providing independent Directors to the boards of some of the most respected investment funds globally. Carne has fund directors resident in the key fund jurisdictions, including the Cayman Islands, Channel Islands, Ireland, Luxembourg, Switzerland, the UK and USA.</p>
<p><strong><a style="text-decoration: none; color: #365f91; border-bottom: 1px dotted #365f91;" href="http://www.carnegroup.com">www.carnegroup.com</a></strong></p>
<p><img src="http://newsletter.ie/E/organization/CARNE/Images/watermark.jpg" style="float: right;" width="100" height="100" border="0" /></p>
</div></td></tr></table></td>
</tr><tr>
<td align="left" valign="top" style="font-family:Verdana, Arial, Helvetica, sans-serif;font-size:12px;"><table style="width: 630px; border: 0px;" border="0" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="border: 0px;">
<p style="text-align: center;"><span style="font-family: arial,helvetica,sans-serif; font-size: 12px;"><strong><br /> <br />This email was sent to HBiden@rosemontseneca.com.<br /><a href="https://newsletter.ie/run/OO.aspx?m=XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk">Unsubscribe </a>| <a href="https://newsletter.ie/run/mcp.aspx?m=XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk" >Update Details</a> | <a href="https://newsletter.ie/run/tafn.aspx?m=XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk" >Tell a Friend</a><br /></strong></span></p>
</td>
</tr>
<tr>
<td style="border: 0px;"><img src="http://newsletter.ie/E/organization/CARNE/Images/bottom_curve.jpg" style="border: 0px;" alt="Newsletter" width="650" height="15" border="0" /></td>
</tr>
<tr>
<td style="border: 0px;" align="center" bgcolor="#05426e">
<p><br /><span style="font-size: 10px; font-family: arial,helvetica,sans-serif;"><span style="color: #ffffff;">Carne Global Financial Services Limited</span></span></p>
<p><span style="font-family: arial,helvetica,sans-serif; font-size: 10px;"><a style="text-decoration: none;" href="http://www.carnegroup.com/"><span style="color: #ffffff;">http://www.carnegroup.com/</span></a></span></p>
<p><span style="font-size: 10px; font-family: arial,helvetica,sans-serif;"><span style="color: #ffffff;">Dublin - Cayman Islands - Channel Islands - Chicago - London - Luxembourg - New York - Switzerland </span></span></p>
<p style="text-align: justify; padding: 2px;"><span style="font-family: arial,helvetica,sans-serif; font-size: 10px;"><span style="color: #ffffff;">The information in this e-mail and any attachments is confidential and may be legally privileged. It is intended solely for the addressee or addressees. If you are not an intended recipient, please delete the message and any attachments and notify the sender of misdelivery: any use or disclosure of contents of either is unauthorised and may be unlawful. All liability for viruses is excluded to the fullest extent permitted by law. Any views expressed in this message are those of the individual sender, except where the sender states them, with requisite authority, to be those of Carne Global Financial Services Limited. If the e-mail is addressed to a client, any opinion or advice contained in this e-mail is subject to the terms and conditions expressed in the governing client agreement. </span></span><span style="font-family: arial,helvetica,sans-serif; font-size: 10px;"><span style="color: #ffffff;">Carne Global Financial Services Limited; Registered Office: 2<sup>nd</sup> Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland; Registered in Ireland: Registration No. 380564.</span> </span> </p>
</td>
</tr>
</tbody>
</table></td>
</tr>
</table></td>
</tr><tr id="fotRow">
<td> </td>
</tr>
</table></td>
</tr>
</table>


<table cellpadding="5" align="center" title="The messaging & feedback app trusted by leading brands. Latest case study: Ben & Jerry's"><tr><td align="center" bgcolor="#ffffff" style="border:1px solid #38a9e1; padding:6px 20px;"><a href="https://newsletter.ie/run/Url.aspx?m=EuokoS9jjz3mu%2BSU%2BYLCCoPGqrs%2BRpK6LabZe%2BNTbbdJMkvZiyaYCoOikQCKQ0ZT_zek_askkes-XTgzxOEZ0eEEqlTwhkOYTOpbyEuTkEDFeKLFd2e4bd3PZC%2FSLH1DSwJ2%2FqddKgw%2Btj2MdSxw9uM%3D_zek_d7ddk" style="font-family:helvetica;font-size:12px;color:#1f1f21; text-decoration: none;">POWERED BY SENSORPRO</a></td></tr></table>
<div style="LEFT:-50px;POSITION:absolute;TOP:-50px"><img height="1" width="1" src="https://newsletter.ie/Run/Open.aspx?O=714&C=131&S=1314489" id="OpnId"/></div>
</body>
</html>
</body></html>ioz"}tzw(v)Q1| `)+-=@K /e{L3!$6mWoL;?>)zr.+-GmvbޮȨ] d{'(bxG{^}|)zjץjo w )z Gu^ G{^n;< G~V )zt{נz ʷעw kx5-)؜e