Irish Collective Asset-management Vehicles Act 2015

Duty of ICAV to register charges existing on property acquired

95. (1) Where an ICAV acquires any property which is subject to a charge that, if it had been created by the ICAV after the acquisition of the property, would have given rise to the duty under section 93 (1) on the part of the ICAV with respect to the charge’s registration, then the ICAV shall have the following duty.

(2) That duty is to take steps so that there is received by the Bank, not later than 21 days after the date on which acquisition of the property concerned is completed, such particulars of the charge, in such form, as may be specified by the Bank.

(3) If default is made in complying with this section, the ICAV and any officer of it who is in default commits a category 3 offence.