Requirements For A Common Contractual Fund
As a CCF can be established as a UCITS fund or a non UCITS fund, the promoter of a CCF can elect to be subject to the investment objectives and policies of a UCITS fund or the broader investment objectives and policies that apply to certain non UCITS funds (such as qualifying investor funds).
The CCF is constituted under contract law by a deed (called a deed of constitution). The parties to the deed of constitution are the management company and the custodian, and the deed is executed under seal. The assets of the CCF will be entrusted to a custodian for safekeeping in the same manner as applies in the case of other funds authorised by the Central Bank of Ireland. As an unincorporated body, the CCF will not have separate legal personality. As a co-owner, each investor will hold an undivided co-ownership interest as a tenant in common with the other investors.
The CCF may be established as a single structure or an umbrella structure. The relevant legislation includes an express provision to the effect that a CCF established in an umbrella structure will not be subject to cross liability between funds in the umbrella. The CCF may issue different classes of units.
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