AI Summary of 784A. Approved retirement fund.
This section defines key terms relevant to approved retirement funds (ARFs) and outlines the regulatory framework that governs their management by qualifying fund managers. An ARF must be managed by an authorised fund manager, operating under strict compliance criteria, particularly in relation to payments and distributions, including taxation considerations. Any distribution is deemed to occur when assets are transferred or assigned, with provisions for specific transactions detailed to clarify tax implications for both the fund manager and the individual beneficiaries.
Furthermore, compliance obligations require qualifying fund managers to notify the Revenue Commissioners upon initiating management of ARFs. The jurisdiction and governing law remain firmly based in the State, ensuring clear accountability and legal adherence in executing these financial activities.
784A. Approved retirement fund.
(a) In this section -
"approved retirement fund" means a fund which is managed by a qualifying fund manager and which complies with the conditions of section 784B;
"EEA Agreement" means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
"EEA state" means a state which is a contracting party to the EEA Agreement;
"qualifying fund manager" means -
(a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, or of the United Kingdom, which corresponds to a licence granted under the said section 9,
(b) a building society within the meaning of the Building Societies Act 1989, or a society established in accordance with the law of a Member State of the European Union, other than the State, or of the United Kingdom, which corresponds to that Act,
(c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989,
(d) [deleted]