/ Irish domiciled funds had their approval confirmed in Chile

28 April, 2011

Felipe Cousiño, partner at Alessandri & Compañía, was retained by the Irish Funds Industry Association (IFIA) in the successful efforts to have the Chilean regulator, CCR, adequately apply a special exemption in its rules relating to minimum sovereign rating of the domicile of the funds and of the regulator, in order to maintain approval of Irish domiciled funds as eligible vehicles for Chilean pension funds and insurance company investments, notwithstanding Ireland’s sovereign rating downgrading. The approval was maintained considering the supranational nature of the UCITS regulations applicable to Irish domiciled funds. (April 1st,, 2011).