for the investment manager in providing its services to clients. This cost saving can either be retained by the investment manager or partly or fully passed on to clients to ensure that the investment manager retains a competitive advantage on pricing with its clients. 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. Tax Status of a Common Contractual Fund The CCF is a tax transparent vehicle under Irish law. Pursuant to the Finance Acts, 2003 and 2005, no Irish taxes will be payable in respect of income and gains arising to a CCF on the basis that the income and gains will be regarded as accruing directly to the participants in the CCF in proportion to the value of their interests in the CCF. The CCF is intended to preserve direct access to tax treaty relief currently enjoyed by certain types of investors such as pension funds. Although the Finance Act, 2003 provided that only pension schemes could invest in the CCF, the Finance Act, 2005 has now broadened the category of investor that may invest in the CCF to any investors who are not individuals. Accordingly, only non individuals (such as, for example, companies, partnerships, pension