Investment in investment fund on Foreign stock market

[Guest fore01k]

Is there a problem with a 401k plan investing in an investment funds that is on the Irish stock exchange? The fund is marketed / sold through a well-known investment /insurance group (it's raining in our citi today, better get the umbrella out) but the division has a Bermuda address.

I am not familiar enough with the foreign investment rules or whether this qualifes as a foreign investment, etc.

Any help would be appreciated.

[mbozek]

The question is where are the indicia of ownership held (e.g. fund certs)? General rule is that the indicia of ownership must be held in a bank or trust located within the jurisdiction of US courts- US or US territories. This has nothing to do with prudence of the investment or whether a foreign investment is permitted under US securities laws.