Twelve teams from the English Championship, six from the Welsh Principality Premiership, three Scotland sides along with Munster, Leinster and Ulster will compete for the inaugural trophy.
Commenting on the new competition Munster Chief Executive Garrett Fitzgerald
said, "This is a level that we have been looking at for some time and we welcome the introduction of the competition because we feel it will compliment the existing professional structure of the game in this country. It will also provide much needed competition for our extended squad,Academy players and give the necessary exposure to prepare them for the demands of Magners League and Heineken Cup rugby and in turn international rugby.
"It has been structured in such a way as not to interfere with the existing Domestic League which we believe plays a crucial role and will continue the players rugby development in this country."
The teams will be divided into four pools of six, playing over five weekends during the Autumn international and RBS 6 Nations windows, with semi-finals and finals on April 24 and May 15 respectively.