Bill to improve Ireland’s investment and financial services

Bill to improve Ireland's investment and financial services

Paschal Donohoe

Ministers have approved legislative plans aimed at enhancing Ireland’s regulatory environment in international financial services.

The Investment Limited Partnerships (Amendment) Bill 2020 aims to promote investment and secure Ireland’s competitiveness as a market for financial services.

Finance Minister Paschal Donohoe said: “The publication of this bill is an important step to maintain Ireland’s place as a leader for investment funds in Europe.

“It fulfils a commitment made in the Programme for Government to progress the revision of the Investment Limited Partnership structure and it ensures the same standards of transparency and beneficial ownership apply across all of Ireland’s investment fund vehicles.

“The importance attached to the bill as a means to promote investment and Ireland’s competitiveness and sound regulatory environment in international financial services is more acute in the wake of the economic impact caused by COVID-19.”

The modernisation of the Investment Limited Partnership Act has been a longstanding priority of the Ireland for Finance Strategy.

Minister of state Sean Fleming said: “This is a timely opportunity to modernise Ireland’s private equity offering by amending the Investment Limited Partnership Act, which was recognised in the Programme for Government - Our Shared Future. It also delivers on a strategic priority set out in ‘Ireland for Finance- Strategy for the development of Ireland’s international financial services sector to 2025’.”

The bill incorporates significant amendments to enhance transparency to Ireland’s fund vehicles by extending anti money laundering beneficial ownership requirements to both investment limited partnerships and to common contractual funds.

The bill will also bring in a number of technical amendments to the Irish Collective Asset Management Vehicles Act 2015 to enhance the efficiency of the structure and bring it into line with the Companies Act.

Finally it will also provide that the Central Bank can verify PPSN information pertaining to beneficial ownership registers that it operates.

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