Government Publishes Investment Limited Partnership (Amendment) Bill 202022 September 2020
The Government has approved the draft text and publication of the Investment Limited Partnerships (Amendment) Bill 2020.
The bill will continue through the Oireachtas, with second stage in the Seanad tomorrow, Wednesday, 23 September.
The Bill will modernise the Investment Limited Partnership Act, which was first introduced in 1994, and align it with more recent domestic and EU legislation, such as the Companies Act 2014 and the EU Alternative Investment Funds Managers Directive.
Minister for Finance, 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’.
Commenting on the Government’s Investment Limited Partnership Bill, Pat Lardner, CEO of Irish Funds, said:
“We welcome the publication of the Investment Limited Partnerships (Amendment) Bill 2020. Completion of the legislation will add an important capability to the offering we have for investors globally and is critical to maintaining the competitiveness of our industry, one which employs thousands of people all around Ireland. It will make investing in the transition to a green economy and in post pandemic recovery much easier while also encouraging the use of Irish based expertise and services.”