Irish funds industry’s joined up approach with Government shows clear path to solutions25 November 2016
Irish funds industry’s joined up approach with Government shows clear path to solutions
- Government affirms commitment to best in class business environment, confirms advanced stage on legislation for Private Equity funds
- Further enhancement to Ireland’s regime for loan origination funds expected
- Industry highlights innovative work programme in Fintech
25th November, 2016; Irish Funds, the representative body for the international cross-border investment funds industry in Ireland, held its largest ever UK event with other 600 industry professionals gathering in London earlier today.
During a keynote address, Minister of State for Financial Services, Eoghan Murphy stressed that the Irish Government’s “aim is to provide a welcoming business environment and a responsive regulatory environment”. Ireland has always delivered solutions for the entire investment community and “a stable, prosperous, and outward-looking UK is clearly in our own interests and those of the EU as a whole. The closer the UK is to the EU, the better for all of us, and above all for Ireland.”
In the panel session on Brexit, the strongest emphasis was on the importance of flexibility and a focus on solutions. In order to provide this, engagement is key, a point stressed by the Minister; “Industry engagement with Government is important in achieving our shared goal of growth and development.” The Minister also highlighted new Investment Limited Partnership legislation which will enhance Ireland’s private equity offering, adding that “draft heads of a Bill are now at an advanced stage…. we hope to be in a position to publish a comprehensive Bill shortly.”
In sessions covering regulation, authorization processes and product enhancements a mixture of Irish, European and global themes were covered in relation to ETFs, loan funds and passporting. Meeting the needs of millennials provided a forward looking dimension which complemented earlier comments by the Chairperson of Irish Funds, Alan O’Sullivan who pointed to the work of the Association’s FinTech group who are exploring the use of Blockchain for regulatory reporting.
In summarising the day’s events Pat Lardner, CEO at Irish Funds, said:
“The active and committed involvement of Government, the presence of regulators and policy makers as well of hundreds of industry professionals speaks directly to our approach which is to encourage active and open dialogue, focus on solutions rather than things we can’t control and ensure we maintain the flexibility which both fund investors and industry need”.
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