Irish Funds Statement to Oireachtas Committee on the EC Proposals regarding the ESAs29 November 2017
We were invited to appear yesterday evening before an Oireachtas (Parliamentary) Committee which is scrutinising the EC Proposals regarding the ESAs. This was another opportunity to convey our views regarding the matter, this time in a more public forum, and builds on the work we have been doing locally and across the EU with EFAMA and others. The input and intelligence received from a number of our member firms in reviewing the proposal and accompanying impact assessment in recent weeks has been very helpful in this regard.
The written statement which we lodged with the committee (click here to read) was supplemented by providing a verbal summary and answering questions from parliamentarians. As well as affording an opportunity to provide additional detail on the industry, it allowed us to specifically comment on areas of the proposals which concern us (notably in relation to delegation/outsourcing and additional powers suggested by the Commission). Given that legislative proposals in relation to the Investment Limited Partnership will also come before this Committee I took the opportunity to underline the importance and urgency of this to the members of the Committee. A playback of the session is available on the Oireachtas website.
In the course of the next two weeks we will also be submitting feedback on the ESAs proposal via the European Commission’s Better Regulation facility.