Thursday, 25 October 2018

Questions (96)

Michael McGrath


96. Deputy Michael McGrath asked the Minister for Finance when legislation updating the laws on limited partnerships will be introduced; and if he will make a statement on the matter. [44450/18]

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Written answers (Question to Finance)

The Investment Funds Industry has been a successful and significant element of the Irish financial services landscape for many years.  This success has been underpinned by various periodic relevant changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Asia, across Europe, the U.S., and further afield. This success has also benefitted from the fact that we have a regulatory regime which provide a robust and consistent approach to the supervision that promotes confidence in Ireland as a location for investment funds. 

Due to changes in the global private equity market in both structure and relevant European legislation, it has been decided that there is a case to update the Investment Limited Partnership Act 1994.  The IFS2020 Action Plan commits to developing amendments to the Investment Limited Partnership Act 1994 so as to make the structure more attractive to fund managers. 

Consequentially, my Department sought and obtained approval from the Government for the preparation of the necessary "Heads" for legislation in 2017. My officials have developed the Heads and these have been sent to the Office of the Parliamentary Counsel for their consideration. A drafter has been assigned to work on the drafting of the legislation and the Bill is a priority on the Government's legislative programme for 2018. The draft legislation is currently being prepared and my officials are working with the draftsman to arrive at a publish Bill. I am aiming for the Bill to be considered by the Houses of the Oireachtas before the end of the year.