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Legislative Programme

Dáil Éireann Debate, Thursday - 17 May 2018

Thursday, 17 May 2018

Ceisteanna (65)

Michael McGrath

Ceist:

65. Deputy Michael McGrath asked the Minister for Finance when legislation on limited partnerships will be introduced; the timelines for the enactment of such legislation; and if he will make a statement on the matter. [21876/18]

Amharc ar fhreagra

Freagraí scríofa

The funds industry has been a successful and significant element of the Irish financial services landscape for many years. This success has been underpinned by changes in the legislative landscape that have made Ireland an attractive domicile for promoters in Asia, across Europe, the U.S., and further afield. We also have a regulatory regime providing 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, there is a need to update the Investment Limited Partnership Act 1994. This objective has been included in the IFS2020 Action Plan which commits to developing amendments to the Investment Limited Partnership Act 1994 to make the structure more attractive to fund managers.

Consequentially, my Department sought and obtained approval from the Government for the preparation of Heads of Bill in 2017. The Heads of Bill have been sent to the Office of the Parliamentary Counsel and a drafter has been assigned to work on this.

The Bill appears on the legislative programme for 2018 and it is anticipated that the draft legislation will be developed in the second half of the year with the intention for the Bill to be considered by the House before the end of this year.

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