Michael McGrath
Ceist:123. Deputy Michael McGrath asked the Minister for Finance when he expects to introduce legislation on limited partnerships; and if he will make a statement on the matter. [53735/18]
Amharc ar fhreagraWednesday, 19 December 2018
Ceisteanna (123)
Freagraí scríofa
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 provides 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 updating the Investment Limited Partnership Act 1994 so as to make the structure more attractive to fund managers.
My Department sought and obtained approval from the Government for the preparation of the necessary "Heads" for legislation in 2017. The draft legislation is currently being prepared and my officials are working with the draftsman to arrive at a published Bill. The Bill is a priority on the Government's legislative programme and the intention is for the Bill to be considered by the Houses of the Oireachtas in the coming weeks.