Tuesday, 29 September 2020

Ceisteanna (48)

Neale Richmond


48. Deputy Neale Richmond asked the Minister for Finance the status of the Investment Limited Partnerships (Amendment) Bill 2019; and if he will make a statement on the matter. [25965/20]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Investment Limited Partnership (Amendment) Bill 2019 passed all stages in Dáil Eireann last year.  The previous Government intended to introduce a number of amendments to the Bill in the Seanad, related to the introduction of anti-money laundering standards and beneficial ownership requirements as signalled at the time in the Dáil.  However, the Bill lapsed with the dissolution of the Dáil and Seanad before these amendments could be brought forward.

The Government approved the draft text and publication of the Investment Limited Partnerships (Amendment) Bill 2020 at its meeting on 15 September 2020.  This Bill consolidates all proposed amendments into one new piece of legislation and will ensure that the same standards of transparency and beneficial ownership apply across all of Ireland’s investment fund vehicles.

The Investment Limited Partnerships (Amendment) Bill 2020 passed Second Stage in the Seanad on 23 September 2020. Committee Stage in the Seanad is scheduled for 30 September 2020 and it once completed in the Seanad, it is planned to introduce the Bill in the Dail. It is Government's intention to progress this legislation through the Oireachtas as soon as is practical, with a view to enacting the legislation by year end.