On 21st September 2020, the Irish Government announced that it has approved the draft text and publication of the Investment Limited Partnerships (Amendment) Bill 2020. The modernization of the Investment Limited Partnership Act is a longstanding priority of the Ireland for Finance Strategy and will enhance the development of Ireland’s international financial services sector. The Bill, when enacted, will serve as a means to promote investment, secure Ireland’s competitiveness and enrich regulatory environment in international financial services.
Minister for Finance, Paschal Donohoe said:
‘The publication of this Bill is an important step to maintain Ireland’s place as a leader for investment funds in Europe. It fulfils a commitment made in the Programme for Government to progress the revision of the Investment Limited Partnership structure and it ensures the same standards of transparency and beneficial ownership apply across all of Ireland’s investment fund vehicles. The importance attached to the Bill as a means to promote investment and Ireland’s competitiveness and sound regulatory environment in international financial services is more acute in the wake of the economic impact caused by COVID-19’.
Minister of State Sean Fleming said:
‘This is a timely opportunity to modernise Ireland’s private equity offering by amending the Investment Limited Partnership Act, which was recognised in the Programme for Government – Our Shared Future. It also delivers on a strategic priority set out in “Ireland for Finance – Strategy for the development of Ireland’s international financial services sector to 2025’.
The Bill incorporates significant amendments to enhance the transparency applied to Ireland’s fund vehicles by extending Anti Money Laundering Beneficial Ownership requirements to both Investment Limited Partnerships and to Common Contractual Funds.
Additionally, the Bill makes a number of technical amendments to the Irish Collective Asset Management Vehicles Act of 2015 to enhance the efficiency of the structure and align it with the Companies Acts.
Finally, the Bill also provides that the Central Bank can verify PPSN information pertaining to beneficial ownership registers it operates by proposing an amendment to the Social Welfare Consolidation Act 2005.