Press release
Government gives green light to publish Investment Limited Partnership (Amendment) Bill 2019 to improve regulatory landscape for private funds
Published on
Last updated on
Published on
Last updated on
The Government, on Tuesday, approved the publication of the Investment Limited Partnership (Amendment) Bill 2019.
The Bill, which is on the Government's priority legislation list and is also a key deliverable in the Government's IFS 2025 Strategy, is an important part of Ireland’s strategy to develop its international financial services sector and to take advantage of the growth in non-banking finance in Europe. The aim of the Bill is to make Ireland a more attractive domicile for private equity funds, which supports thousands of jobs directly and many more indirectly.
The Investment Limited Partnership Act, which governs private equity funds, is now over twenty years old. The proposed amendments provide the opportunity to update the Act to reflect the developments at a European level in investment funds regulation.
Speaking this morning, the Minister for Finance & Public Expenditure and Reform, Paschal Donohoe TD said:
“This is a further step towards ensuring that Ireland remains one of the leading funds domiciles in Europe. The revised Investment Limited Partnership structure will stand alongside the Irish Collective Asset-management Vehicle as a symbol of Ireland’s responsiveness to business needs and a sound regulatory environment.”
Minister of State at the Department of Finance, Michael D’Arcy TD, said:
“The Investment Limited Partnership (Amendment) Bill is an important update of the current Act which is almost 25-years old. This Bill will help create a leading framework for Irish investment funds, adding to the other leading investment vehicles. The Bill is also a key deliverable in the Government's IFS 2025 Strategy and I look forward to its progression through the Houses of the Oireachtas.”
ENDS
Contact:
Deborah Sweeney - Press Adviser to Minister Donohoe - 086 858 6878
Aidan Murphy - Press Officer, Department of Finance - 085 886 6667