Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The Deputy is talking about the Limited Partnerships Act 1907. That is part of the package that has increased the number of higher equity funds in Ireland. This act is not changing anything about that. That legislation is used for purposes other than alternative investments, and the change proposed by the industry would not be limited to collective investment schemes. They are not being taken on board. The 1907 Act's provisions remain in place. That falls under the remit of the Minister for Business, Enterprise and Innovation, Deputy Heather Humphreys. Her Department recently ran a consultation on the Act, which closed in March 2019. Since then the Department has been considering the responses to the public consultation and working on developing a proposed policy response to the 1907 Act, with a view to submitting them to Government in the next legislative session.

Regarding beneficial ownership, I note that the anti-money laundering directive does not directly require the establishment of beneficial ownership registers for structures in an ILP. We are adding that requirement. This is a higher threshold of analysis and scrutiny, which I believe is important to the development and establishment of a better system for ILPs in Ireland. It will not be possible to lay the charge one sometimes hears, that these are not transparent enough, at the feet of this Oireachtas because the amendments on beneficial ownership that will come before the Seanad will be stronger than what is currently required.