Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

If an individual invests, it is clear who he or she is. If a company invests, one will know who the shareholders are. The beneficial ownership threshold is clearly 25% so if there are three investors in a company which holds more than 25% of shares in a fund, the three beneficial owners have to be made known. It is not the case that a company must only declare one beneficial owner. Once any investment company owns more than 25% of shares or has a controlling interest in the fund, each and every one of its shareholders must be declared. What is also important about this legislation is that the beneficial owners - and there may be multiple beneficial owners - have to produce their PPS numbers. If they do not have one, they must produce their passport. No shell company can be an investor without the ultimate beneficial owner's identity being listed on the Central Bank's register of beneficial owners. If a person is a shareholder, his or her passport must be produced before the company and the fund can get the approval of the Central Bank. We will have the details of these individuals regardless of where they are in the world. They may be in America, Canada, Malaysia or anywhere else but, if they do not have an Irish PPS number, we will get a copy of their passports. There will be multiple beneficial owners. That is the point.