Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 14:

In page 66, line 2, to delete “section 173” and substitute “section 168”.

Amendment No. 14 corrects a minor cross-reference error. Amendment No. 28 provides for further detail on the cross-application of the investigation provisions. It inserts a new section 168 into the Bill and provides that the provisions of the Companies Act 2014, Part 13, relating to investigation of companies apply in relation to ICAVs as if the ICAVs were investment companies. This cross-application is subject to necessary modifications as well as the specific modifications which are specified in subsection (2) of this section.

It was always the intention that the investigation and enforcement regime that applies to the current investment companies continues for ICAVs and in this regard, I also reference section 132 of the Bill, as published. The following amendments spell out and elaborate on these powers for the avoidance of any doubt.

Similarly, amendments Nos. 29 to 36, inclusive, provide for further detail on the cross-application or the copy-out of enforcement and compliance provisions from companies legislation. Amendment No. 39 is consequential to the amendments to the revised section 168 above relating to investigations. The old section 173 of the Bill is, therefore, deleted.

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