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

Section 48 amends section 140 of the 2015 Act to correct a typographical error by substituting "waived" for "varied" to reflect the language used in section 1490 of the Companies Act 2014.

Section 49 amends section 141(1) of the 2015 Act by inserting "being the debts identified for the purposes of subsection (2)(b)" after "debts". This is to bring the Act into line with section 1415(1) of the Companies Act 2014, which requires that directors making a declaration of solvency declare that they have formed an opinion that the applicant company is able to pay its debts as they fall due.

Section 50 amends section 154(2) of the 2015 Act by the substitution in paragraph (h) of "sections 599 and 609" for "sections 600 and 609". This is to correct a typographical error.

I wish to inform the House that the Government intends to table a number of amendments on Committee Stage of the Bill. I intend to bring forward a number of technical changes to provide some additional clarity to the operation of the Bill following ongoing consultation with industry. In addition, there will be a substantive amendment related to the introduction of a beneficial ownership register for ILPs. This is to ensure any investors in an ILP structure will be treated the same as one in our other investment funds vehicles with separate legal personality or structured as a trust. The requirements of a beneficial ownership register on those other vehicles have been introduced via provisions in the Fifth Anti-Money Laundering Directive, which do not apply to ILPs due to its partnership structure. Therefore, this important amendment will ensure a level playing field in the area of transparency for Ireland's corporate vehicles for investment funds and ensure that such entities meet the best international anti-money laundering standards. My officials are continuing to consider another potential amendment to provide for the redomiciliation of ILPs. These are complex amendments and are still being worked on by officials, who are engaging with the relevant State bodies and industry. If work is completed satisfactorily on these additional amendments, I will move them on Committee Stage. I wish to signal my intention to do so at this stage.

I hope the outline I have given will help Deputies understand the background and context underlining the benefits which will arise from the Bill. The Irish funds industry is, as I highlighted earlier, an important part of our international financial services sector based in Ireland. It is a significant employer and a sector we hope to see grow and deepen its links into the Irish economy throughout the country. Given its importance, it is now timely to make some legislative amendments to the framework, and I believe that this Bill will do just that. I look forward to hearing Members' contributions and assure them that I will be happy to provide any further clarifications they may need.

I will make just one final point, and I appreciate the Leas-Cheann Comhairle's indulgence. The industry tells me that with the passing of this legislation an additional 1,500 people will be employed directly because of the extent to which private equity will be based in Ireland. We currently have no such jobs. That is where we find ourselves. This Bill addresses that.

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