Results 2,901-2,920 of 45,510 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I thank the Deputy for his question. I have to be clear. We are not authorising things that are not already authorised in terms of UCITS, AIFs or the likes. We are putting a new vehicle in place for them to operate. Currently, there simply is not a well-fit vehicle for them to operate in. We already have a situation where there are similar such mechanisms as we are trying to put in place...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: It will either be a UCITS or an AIF, which are two different mechanisms.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: It has to be one or the other, and this is simply outlining that if one is an AIF, one has not gone through the UCITS regulations. One needs to go through this process to be authorised as an ICAV.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: It is more favourable from the investor's point of view but it does not impact negatively on the Irish taxpayer because it allows the investor, and I am sure this will arise later, to avail of the check the box rule in the United States which allows the investor to be taxed on an ongoing basis instead of deferring a tax and being taxed at a higher rate in the US afterwards. The big benefit...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I wish to flag to the committee that this is an area on which I may bring amendments on Report Stage. It concerns changes to the instrument of incorporation and I will revert to the committee on Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 7: In page 31, line 10, after “inspection” to insert “by a person entitled to inspect it”.Amendments Nos. 7 and 8 provide that the following persons are entitled to inspect the register of members of an Irish collective asset-management vehicle: the Central Bank, the Director of Corporate Enforcement and any statutory body which needs to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 8: In page 31, between lines 21 and 22, to insert the following:“(6) The persons entitled to inspect the register of members of an ICAV are—(a) the Bank, (b) the Director of Corporate Enforcement, and (c) any statutory body which needs to inspect the register in order properly to exercise any of its functions.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I may be bringing some technical amendments to this section on Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Again, I am seeking advice from the Office of the Parliamentary Counsel on this section and may be bringing some technical amendments to it on Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: We are not yet certain. I want to ensure this section is robust enough. It may require an amendment to section 86 or the insertion of a new section on charges and debentures.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: This section on the convening of extraordinary general meetings mirrors the section in company law. It is unlikely we will be making a substantive change to that. I may adopt a technical amendment to define the meaning of “special resolution” in section 86(7).

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 9: In page 55, between lines 7 and 8, to insert the following: “PART 6 CHARGES AND DEBENTURES CHAPTER 1 InterpretationDefinitions 87. (1) In this Part—“charge”, in relation to an ICAV, means a mortgage or a charge, in an agreement (written or oral), that is created over an interest in any property of the ICAV (and in section 88(8) and sections...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: The provisions are effectively lifted from the Companies Bill. References to "company" are changed to "ICAV", while provisions relating to transitional arrangements in sections 419 and 420 of the 2012 Bill are omitted in this legislation because the ICAV does not currently exist and does not, therefore, require such arrangements. These amendments represent an effort to mirror the provisions...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 10: In page 55, between lines 7 and 8, to insert the following: "CHAPTER 2 Registration of charges and priorityRegistration of charges created by ICAVs88. (1) Every charge created by an ICAV shall be void against the liquidator and any creditor of the ICAV unless either the procedure set out in—(a) subsection (3) (the "one-stage procedure"), or (b) subsection (4)...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 11: In page 55, between lines 7 and 8, to insert the following:"Duty of ICAV with respect to registration under section 88* and right of others to effect registration89. (1) It shall be the duty of the ICAV that creates the charge to comply with the procedure under section 88(3)or (4)with respect to the charge's registration but this is without prejudice to subsection...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 12: In page 55, between lines 7 and 8, to insert the following:"Duty of ICAV to register charges existing on property acquired90. (1) Where an ICAV acquires any property which is subject to a charge that, if it had been created by the ICAV after the acquisition of the property, would have given rise to the duty under section 88(1) on the part of the ICAV with respect to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 13: In page 55, between lines 7 and 8, to insert the following:"Priority of charges91. (1) Unless the priority of the charges is otherwise governed by an enactment (apart from this Act), the priority of charges created by an ICAV shall, subject to subsection (4), be determined by reference to the date of receipt by the Bank of the particulars specified by the Bank, that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 14:In page 55, between lines 7 and 8, to insert the following:“Registration of judgment mortgages 92. (1) If judgment is recovered against an ICAV and that judgment is subsequently converted into a judgment mortgage affecting any property of the ICAV, the judgment mortgage shall be void against the liquidator and any creditor of the ICAV unless the procedure set...