Results 4,901-4,920 of 8,196 for speaker:Alice-Mary Higgins

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 2: In page 6, line 16, after “individual” to insert “or body corporate with or without limited liability”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: Amendments Nos. 2, 18, 24, 26 and 41 to 43, inclusive, all relate to the same core issue, which is the fact that there is what I am concerned might prove to be somewhat of an omission in the Bill. The Bill refers specifically to beneficial partners throughout as individuals and does not give recognition to the fact that beneficial owners may be corporate entities, or bodies corporate....

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: In an investment limited partnership, including where the investment limited partnership is an umbrella fund with sub-funds, will a beneficial owner be identified for each company who is an investor in that company? I wish to clarify that it will not be simply one beneficial owner in respect of the investment limited partnership, but that persons relating to the sub-funds within the umbrella...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I will come to the 25% issue in a moment; it is dealt with in a separate set of amendments. In that circumstance, there may be a number of beneficial owners in respect of a company or investor. My wider concern is about the disappearance of the limited partners and the fact that the limited owners may effectively be in that corporate space. I think it would be better if a person were...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: Therefore, there will be no case where the beneficial-----

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I just want to clarify this. There will be no case of a company with a 25% shareholder where that individual is not identified. In that context, I will withdraw the amendment.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 3: In page 6, line 18, to delete “more than a 25 per cent” and substitute “a”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: These amendments deal with the issue of the 25%. These investment limited partnerships are potentially very large. An investment limited partnership could potentially have up to €100 million in capital. Under the Bill, an investor who might have €24 million in capital in an investment limited fund would not be listed as a beneficial owner.I am concerned that there is still...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I respect that 25% is the figure set out in the money laundering legislation but the concern is one of scale. As I see it, Ireland is keeping the same definition of a big fish while enlarging the pond very considerably. The concern is that investment limited partnerships are not of the same scale as an individual company. They are an amalgam of multiple funds. That is the case that has...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 4: In page 6, line 18, to delete “more than a 25 per cent” and substitute “more than a 10 per cent”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 5: In page 6, line 19, to delete “or more than 25 per cent of the” and substitute “has”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 6: In page 6, line 19, to delete “or more than 25 per cent of the” and substitute “or more than 10 per cent of the”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 7: In page 7, line 25, after “2005” to insert the following: “or its international equivalent for individuals without a PPS number such as a passport number or national identity card number or national insurance number”.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: This amendment deals with issues relating to the use of PPS numbers and so forth. I separated it out because it is a slightly different point to the one we were making about corporate bodies and how they are addressed in the Bill. Many of the internationally based individuals, non-resident individuals who are beneficial owners may not have a PPS number. In order to ensure such beneficial...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: My concern is not just that the PPS number is the only identifier mentioned but that, in fact, it is quite a narrow definition of PPS number in the Bill, in that it is the PPS number within the meaning of section 262 of the Social Welfare Consolidation Act 2005. We are talking about Irish PPS numbers and that is what is specified in the Bill. I recognise there is reference to the...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I move amendment No. 8: In page 9, to delete lines 7 to 39, and in page 10, to delete lines 1 to 11.

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: Section 7 gives rise to one of my most fundamental concerns in respect of the Bill. I will be pressing this amendment to a vote in opposing the section but I am also proposing a number of other amendments to extract some of the more egregious elements of the section. On Committee Stage, no strong rationale was put forward for the section besides the question of what is a change and a shift...

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: What is the case for that?

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: What time is the debate due to conclude?

Seanad: Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages (6 Nov 2020)

Alice-Mary Higgins: I am very concerned because I thought we were setting up new vehicles. The Bill was to set up investment limited partnerships, as the Minister of State said, and the limitation of liabilities between sub-funds under an umbrella structure. If the nub of this legislation is not accountability for beneficial owners but the expansion of what the Minister of State calls a "white list" into a set...