Results 1,561-1,580 of 34,585 for speaker:Seán Fleming

Investment Limited Partnership (Amendment) Bill 2020: Referral to Select Committee (12 Nov 2020)

Seán Fleming: I move: That the Bill be referred to the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach pursuant to Standing Orders 95(3)(a) to 181(1).

Investment Limited Partnerships (Amendment) Bill 2020: Second Stage (12 Nov 2020)

Seán Fleming: I move: "That the Bill be now read a Second Time." I welcome the opportunity to address the Dáil Chamber on the Investment Limited Partnerships (Amendment) Bill 2020 following progression of the previous Stages in the Seanad. This Bill fulfils a commitment in the Programme for Government - Our Shared Future to progress the revision of the investment limited partnership structure and...

Confidence in Tánaiste and Minister for Enterprise, Trade and Employment: Motion (10 Nov 2020)

Seán Fleming: This motion raises two important issues from my point of view. The first of these is the issue of confidentiality and accountability on the part of Government. This brings me to what I want to see more of in Irish public life, namely, more openness and transparency at government level. The public want and are entitled to more openness, accountability and transparency on the part of the...

Seanad: Nithe i dtosach suíonna - Commencement Matters: Property Tax (10 Nov 2020)

Seán Fleming: I thank Senator Boyhan for raising this matter. He has given a very detailed list of properties that are exempt from the tax introduced in 2013 to provide a stable sustainable funding base for local authorities, broadening general taxation measures. It has raised approximately €3.5 billion to date. Approximately €473 million is raised by the tax per annum. This goes to fund...

Seanad: Nithe i dtosach suíonna - Commencement Matters: Property Tax (10 Nov 2020)

Seán Fleming: I understand the gist of the argument and accept what the Senator said. He highlighted regarding Dún Laoghaire the large amounts of money that may be due to a local authority when the changes are made next year. They will flow into 2022. As I said, the figure nationwide will be approximately €32 million. The programme for Government includes the provision for fairness and most...

Seanad: Data Protection Regulations: Motion (6 Nov 2020)

Seán Fleming: I bring the motion to the House to seek a resolution to agree the draft Data Protection Act 2018 section 60(6) (Central Bank of Ireland) Regulations 2020, as provided for under section 6(5)(a) of the Data Protection Act 2018. Senators will have gathered from the gist of this that it is a technical matter. I have a detailed script but perhaps the best thing I can do is to explain what this...

Seanad: Data Protection Regulations: Motion (6 Nov 2020)

Seán Fleming: I welcome this opportunity and appreciate all the comments that have been made. As people noted, many of the comments were not specific to this statutory instrument. Data breaches in financial institutions are one big issue that has been mentioned here on a few occasions. Some asked about the resourcing of the Data Protection Commission and whether it has sufficient resources to do the job...

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

Seán Fleming: The amendment proposes a report on the Act. It is my intention, which I stated on Committee Stage, to lay a post-enactment scrutiny note 12 months after the enactment, in line with Standing Orders of the House. There will be a report, therefore. I am not in a position to prescribe what will be in that report before it is prepared but the gist of what is being said, and I referred to this...

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

Seán Fleming: The normal process when legislation is going through the Houses is being applied. We are going through the deliberative process in respect of this Act and when that is completed the lobbying documents can be sought. All the documents in relation to lobbying on the Finance Bill and the budget, for example, can be made available in due course but not before they have been fully considered....

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

Seán Fleming: I hope I can allay the Senator's concerns on the issue. I understand her points. The legislation as drafted is remarkably strong and perhaps, inadvertently, the amendments would substantially weaken the beneficial owner framework and prevent full transparency in the beneficial ownership register. These amendments would allow an incorporated company to enter a date of incorporation or a...

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

Seán Fleming: Once they control 25%.

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

Seán Fleming: That is correct.

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

Seán Fleming: I thank the Senator. While I understand the points she has made, we are concerned, to some extent, with money laundering and, possibly, some other areas. The definition of beneficial ownership in this Bill aligns with the definition in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The specific definition of "beneficial owner" in the 2010 Act is a person who: ...

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

Seán Fleming: I acknowledge the purpose of the Senator's amendment but the matter is well and truly dealt with and the position is clear. The Central Bank of Ireland is the body that will determine the position where a PPS number is not available and it will require a relevant identifier to its satisfaction. The normal procedure in place requires not just a passport number but actual copies of the...

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

Seán Fleming: We have come to the kernel of what this legislation is about. To use a phrase that is well known to most people, this legislation does what it says on the tin. The legislation is called the Investment Limited Partnerships (Amendment) Bill 2020 and the essence of it is to give limited liability to limited partners. If we were to in some way take away a limited liability from a limited...

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

Seán Fleming: As discussed on earlier Stages, the 1994 Act permitting a limited partner to participate on the board and committees related to an investment limited partnership. Section 7 of the 1994 Act allows that. This adds board participation to the white list of activities that can be undertaken by a limited partner and that will not be deemed as taking part in the conduct of the business and that...

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

Seán Fleming: Investment funds are established for the purpose of investing the pooled funds of investors in assets in accordance with the investment objectives and policies published in the proposed prospectus. A fund is established for a particular purpose and the objectives of that fund are set out in the prospectus. People in normal society are then free to invest in that fund. In the context of...

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

Seán Fleming: These amendments relate to the manner in which a majority of the limited partnership shall be calculated by reference to the value of their contributions made to them, at the time being, in the investment limited partnership. The structure of the investment limited partnership is not based on one partner, one vote. It is based on their contribution to the partnership as outlined in the...

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

Seán Fleming: Yes, if such a person controls 25% of the vote in the limited partner. I am not talking about the general partner who runs the whole business but the limited partner. Yes, he or she is a beneficial owner but it does not give him or her control of the general partnership that is solely in the hands of the general partner because such people have limited control, they are limited partners...

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

Seán Fleming: The only point of clarification is, the voting strength of all the people is determined in the original partnership agreement. That is where it is determined. People can have a majority of shares but the partnership agreement is the one that runs the partnership and they appoint the general partner to do the job on their behalf. So, the partnership agreement decides the voting strength and...