Damien English (Meath West, Fine Gael) | Oireachtas source

The purpose of this amendment is to revert to the position in existing law and disapply section 225 for Part 24 companies. It was never intended that investment companies would have to comply with the directors' compliance statement requirement. Investment companies are subject to additional regulation from the financial sector in relation to compliance. Investment companies often use service companies for administrative purposes. Thus such companies are already subject, as an alternative company type, to the requirements of section 225.