Paul Gavan (Sinn Fein) | Oireachtas source

Section 6 makes reference to umbrella funds which are investment funds containing multiple sub-funds. The legal structure of an umbrella fund can be complex and generally consists of various feeder funds. A report was published this year in Luxembourg which found that umbrella fund structures can be used to distance a fraudulent master fund from end investors. Again, we come back to the key theme of the necessity of pre-legislative scrutiny. We do not have enough information on this issue. I must repeat the question I asked previously, that is, what role the former Minister of State and former Senator, Michael D'Arcy, played in drafting this section of the legislation.