Lynn Ruane (Independent) | Oireachtas source

I wish to speak briefly on section 7 to ensure I can revisit some issues on Report Stage. I oppose this section because it proposes to extend section 6(4) of the Investment Limited Partnerships Act 1994 in a way that allows for the participation of limited partners in an advisory committee or gives limited partners the right to appoint someone to this position. This creates the new possibility of giving a limited partner the power to take part in the business of an investment partnership in a way that could challenge the distinction between a limited partner and a general partner. The rationale for the extension of this safe harbour should be clarified. It creates the risk that the general partner will be de facto controlled by the limited partner without later engaging their responsibility. I want this on the record so that I can propose some amendments to section 7 on Report Stage.