Pearse Doherty (Donegal, Sinn Fein)
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173. To ask the Minister for Finance his plans to update Ireland's limited partnership legislation with regard to the funds industry; and if he will make a statement on the matter. [13592/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Irish Funds Industry Association developed proposals consistent with IFS2020 and timed to take advantage of the Capital Markets Union agenda to promote the establishment of private equity and venture capital funds vehicles in Ireland. Private Equity are typically constituted as partnerships and such funds are not common in Ireland.

The Department of Finance analysed the proposals put forward by industry and as the proposals have implications on a number of areas including company law, regulatory framework and taxation, engagement with a number of stakeholders took place. These included the Department of Business, Enterprise & Innovation, Central Bank of Ireland, Revenue Commissioners, and other industry stakeholders.

The ultimate aim of the proposed amendments is to help ensure that Ireland remains one of the leading funds domiciles in Europe, while maintaining a robust regulatory and supervisory framework for investment funds domiciled here.

At its meeting on 18 July 2017, the Government approved the legal drafting of the Investment Limited Partnership (Amendment) Bill, 2017.

Heads of Bill were submitted to the Office of the Parliamentary Counsel. A draftsperson has been appointed and officials are engaging with him and relevant stakeholders on the drafting process.