Why is this topic suddenly of interest?
Irish Investment Limited Partnerships (“ILPs”) have been around since the introduction of the Investment Limited Partnership Act in 1994 (the “1994 Act”). Due to certain requirements imposed under the 1994 Act, they have seldom been used – there were only six in existence as of January 2021 based upon statistics published by the Central Bank of Ireland (“CBI”).
However, the 1994 Act has now been revitalised by virtue of the Investment Limited Partnerships (Amendment) Act 2020 (the “2020 Act”) to make it fit for modern-day investment purposes and comparable to other fund domiciles. Marking the signing of the Statutory Instrument, the Irish Minister of State at the Department of Finance, said: “The changes will further support Ireland’s offering as a top-tier global location of choice for financial services investments.”
At present there is understandably little being done in the way of celebration. In addition to family and friends, we are all sadly learning of industry peers and former colleagues who have suffered and succumbed to the virus.
Minister Fleming publishes Ireland for Finance Action Plan 2021
Minister of State for Financial Services, Credit Unions, and Insurance Seán Fleming TD today (Thursday 11th February) launches the Ireland for Finance Action Plan for 2021 following Cabinet approval.
The 2021 Action Plan has four priority areas; Sustainable Finance, Diversity, Regionalisation, and Digital Finance. It contains 16 new measures to build on the resilience shown by the IFS sector over the last year.
These new actions, include:
Developing proposals for increased financial services collaboration in the Grand Canal Innovation District (GCID)
Delivering a new Masters programme in fintech innovation
Promoting careers for women in the Financial Services industry, as part of the ‘Career less Ordinary’ campaign
Preparation for entry into force of the Taxonomy
Regulation
Preparation for entry into force of periodic reporting
obligations and Level 2 Measures under the SFDR
The Cross Border Distribution Regulation sets down specific
conditions that all marketing communications addressed to investors
must comply with. These include an obligation to ensure that all
information contained in marketing communications is fair, clear
and not misleading and does not contradict or diminish the
significance of information contained in the fund prospectus. They
must also provide investors with a hyperlink to a summary of
investor rights. Marketing communications
18 will
also need to comply with ESMA s finalised guidelines on