Ireland Update – Investment Limited Partnerships (Amendment) Bill 2020

In December 2019, we provided an update on the progress of the Investment Limited Partnerships (Amendment) Bill 2019 (the "2019 Bill") through Dáil Éireann and Seanad Éireann (the Irish houses of parliament). Shortly after this update the 2019 Bill lapsed as a result of the dissolution of the Irish houses of parliament. A new bill, the Investment Limited Partnerships (Amendment) Bill 2020, has recently been published and is working its way through the Irish houses of parliament.

While the key provisions set out in the 2019 Bill remain substantially unchanged (see our advisory from July 2019 for a summary of these provisions), additional provisions have been included proposing to amend the existing investment limited partnership legislation to reflect beneficial ownership obligations for such entities including requirements relating to an internal register and a central register maintained by the Central Bank.

Similar amendments are proposed to the Investment Funds, Companies and Miscellaneous Provisions Act 2005 in respect of investment funds structured as common contractual funds. Additional technical amendments to the ICAV Act 2015 are also proposed including provisions relating to powers of attorney and intra-group transactions.