Ireland amended the law on investment partnerships with limited liability
On July 18, 2017, the Irish government approved the drafting of a Bill on reforming the structure of partnerships with limited liability. This innovation will be an important step in the development of the financial services sector and it will contribute to the growth of the popularity of Ireland as the preferred jurisdiction for the registration of investment funds.
Recently, the Minister of Finance and Public Expenditure and Reforms of Ireland, Pascal Donoho, made a statement regarding the Investment Limited Partnership (Amendment) Bill 2017 (the ILP Bill). The purpose of the bill is to amend the Investment Limited Partnership Act 1994 (Law on Investment Partnerships with Limited Liability) used for Limited Liability Companies (LP) and Limited Partnerships Act 1907 (Law on Partnerships with Limited Liability), which is used for unregulated LP structures .
The amendments proposed by the ILP bill will help in bringing both regulated and unregulated LP in the line with other fund structures, and in the case of regulated LPs, with the standards set forth in the Alternative Investment Fund Managers Directive 2011/61 / EU), as well as other international standards regarding LP. The changes are aimed at updating and modernizing the current legislation on the investment partnerships with limited liability, which will further strengthen the number of legal structures of Ireland available for the formation of investment funds.