Investment Limited Partnerships (Amendment) Act 2020

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Number 31 of 2020

INVESTMENT LIMITED PARTNERSHIPS (AMENDMENT) ACT 2020

CONTENTS

PART 1

Preliminary and General

Section

1. Short title and commencement

2. Collective citation

3. Definitions

PART 2

Amendment of Act of 1994

4. Amendment of section 3 of Act of 1994

5. Replacement of “custodian” with “depositary”: miscellaneous amendments of Act of 1994

6. Amendment of section 5 of Act of 1994

7. Amendment of section 6 of Act of 1994

8. Amendment of section 8(4) of Act of 1994

9. Amendment of section 8(4A) of Act of 1994

10. Provision for alternative foreign name - amendment of section 8 of Act of 1994

11. Supplemental amendment of section 8 of Act of 1994

12. Amendment of section 10 of Act of 1994

13. Cases in which partnership agreement may be altered - amendment of section 11(1) of Act of 1994

14. Amendment of section 11 of Act of 1994 - insertion of additional subsections

15. Amendment of section 12 of Act of 1994

16. Amendment of section 13(1) and (2) of Act of 1994

17. Further amendments of section 13 of Act of 1994

18. Amendment of section 14(3) of Act of 1994

19. Amendment of Act of 1994 - new section 19A concerning construction of certain references in partnership agreements

20. Amendment of section 20 of Act of 1994

21. Amendment of section 22(2) of Act of 1994

22. Amendment of section 23 of Act of 1994

23. Amendment of section 24(4) of Act of 1994, and addition of certain provisions, concerning liability of general partner, etc.

24. Amendment of section 24 of Act of 1994 - insertion of additional subsections concerning penal clauses

25. Amendment of section 25(1) and (4) of Act of 1994

26. Amendment of section 27 of Act of 1994

27. Amendment of Act of 1994 - new sections 27A to 27C relating to beneficial ownership disclosure

28. Amendment of section 28 of Act of 1994

29. Amendment of Act of 1994 - new sections 28A to 28C relating to beneficial ownership disclosure

30. Amendment of section 29 of Act of 1994

31. Amendment of section 31(1) of Act of 1994

32. Amendment of section 33(3) of Act of 1994

33. Amendment of section 35 of Act of 1994

34. Amendment of section 37 of Act of 1994

35. Amendment of section 38 of Act of 1994

36. Amendment of section 39 of Act of 1994

37. Amendment of Act of 1994 - new section 42A relating to relief by way of indemnification

38. Amendment of section 45 of Act of 1994

39. Amendment of Act of 1994 - new sections 46 to 59 relating to beneficial ownership registers (including central register) and associated procedures, obligations, etc.

40. Amendment of Act of 1994 - insertion of new Part VIII relating to migration-in and migration-out of investment limited partnerships

41. Umbrella investment limited partnerships

PART 3

Amendment of Act of 2015

42. Amendment of section 2 of Act of 2015 - insertion of definition of “category 4 offence”

43. Amendment of Act of 2015 - new section 2A relating to ordinary and special resolutions

44. Amendment of sections 5 and 6 of Act of 2015

45. Amendment of Act of 2015 - new section 8A relating to capacity of ICAVs

46. Amendment of Act of 2015 - new section 8B relating to effect of instrument of incorporation

47. Amendment of section 14(2) of Act of 2015

48. Amendment of section 30 of Act of 2015

49. Amendment of section 32 of Act of 2015

50. Amendment of section 33 of Act of 2015

51. Amendment of Act of 2015 - new section 34A relating to powers of attorney

52. Amendment of Act of 2015 - new section 77A relating to intra-group transactions

53. Amendment of Act of 2015 - new section 85A enabling application to be made in anticipation of apprehended proceedings

54. Amendment of Act of 2015 - new Part 5A relating to written resolutions

55. Amendment of section 96 of Act of 2015

56. Amendment of section 140(3) of Act of 2015

57. Amendment of section 141(1) of Act of 2015

58. Amendment of section 152(1) of Act of 2015

59. Amendment of section 154(2) of Act of 2015

60. Amendment of section 186 of Act of 2015

PART 4

Amendment of Act of 2005

61. Amendment of section 5 of Act of 2005

62. Amendment of section 6 of Act of 2005

63. Amendment of Act of 2005 - new sections 18A to 18U relating to beneficial ownership disclosure

PART 5

Amendment of Social Welfare Consolidation Act 2005

64. Amendment of Schedule 5 to Social Welfare Consolidation Act 2005

Acts Referred to

Bankruptcy Act 1988 (No. 27)

Central Bank Act 1942 (No. 22)

Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12)

Companies Act 1963 (No. 33)

Companies Act 2014 (No. 38)

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6)

Data Protection Act 2018 (No. 7)

Electronic Commerce Act 2000 (No. 27)

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (No. 12)

Investment Funds, Companies and Miscellaneous Provisions Acts 2005 and 2020

Investment Limited Partnerships Act 1994 (No. 24)

Investment Limited Partnerships Acts 1994 and 2020

Irish Collective Asset-management Vehicles Act 2015 (No. 2)

Irish Collective Asset-management Vehicles Acts 2015 and 2020

Social Welfare and Pensions (Miscellaneous Provisions) Act 2013 (No. 20)

Social Welfare Consolidation Act 2005 (No. 26)

Number 31 of 2020

INVESTMENT LIMITED PARTNERSHIPS (AMENDMENT) ACT 2020

An Act to amend and extend the Investment Limited Partnerships Act 1994 , the Irish Collective Asset-management Vehicles Act 2015 and the Investment Funds, Companies and Miscellaneous Provisions Act 2005 ; to amend Schedule 5 to the Social Welfare Consolidation Act 2005 ; and to provide for related matters.

[23rd December, 2020]

Be it enacted by the Oireachtas as follows: