Investment Limited Partnerships (Amendment) Bill 2020: Committee Stage (Resumed)
Seanad Éireann — 2020-10-07
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Paul Gavan (SF), Labour Panel

Section 6 makes reference to umbrella funds which are investment funds containing multiple sub-funds. The legal structure of an umbrella fund can be complex and generally consists of various feeder funds. A report was published this year in Luxembourg which found that umbrella fund structures can be used to distance a fraudulent master fund from end investors. Again, we come back to the key theme of the necessity of pre-legislative scrutiny. We do not have enough information on this issue. I must repeat the question I asked previously, that is, what role the former Minister of State and former Senator, Michael D'Arcy, played in drafting this section of the legislation.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2020-10-07/debate/main
Retrieved: 2026-08-14T04:48:39+00:00
Sitting date: 2020-10-07