Investment Limited Partnerships (Amendment) Bill 2020: Committee Stage (Resumed)
Seanad Éireann — 2020-10-22
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Alice-Mary Higgins (IND), National University of Ireland

Amendment No. 9 is to delete lines 5 to 10 in page 55. There may be an argument to be made in certain circumstances — we need to interrogate these — about not having cross-liability between different sub-funds. An example would be where there is a large number of pension schemes. Regardless of the lack of cross-liability, I am concerned that there is no upward liability. The umbrella fund should be liable for the failure of a sub-fund to deliver. My amendment would leave the lack of cross-liability between sub-funds but remove the excuse for the overall fund not being subject to upward liability. I will be proposing much more specific measures because we see these products at work in Luxembourg and elsewhere. We must learn from the problems and concerns regarding these products.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2020-10-22/debate/main
Retrieved: 2026-08-14T04:48:42+00:00
Sitting date: 2020-10-22