Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages
Seanad Éireann — 2020-11-06
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Alice-Mary Higgins (IND), National University of Ireland

This amendment deals with issues relating to the use of PPS numbers and so forth. I separated it out because it is a slightly different point to the one we were making about corporate bodies and how they are addressed in the Bill. Many of the internationally based, non-resident individuals who are beneficial owners may not have a PPS number. In order to ensure such beneficial owners can be identified on the register we may need to collect an equivalent international number such as a passport number, a national identity card or a national insurance number. Again, it is just recognising the fact that a number of the non-resident investors who may constitute beneficial owners in the investment limited partnerships may be based overseas and may not have a PPS number.
I raised this issue on Committee Stage and the Minister of State suggested that the Bill will facilitate the recording of non-resident individuals for beneficial ownership reasons. He also stated that people will have to show their passports or prove they are beneficial owners. Actually, there is nothing I have seen in the Bill which requires them to perform such an act. The Bill specifically relates to PPS numbers and this is the only identification method that is identified or recorded. It is not clear what mechanism under the Bill will allow us have identification in respect of non-resident individuals who are beneficial owners. This amendment would clarify that.

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Retrieved: 2026-08-14T04:48:45+00:00
Sitting date: 2020-11-06