Our Asset Management team have prepared a response to the Department of Finance’s consultation paper on the Funds Sector 2030 review: A framework for open, resilient and developing markets.
The development of the Irish international financial services industry has been a major success story for Ireland since its inception in the mid-1980s. Asset management and funds servicing have played a critical role in the expansion of this sector in Ireland.
To ensure that Ireland’s financial services sector is and remains resilient, future-proofed and a continued example of international best-practice, the Minister for Finance, Michael McGrath T.D. announced a review of the funds sector and a public consultation paper was issues on 21 June 2023.
Key areas to be prioritised
The first area looks at “Product” and the development and enhancement of our product offering in the alternative and private asset space. Investment in private assets is seeing significant global growth but Ireland’s involvement is lagging as we do not have a produce that competes internationally.
The second ask is for a “Dedicated Funds Unit” which will help to future proof the sector by ensuring the sector contains all the tools necessary to enable it to compete on a 'level playing field' on the international stage.
Product:
- Product solutions for private assets (an effective indirectly regulated product regime)
- Improvements to the ILP so it can compete with other limited partnership products in other jurisdictions.
- Improvement to the AIFMD loan origination funds rules/restrictions
- Establishment of an ELTIF framework that meets investors needs and competes internationally.
Dedicated Fund Unit:
The establishment of a dedicated fund unit with subject matter experts within the Department of Finance, with a mandate to promote the industry, to ensure greater agility to respond to market demands and competitor jurisdiction developments, to drive policy initiatives, and ensure a holistic approach is taken to product development, tax treatment, legislative and regulatory frameworks.
Please download our full submission below.
Contact us for more
Should you wish to discuss any part of this submission, please do not hesitate to contact Jorge Revilla, Gareth Bryan or Jim Clery.
