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Harris, Simon

Thursday, 19 February 2015

Dáil Éireann Debate
Vol. Nbr.


Irish Collective Asset-management Vehicles Bill 2014: From the Seanad

Before we commence proceedings, I would be obliged if, in accordance with Standing Order 140, the Ceann Comhairle would direct the Clerk to make the following minor drafting corrections to the text...More Button

Seanad Amendment No. 1:

Section 2: In page 12, lines 19 and 20, to delete “section 85” and substitute “section 85”.More Button

Amendment No. 1 is a technical proofing amendment to correct an error that arose in the publication of the Bill as passed by Dáil Éireann.More Button

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (Continued)

I understand amendments Nos. 2 and 10 will be discussed together. Amendment No. 2 provides that a director must disclose in his or her statement, required under section 10 for registration of an I...More Button

Amendment No. 10 is a technical amendment consequential on amendment No. 2. It modifies the text on company law disqualification of directors' rules to take account of the relevant statutory ref...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 3:More Button

The purpose of amendment No. 3 is to ensure the Central Bank is notified of the details of an external fund manager in the case of an alternative investment fund ICAV. In relation to an ICAV that ...More Button

Will the Deputy please repeat the question?More Button

As is already the case with regard to bodies regulated by the Central Bank, fees are payable to it for supervision.More Button

  Seanad amendment agreed to.More Button

Amendments Nos. 4 and 5 are minor drafting corrections. Amendment No. 4 proposes the insertion of the word "that" after the word "satisfied" on line 8 of page 22, while amendme...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 5:More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 6:More Button

Amendment No. 6 is a minor drafting correction which deletes the original paragraph (h) and replaces it with the same text but not within a paragraph.More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 7:More Button

Amendment No. 7 seeks to make the rules on the execution of documents consistent with the position under the Companies Act 2014 in respect of public limited companies. ICAVs may wish to authorise ...More Button

  Seanad amendment agreed to.More Button

Amendment No. 8 inserts a new provision in the ICAV Bill that stems from the introduction of section 78, being the provision governing fiduciary duties owned by a director. The section mirrors sec...More Button

Amendment No. 9 inserts a new provision that follows on from amendment No. 8 and mirrors section 233 of the Companies Act 2014. The amendment provides that an officer of an ICAV may have a defen...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 9:More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 10:More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 11:More Button

This amendment amends section 85(2)(l)of the ICAV Bill which refers to section 863(2) of the Companies Act 2014. Section 863 of the Companies Act 2014 provides that details of a disqualification o...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 12:More Button

Amendment No. 12 is a drafting amendment to use the point to "Act" rather than "Part", which would be incorrect.More Button

  Seanad amendment agreed to.More Button

Seanad amendment No. 13:More Button

Amendment No. 13 provides for the protection of the priority of charges held by a migrating company seeking to register as an ICAV. The purpose of the amendment is to safeguard the priority to whi...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 14:More Button

Amendment No. 14 is a drafting amendment to replace the word "authorisation" with the more correct term "approval".More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 15:More Button

Amendment No. 15 is a drafting amendment to correct the specific modifications to cater for the winding up of the ICAV. The amendment does not change the policy set out in the Bill.More Button

  Seanad amendment agreed to.More Button

Amendment No. 16 is a drafting amendment to correct a syntax error arising from the use of inverted commas. Amendment No. 17 is also a drafting amendment to correct an error in section 171. Inspe...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 17:More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 18:More Button

Amendment No. 18 modifies the enforcement provision in respect of sections 876, 877 and 878 of the Companies Act 2014 in order that the Central Bank, as well as the Office of the Director of Corpor...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 19: More Button

Amendment No. 19 inserts a new section which sets out the mechanism for the registration of documents concerning an ICAV and how such documents may be inspected.More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 20:More Button

Amendment No. 20 specifically modifies a number of the USITS regulations in order that they are given effect in the context of the ICAV. This is to ensure they can apply to an ICAV.More Button

  Seanad amendment agreed to.More Button

Similarly, this amendment has been designed to adapt specific use of the regulations in their application to ICAVs that are authorised as AIFs pursuant to section 19 of the Bill. This will enable ...More Button

  Seanad amendment agreed to.More Button

  Seanad amendment No. 22:

      In section 185: In page 115, to delete lines 18 to 24 and substitute the following:

      Amendment of Central Bank Act 1942

      “185. ...More Button

      The amendment provides for changes to the Central Bank Act 1942 to take account of the ICAV. Subsection (1) amends section 33AK of the Central Bank Act 1942 and is necessary to provide a gateway f...More Button

      The purpose of subsection (2), which replaces the previous section 185, is to designate only those parts of the ICAV Bill that are properly the responsibility of the Central Bank to enable it to ...More Button

        Seanad amendment agreed to.More Button

        Seanad amendment No. 23:More Button

      This is a technical amendment that seeks to clarify and confirm the ODCE's role in the context of the ICAV regime. The amendment concerns particularly the functional powers of the office. It spec...More Button

      Section 188(2) extends the functions of the office to include its functions under the Bill. The amendment provides that the office will ensure the effective application and enforcement of the ob...More Button

        Seanad amendment agreed to.More Button

        Seanad amendments reported.More Button

      State Properties

      I have been advised by the Commissioners of Public Works that a provisional booking for the use of the State Apartments, Dublin Castle, has already been made for the Annual Ireland-U.S. Council Din...More Button

      National Monuments

      Carlingford is an historic town with a number of fine structures including two National Monuments in State care; the historic Mint building and Carlingford Castle, known popularly as King John's Ca...More Button

      The Office of Public Works (OPW) has embarked on a programme of safety and access works at King John's Castle and the first phase, a pedestrian walkway outside the Castle was completed in the las...More Button

      This next phase of works is a major conservation project in its own right. A large amount of preparatory work, design and careful Archaeological investigation and assessment has been carried out...More Button

      The OPW intends to commence the next phase of works at this site in the summer of 2015. It is not possible just yet to say when all works will be completed.More Button