We were delighted to be joined at our recent Funds Sector 2030 event by Brian Corr, head of Funds Review at the Irish Department of Finance and Colm McDonagh, Chair of Irish Funds and CEO at Insight Investment. Brian and Colm joined Matheson partners Tara Doyle, head of our Asset Management and Investment Funds Department, and Gerry Thornton from our Tax Department on a panel chaired by professional support lawyer Brónagh Maher to discuss the Department of Finance's consultation titled "Funds Sector 2030: A Framework for Open, Resilient & Developing Markets".
The panel discussion addressed the themes identified in the consultation, including: examining the policy initiatives that have contributed to the success of Ireland as an international domicile for investment funds and a centre of excellence for fund servicing; identifying the key challenges and opportunities facing the industry at present; and outlining the measures that can be taken to ensure that the sector is resilient and that regulatory and supervisory frameworks are future-proofed, supportive of macro-prudential stability and investor protection, and consistent with international best practice.
In addition to contributing to the Irish Funds and Irish Debt and Securities Association submissions on the consultation, Matheson prepared its own submission, in which the following key points were highlighted:
- the need for agility in Ireland's legislative and regulatory response to issues impacting the international funds industry, enabled by the establishment of a new dedicated funds and asset management unit within the Department of Finance;
- the importance of ongoing, constructive engagement between industry, the regulator and relevant government departments in relation to ensuring that Ireland offers a suite of fund vehicles suitable to meet managers' strategies and in relation to the implementation of EU requirements;
- the necessity for the Irish funds industry to remain competitive and to stand out from competitor jurisdictions, in particular by providing for the necessary fund vehicles to ensure that Ireland can offer private equity fund managers the required legal infrastructure to operate in Ireland, including indirectly regulated AIF vehicles and a best-in-class ELTIF 2.0 vehicle; and
- the benefits of a holistic, multi-disciplinary, cross-governmental approach to the key area of sustainable finance.
Our full submission may be accessed here.
For further information on the matters discussed at the event, please contact Tara Doyle, Gerry Thornton or your usual Matheson contact.