The reform of partnership legislation is designed to bring ILPs into line with other fund structures, to clarify the rights and obligations of investors and amend provisions of the Act which require updating as a result of the application of AIFMD and other investment fund legislation. The Bill was published on 20 June and the following is a summary of the main changes that the Bill proposes to make to the Act:. The Bill proposes to allow an ILP to be structured as an umbrella fund with segregated liability between its sub-funds.
The principle of segregated liability means the assets of one sub-fund belong exclusively to that sub-fund and that the liabilities attributable to one sub-fund are not permitted to be discharged out of the assets of another sub-fund. The rationale for using an umbrella structure is to offer investors a choice of sub-funds that can accommodate different types of investments and investment strategies within the umbrella vehicle.
An umbrella vehicle should be able to benefit from certain efficiencies such as a faster speed to market for the establishment of additional sub-funds and assuming the umbrella fund is efficient and scalable, a possible reduction in the fees of service providers. Under Irish partnership law, a limited partner may become liable for the debts of the partnership if it participates in the conduct of the business of the partnership.
It is important that there is certainty under Irish law regarding the activities that a limited partner may undertake without losing its limited liability status. The Bill proposes to extend the list of safe harbour provisions and provide express clarification that limited partners may participate in limited partner advisory committees and may also vote on changes to the partnership agreement without losing their limited liability status.
The Bill aligns the ILP with other Irish fund structures by removing the requirement for the unanimous consent of all limited partners in relation to any amendment of the partnership agreement. The Bill proposes that a partnership agreement may be amended if all of the partners are notified in advance and the alteration is approved by majority consent of the partners.
Alternatively, the Bill provides that a partnership agreement may be amended if the depositary, as permitted under the partnership agreement, certifies that the proposed amendments do not prejudice the interests of limited partners and provided the amendment does not, in accordance with the requirements of the Central Bank, apply to a matter that requires the unanimous approval of all limited partners. The Bill proposes to clarify that limited partners will not be required to contribute to the capital of the partnership except in the circumstances prescribed in the partnership agreement.
The proposed amendment removes the risk that limited partners could be required to contribute to the partnership in the event of the insolvency of the partnership. If implemented, this will modernise distribution and return of capital provisions to reflect the requirements under AIFMD and those applicable to other Irish regulated fund structures.
The Bill facilitates the replacement of a general partner by confirming that all property rights of every description of the ILP, including all choses in action and rights to make capital calls and receive the proceeds held by the departing general partner will automatically vest in the incoming general partner without formalities or notification being required.
The Bill makes other technical amendments to the Act such as amending references to legislation which has subsequently been amended and making the relevant amendments to conform with AIFMD and other investment fund regulations. The Bill will progress through the legislative stages of both Houses of the Oireachtas the Irish parliament before it may be enacted.
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Paul Egan SC. John Farrell. Helen Ferguson. Oliver FitzGerald. Louis Cardinals baseball team. Pete began his business career in the banking industry in , working primarily in the commercial lending field. Since that time, Pete has served on many boards, and worked with a variety of industry groups, where he was able to utilize his financial and lending skills. Pete started in the investment and securities industry in He began his career with a small regional firm, Raffensperger Hughes.
In Pete relinquished the title of branch manager to dedicate his time to his clients. Pete has served on many community boards and in leadership positions within the Richmond community. In his spare time, Pete enjoys snow skiing, water sports, exercise, golf, and yard work. Pete also enjoys history and architecture. Since , Stasia Veramallay has been focused on the financial needs of individuals, professionals, business owners and their families.
She nurtures and supports every relationship by always keeping her clients first and foremost with unparalleled service and personal commitment. Stasia strongly believes being detail oriented and attentive builds a firm foundation for long-lasting partnerships. Stasia lives in Richmond with her daughter, Priya. She comprehends and appreciates global matters while working to better her local community. Traveling, spending time with her immediate and extended friends and family, cooking, and the arts are her passions.
Since , Matt has helped individuals, families and businesses achieve financial success. Matt focuses on retirement planning and guides his clients through a planning process that creates systems to solve their needs for income and financial growth. He helps his clients achieve or maintain a lifestyle that allows them to spend their time and energy on what is most fulfilling to them.
He obtained his bachelor's degree from Indiana University Bloomington. Matt holds the Series 6, Series 7, Series 63 and Series 66 securities licenses, as well as his Life and Health license. Matt grew up on a farm in Cambridge City, Indiana.
He is a triplet and has a total of seven brothers and sisters. Matt now resides in Richmond with his girlfriend Devra. In his free time, he enjoys reading and running. Prior to joining us she worked as a bookkeeper and administrative assistant for 17 years at a local law firm. She works closely with Brett, Pete, Matt and Stasia to service the needs of our clients. Sarah ensures that all families receive prompt, timely and concise assistance at all times.
She is well versed in helping with account balances or updating account information. As the Business and Operations Manager, Sarah assists with most client transactions. Sarah and her husband Jonathan are the parents of two teenage children, Ross and Katy. They love spending their time outside in the woods and are always accompanied by their yellow lab, Otis.
Prior to joining us, Penny spent many years in the insurance industry and continues to hold her Life and Health license. She concentrates on Medicare supplement, Part D and under age 65 individual health insurance and is well versed in these areas. Penny is responsible for marketing and servicing client relationships for Vista Investment Partners. Working together with clients and our financial advisors on the complex healthcare expense component of retirement planning.
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