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Ogier urges measures to boost funds sector

Law firm Ogier has called for the introduction of a new indirectly regulated product regime to boost the competitiveness of Ireland’s funds and asset-management sector.

The firm says that indirectly regulated AIF (alternative investment fund) products, attractive for private asset-investment strategies, have enjoyed “significant growth” in Luxembourg, Britain, and Switzerland.

“An indirectly regulated funds regime should be given serious consideration,” said Oisin McClenaghan, a partner in Ogier’s investment-funds team. 

“We would share the view of the Irish Funds Industry Association that there is a legitimate commercial reason for parties using unregulated structures, whether in Ireland or elsewhere,” he added.

Regulatory requirements

In a submission to a recently published review of the sector, the association noted that, while Ireland compared favourably to other jurisdictions, a significant inhibitor to further growth was the length of time taken to bring new or improved products to market, due to regulatory and legislative requirements.

McClenaghan was commenting ahead of a seminar on the sector that Ogier is organising at Convention Centre Dublin this Thursday (14 November), where the Minister for Finance Jack Chambers will deliver the keynote address.

The Ogier seminar will focus on how the industry must evolve to support continued growth.

ILPs

McClenaghan noted that the Irish funds industry lost ground to competitors due to delays in establishing a legal framework for ILPs (investment limited partnerships), which were finally rolled out in Ireland in 2020.

Ogier’s legal practice specialises in Irish, Guernsey, Jersey, Luxembourg, British Virgin Islands, and Cayman law.

The firm entered the Irish market in March 2022 as a result of a merger with commercial-law firm Leman Solicitors in Dublin. Since the merger, staff numbers have almost doubled to 90 people.