31st October 2023 |
The Screening of Third Country Transactions Act 2023 has been drafted in response to the potential threat posed to security and public order from some third country investments.
The Act provided an opportunity to design and tailor a screening mechanism appropriate to Ireland’s needs – an approach that balances Ireland’s continued attractiveness as a location for inward investment, with a robust, but proportionate screening mechanism that protects security and public order, and enhances the State’s ability to respond to potential threats.
The Act – which is expected to commence during Q2 2024:
- ensures that Ireland can, to the extent possible, fulfil its’ obligations as set out in Regulation (EU) 2019/452
- establishes a screening mechanism for third country investments into Ireland for the first time
- defines the nature, scale and type of investments that should undergo investment screening
- sets out the factors that will be considered when screening particular foreign investments
- empowers the Minister to assess, investigate, authorise, condition, or prohibit foreign investments based on a range of security and public order criteria