2nd August 2022 |
The Screening of Third Country Transactions Bill has been drafted in response to the potential threat posed to security and public order from some third country investments. The Bill represents 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 Bill, when enacted, will:
- ensure that Ireland can, to the extent possible, fulfil its’ obligations as set out in Regulation (EU) 2019/452
- establish an screening mechanism for third country investments into Ireland for the first time
- define the nature, scale and type of investments that should undergo investment screening
- set out the factors that will be considered when screening particular foreign investments
- empower the Minister to assess, investigate, authorise, condition, or prohibit foreign investments based on a range of security and public order criteria