Preasráitis
Commencement of Screening of Third Country Transactions Act 2023
Ó An Roinn Fiontar, Trádála agus Fostaíochta
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Ó An Roinn Fiontar, Trádála agus Fostaíochta
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation, yesterday (17 December 2024) signed the Commencement Order for the Screening of Third Country Transactions Act 2023 with all provisions of the Act commencing on 6 January 2025.
This crucial legislation enables the Minister for Enterprise, Trade and Employment to respond to threats to Ireland’s security and public order posed by particular types of foreign investment, and to prevent or mitigate such threats.
This legislation was developed following the adoption of the EU FDI Screening Regulation 2019/452. The Act gives full effect to the Regulation and provides for the introduction of an inward investment screening mechanism in Ireland for the first time.
This screening mechanism has been designed and tailored to suit Ireland’s needs, balancing our longstanding Foreign Direct Investment Strategy against the challenge posed by potentially hostile investments.
The commencement of this screening mechanism will also provide reassurance to key trading partners that Ireland is a responsible global player, cognisant of the threat posed by the strategic and potentially hostile State-backed investment strategies being deployed by some third-country corporations.
Additional information and guidance documents on the implementation of the screening mechanism is available on our webpage: Inward investment screening.
For further information, please contact: the Inward Investment Screening Unit: investmentscreening@enterprise.gov.ie
The Screening of Third Country Transactions Bill was initiated in the Dáil by Minister of State Dara Calleary. Upon its passage through the Houses of the Oireachtas, President Higgins signed the Screening of Third Country Transactions Act 2023 into law on 31 October 2023.
The Screening of Third Country Transactions Act 2023 was developed on foot of the adoption of the EU FDI Screening Regulation 2019/452 which came into force in October 2020.
The Regulation was a response to the growing concerns amongst Member States about the acquisition of strategic or sensitive European companies or technology by foreign-owned firms from third countries.
The Act empowers the Minister for Enterprise, Trade and Employment to respond to threats to Ireland’s security and public order posed by particular types of foreign investment, and to prevent or mitigate such threats.
This Act facilitates the operation of an investment screening mechanism in Ireland for the first time.
This mechanism has been designed to ensure the attraction of inward investment into Ireland is not deterred whilst at the same time empowering the State to prevent against potentially hostile investment.
Specifically, the Act:
The Act provides an appeals system that takes account of the fact that some information related to decisions cannot be disclosed publicly without undermining national security, even where that decision is appealed to the Courts.