Dominic Conlon
Partner | Legal
Ireland
Partner
Ireland
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Newsletter
26 October 2023
Ireland
4 min read
ON THIS PAGE
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Foreign direct investment (FDI) has been a key pillar of Ireland's economic strategy for decades and has helped fuel economic growth in Ireland and the brand success of 'Ireland Inc.' since the mid-1990s. FDI remains key to Ireland's economic success, and today, Ireland is the most popular destination for FDI projects in the EU, when measured on a per capita basis.
In recognition of this, the Ogier team prepare a quarterly FDI newsletter which provides news, legislative updates, statistics and analysis relevant to FDI into Ireland.
Welcome to the third edition of Ireland's FDI Quarterly Update.
In today's edition, our Irish Corporate team highlights all major legislative developments relating to foreign direct investment into Ireland and offers unique insight as to future updates.
Since our last update, it has been reported that a surge in life sciences investment that helped make Ireland the EU’s top performing economy in the past two years will continue. This was according to the Irish foreign investment authority IDA Ireland's chief executive, Michael Lohan. It seems the features that attract investment to Irish shores - as we highlighted in our previous update - will endure despite global changes including the proposed increase of the corporate tax rate to 15%, due to become effective in January 2024.
Enjoy this update.
As part of the same EU digital services package as the Digital Services Act, the Digital Markets Act (DMA) targets 'gatekeepers' of digital markets. On 6 September 2023, the European Commission formerly designated six gatekeepers for the purposes of the DMA being tech giants Apple, Alphabet (Google), Amazon, Meta, Microsoft and ByteDance (TikTok). The six gatekeepers will now have until March 2024 to ensure full compliance with the DMA obligations for each of their designated core platform services.
The DMA aims to ensure contestability and fairness in the digital market by imposing obligations on gatekeepers designed to curb anti-competitive practices and foster a fairer playing field for smaller tech companies, for which the DMA could provide a significant boost.
The obligations imposed on gatekeepers, from March 2024, include ensuring interoperability and data portability, preventing unfair practices, and providing more transparency in online advertising services. These measures are likely to reduce the dominance of gatekeepers and provide smaller companies with a fair chance to compete.
For investors eyeing the ever popular tech sector in Ireland, this regulatory shift could potentially open new avenues, particularly in relation to smaller tech prospects. As gatekeepers face increased regulatory scrutiny and changes to their business practices, smaller tech companies may find it easier to enter the market, innovate, and gain market share. This could lead to increased growth and profitability for them, potentially offering higher returns for investors.
However, this should be cautious optimism as smaller companies will need to strategise effectively in order to compete with the resources and brand recognition of established tech giants as the gatekeepers pivot to react to the regulatory shift.
The historical and cultural ties between Ireland and the United States have led to significant reciprocal investment. However, there are key differences in legal approaches between the two jurisdictions that US investors should be aware of, especially when Irish law governs transaction documents:
Upon the transfer of shares in an Irish company, stamp duty must be paid on the consideration for a sale of shares or the market value in the event of a gift pursuant to the Stamp Duties Consolidation Act 1999 (the 1999 Act). The obligation to pay stamp duty is on the purchaser of the shares and the standard rate is 1%.
Oisín McLoughlin, partner and Sharon Meaney, associate set out five key considerations when dealing with stamp duty in the context of a share transfer.
Stamp Duty and Share Transfers: five key considerations | Ogier
Ogier's Dublin-based Corporate team worked alongside Cantor Fitzgerald, Ahascragh Distillery and their advisors to secure up to €4.55 million of investment by way of the Employment Investment Incentive Scheme.
The European Union legislative regimes created by the Prospectus Regulation (Regulation 2017/1129/EU) (Prospectus Regulation) and the Market Abuse Regulation (Regulation 596/2014) (MAR) should be borne in mind by companies investing or conducting business in European Union (EU) countries, to include Ireland.
Our corporate team have put together a refresher on this important piece of European legislation.
A refresher on the Prospectus Regime and MAR | Ogier
In this article which first appeared in Finance Dublin, partner in our Corporate team Oisín McLoughlin describes the strong expectation that deals between private equity players will increase in the Irish market in 2024.
The increasingly influential role of private equity in Irish M&A | Ogier
Ireland is the European jurisdiction of choice for locating special purpose vehicles (SPVs). Eoin Hamill and Laura Holtham from our Irish Banking and Finance team, with Michael Carroll, Head of Debt Capital Markets at Ogier in Ireland discuss establishing SPVs in Ireland for finance transactions.
Establishing SPVs in Ireland for Structured Finance transactions | Ogier
The new Central Bank (Individual Accountability Framework) Act 2023 seeks to enhance the Central Bank's existing fitness and probity regime, and ameliorate individual accountability among financial service providers.
Partner Stephen O'Connor and senior associate Clodagh Buckley from our dispute resolution team in Ireland break down the Act and its significance for Irish finance.
Dominic Conlon
Partner | Legal
Ireland
Partner
Ireland
Contact Dominic
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Oisín McLoughlin
Partner | Legal
Ireland
Partner
Ireland
Contact Oisín
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Bláthnaid Evans
Head of Employment and Corporate Immigration | Legal
Ireland
Head of Employment and Corporate Immigration
Ireland
Contact Bláthnaid
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Ryan Duggan
Senior Associate | Legal
Ireland
Senior Associate
Ireland
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Matthew Van Der Want
Senior Associate | Legal
Ireland
Senior Associate
Ireland
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Sharon Meaney
Associate | Legal
Ireland
Associate
Ireland
Contact Sharon
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Lydia Foley
Trainee Solicitor | Legal
Ireland
Trainee Solicitor
Ireland
Contact Lydia
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Hugo Mahony
Associate | Legal
Ireland
Associate
Ireland
Contact Hugo
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Aaron Kelly
Associate | Legal
Ireland
Associate
Ireland
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Eoin Hamill
Managing Associate | Legal
Ireland
Managing Associate
Ireland
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Laura Holtham
Partner | Legal
Ireland
Partner
Ireland
Contact Laura
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Michael Carroll
Managing Director, Ireland and Head of Debt Capital Markets | Corporate and Fiduciary
Ireland
Managing Director, Ireland and Head of Debt Capital Markets
Ireland
Contact Michael
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Stephen O'Connor
Partner | Legal
Ireland
Partner
Ireland
Contact Stephen
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Clodagh Buckley
Senior Associate | Legal
Ireland
Senior Associate
Ireland
Contact Clodagh
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