IRELAND Law and Practice Contributed by: Philip Tully, Emma Doherty, Geraldine Carr, Simon Shinkwin and Carlo Salizzo, Matheson LLP
Matheson LLP 70 Sir John Rogerson’s Quay Dublin 2 Ireland Tel: +353 1 232 2000 Fax: +353 1 232 3333 Email: dublin@matheson.com Web: www.matheson.com
1. Legal System 1.1 Legal System and Judicial Order The judicial system in Ireland is established by the Constitution and the principal courts are the district courts and circuit courts (with lim - ited jurisdiction), the High Court (with unlimited jurisdiction in civil and criminal matters), the Court of Appeal (with appellate jurisdiction) and the Supreme Court (which usually exercises final appellate jurisdiction only). The judiciary is independent of the legislature and the executive. Ireland is a member state of the EU and of the UN. The Irish legal system is similar in many respects to that of the UK and the US. Irish law is based upon the common law, statute and the Constitution. The EU also represents an impor - tant source of Irish law, and decisions of the Court of Justice of the European Union (CJEU) exercise significant influence over Irish law. Ireland is the only EU common law jurisdiction, making it an attractive jurisdiction to establish operations and litigate international commercial disputes in. Other factors, such as the ease of doing business and the fact that it is the only Eurozone country in which English is the main language spoken, make Ireland one of the best destinations for foreign direct investment (FDI).
2. Restrictions on Foreign Investments 2.1 Approval of Foreign Investments The FDI Screening Regulation The EU Investment Screening Regulation (Regu - lation (EU) 2019/452, the “FDI Screening Regu - lation”) came into force in October 2020. The FDI Screening Regulation sets out rules which enable scrutiny of investment ventures pursued within the EU by third countries. Individual member states retain discretion as to whether they implement a screening system, but any such system must then meet basic criteria concerning confidentiality, transparency and the The Screening of Third Country Transactions Act (the “Screening Act”) came into effect on 6 Janu - ary 2025 and provides for a new FDI screen - ing regime, as mandated by the FDI Screening Regulation. The regime provided for in the Screening Act is suspensory (with criminal sanctions) and involves very low thresholds. It covers a wide variety of sectors (eg, critical utilities and infra - application of review timeframes. The Screening of Third Countries Transactions Act 2023
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