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Thursday, 18th April 2024 |
| Single financial services Bill proposed |
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The Department of Finance has launched a consultation process on how best to achieve consolidation and/or simplification of the legislation governing the regulation of the financial services sector. The intention is that a proposal for a Bill will be developed with a view to the presentation of a Bill to the Oireachtas next year. This Bill will complement the Central Bank and Financial Services Authority of Ireland Acts 2003 and 2004, which established a new regulatory structure for the financial services sector in the form of the Irish Financial Services Regulatory Authority (IFSRA).
The Bill to be presented to the Oireachtas should, amongst other things:
- Bring together in a single, modern legal text all of the primary legislation governing the regulation of the financial services sector (apart from the legislation related to company, tax etc issues).
- Provide the legal framework for achieving the Government’s consumer protection and financial stability objectives in a way that does not impose a disproportionate burden on regulated entities.
- Facilitate the international competitiveness of the financial services sector.
The Department is now inviting comments on the proposed bill from interested parties. Comments are invited particularly on the following:
- Should the Bill lay down general regulatory principles applicable to all sectors, or continue with a modified version of the present sector-based approach?
- Whether and how the overall burden on regulated entities, arising from the current legislative structure, might be reduced, while ensuring effective regulation and consumer protection. |
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| Article appeared in the October 2004 issue.
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