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Regulator says it will significantly increase securities regulation Back  
The Financial Regulator has said that it intends to ‘increase significantly its role in the regulation of authorised securities markets’ in the next three years’ in its Strategic Plan 2008-2010. The increased involvement will look to develop the systems and staff required to monitor trades on securities markets, and will put long-term arrangements in place for the approval of prospectus documents.

In addition, the Regulator announced that its new transaction reporting system for Irish investment firms will go live in 2008. The systems allow Irish investment firms to report to the Regulator on all trades in securities which are admitted to trading on regulated markets. The systems were put in place following significant industry contribution in the development of its reporting systems.

The Regulator said that it is conducting a review of fund administrators in Ireland, in the light of the credit and liquidity crisis’ impact on the hedge fund markets. According to the report, the purpose of the review is to ‘ascertain how recent events are impacting on both their Irish and non-Irish fund business.’

A second point made in the report in respect of hedge funds is the publication of a new EU Directive in the funds area. This will be finalised in ‘early 2008’ and will ‘modify existing regulations concerning the notification procedures, fund mergers, pooling, management company passport, simplified prospectus/investor disclosures, supervisory powers and cooperation.’

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