Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

We define terms in legislation all the time and we are doing so again in this Bill. There is reference to "degree of care" and "diligence required" but there is no definition for either of those terms, apart from the fact that there must be "regard". The word "regard" could be debated by barristers in the Four Courts for a couple of sessions with respect to "trust deed conferring on him or her any powers, authorities or discretions". It seems from reading the section that the degree of care and diligence is defined by the trust deed conferring on him or her the powers but the section also refers to "having regard". Could the definition of degree of care or diligence required strengthen this legislation?

It is a minor element that goes through financial legislation all the time but in the past it may have appeared as if there has been a lack of due care or diligence in certain areas but the legislation may not be clear-cut. Other countries have more robust legislation but we do not seem to be as strong. The question seems to concern the definition of terms inserted, including "degree of care and diligence required" or "having regard to". I do not have any suggestions but it occurred to me when reading the section that it could need further scrutiny.