Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I move amendment No. 15:

In page 41, to delete lines 27 to 31 and substitute the following:“(c) by the substitution of the following subsections for subsections (4) and (5):

“(4) Subject to subsection (5), the Supervisory Authority may make regulations respecting the procedures to be followed in conducting enquiries under section 933 and investigations under section 934 or 935.

(5) There is no obligation to make regulations under subsection (4) with respect to a particular provision referred to in that subsection.”, and”.

This amendment is technical to provide for transitional matters relating to hearings, privileges and procedural rules of the IAASA. Section 39 makes a number of technical changes to certain rules regarding hearings, privileges and procedural rules of the IAASA set out in section 938 of the Companies Act 2014. Under the revised subsection (4), the IAASA must make regulations for new procedures to be followed under its amended powers with regard to how it conducts inquiries and investigations. There is a new requirement for the IAASA to publish these regulations on its website in subsection (6).

This amendment provides that there is no immediate obligation on the IAASA to put in place new regulations. This is because there will be a necessary time lag between the Bill being enacted and the implementation of the regulations, for example, to permit public consultation by the IAASA. In the meantime, certain powers will be operative without such regulations being required and existing regulations will continue to have effect until they are replaced.