Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

On section 57, I will be interested to hear the Minister's clarifications, but it is my understanding that the Bill seeks to limit the unnecessary duplication of reporting transactions across the EU by allowing for an intermediary to make use of a filing exemption, where they have evidence that a filing has been made by an intermediary in another member state. I am curious about this. We know that mandatory disclosure requirements differ across the EU from member state to member state. Some member states are more transparent and require more in terms of the information that companies are required to file, rather than other questions. My question concerns the filing of exemptions for intermediaries. To take a hypothetical example, let us imagine a situation in which a corporate group structure utilises numerous special purpose vehicles, SPVs, in different jurisdictions for cross-border financial transactions and let us suppose that one of those SPVs is based in a jurisdiction with more limited disclosure requirements, while another is based here, requiring more disclosure. If the Irish intermediary is able to avail of a filing exemption because filing has taken place in a jurisdiction that requires less information, does the Irish regulator seek a copy of the original filing made in that other jurisdiction that is more limited in its requirements and is the Minister concerned that less stringent reporting requirements in other EU jurisdictions mean that this Irish filing exemption could increase the risk of tax and regulatory arbitrage on cross-border transactions?