Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

As for the ODCE now, the authority will have the power to issue a range of warnings, directions or notices, the power to enter and search premises and take documents or other material, and also the power to bring summary criminal prosecutions.

I will now turn to the other elements of the general scheme. The Companies Act 2014 is kept under active review in the light of changing circumstances; for example, court judgments or problems that arise from time to time. The Company Law Review Group provides valuable expert advice and recommendations on the reform of company law in Ireland. The general scheme implements recommendations of the group on corporate governance and shares and share capital. The general scheme also incorporates some additional provisions, including a new ground for the restriction of company directors, measures with respect to the conduct of liquidations and the oversight of liquidators, and measures providing for greater transparency when it comes to the register of companies.

Finally, the general scheme makes some miscellaneous amendments to the Companies Act 2014. These include technical provisions replacing references to the director in light of the new authority being established.

I will consider any further powers identified as a requirement for the corporate enforcement authority in carrying out its functions in the ongoing development of legislation by the Department. I wrote to the Chairman in December regarding the report of the Hamilton review and its support for this legislation. Arising from that review, an action plan will be developed and led by the Minister for Justice. The Department will be engaged in this work where relevant to its remit.

The Government is keen to progress this legislation. It is an important milestone for corporate enforcement in Ireland. By establishing the corporate enforcement authority as a stand-alone agency in its own right, and by providing for its autonomy, resources and enforcement powers, we will strengthen Ireland's regulatory framework for the conduct of business now and into the future.

I look forward to hearing members' views and taking questions on the general scheme. I am joined by the Minister of State, Deputy Troy, who has responsibility for the Companies Acts and will be taking some of the legislation in the Dáil and the Seanad.