Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I understand that it is an enhancement to where we are at, but I want to get it crystal clear in my own head. Whatever about common standards, a breach of that is committing a prescribed contravention. Clearly, in this legislation, it is defined how somebody commits a prescribed contravention. Therefore, you will have to find that the regulated firm is in breach first before you can find the individual in breach, because it states very clearly: "there has at that time been (or continued to be) a prescribed contravention by the regulated financial service provider". Therefore, you will have to find a prescribed contravention by the firm before you can actually look at the individual. Is that still the case, although it is now better than it was because you do not have to prove that that individual actually had hand, act or part? Basically, ignorance is no longer a defence if that person has an area of responsibility. It still creates a problem for us in terms of the process and length of time it will take if we have to prove that the firm committed the act before we can pursue the individual.