Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We have been waiting for five years.

I am sure if we need another day, the committee will be able to facilitate that speedily.

Section 39 relates to something I mentioned earlier. It replaces those in management with persons with a "controlled function". It involves breaking the participation link by replacing the concept of a person concerned with the management of a regulated financial services provider with the concept of a person performing a controlled function in relation to a regulated service provider. Obviously being able to identify the controlled function and, therefore, the individual is a really important step for reasons that are outlined in the Bill. People will have areas of responsibility in the context of controlled functions and all of that will be laid out by the Central Bank in the agreements with the regulated financial institutions in terms of the information they must furnish to it. This section replaces the concept of persons concerned with the management of a regulated financial services provider with the concept of persons with controlled functions. Does that in any way limit our ability to pursue those in management positions? Some in management positions will be performing controlled functions anyway and those controlled functions will have responsibility further on down the food chain.

Let us look at the controlled functions. We are talking about executive directors, non-executive directors, independent non-executive directors, as well as the chairs of the board and of the audit, risk, remuneration and nomination committees, the chief executives, members of partnerships, sole traders, heads of finance, heads of compliance, heads of internal audit, chief risk officers, branch managers, heads of retail, chief operating officers, chief information officers, and heads of anti-money laundering. In banking, we are also talking about treasury, credit, asset liability, material business line, head of market risk and so on. It is my understanding that other members of the boards would not fall under this. Is that right? There may be members of boards who are taking decisions that are risky or who have knowledge of what is happening but who do not have a pre-approved controlled function. We are replacing the concept of persons concerned in the management of a regulated financial service provider with those in controlled functions. While I support the idea of controlled functions being identified, I am concerned about how this would apply to those at senior levels who do not have controlled functions, that is, members of boards who are not the chair, for example.