Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Section 6 is probably the meatiest part of the Bill. The new section 53D deals with relevant circumstances for the purposes of the new sections 53B and 53C. This relates to determining the circumstances, relevant for the purpose of subsection (2), that would apply to a person performing functions in respect of a regulated financial service provider. Matters to be considered include: the nature of the business; the functions of the person; the level of knowledge and experience of the person; and the existence and application, or otherwise, of effective systems and oversight. Will the Minister explain the new section 53D and its purpose, particularly in the context of the knowledge and experience of the person and the relevance of that?