Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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This chapter enables the bank to authorise an ICAV which is not authorised under the UCITS regulations. A concern I expressed, which is my primary concern, is that this seems to be a mechanism to encourage activity in this area without appropriate regulation and that there is a lesser regulatory burden on these ICAVs than there might otherwise be. Given that it is lack of regulation in the area of financial speculation that landed us in the mess we are in, I would like to know the meaning of authorising things that are outside the UCITS regulations. I am not familiar with them but I presume those regulations are the more normal regulatory regime. Why are we authorising things and insulating them from the normal regulatory regime?