Simon Harris (Wicklow, Fine Gael)
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I take the point and I do not disagree with much of what has been said other than the fact that we are bringing legislation to the House. There are approximately 70 various proceedings that can be instigated by either the Central Bank or the Office of the Director of Corporate Enforcement. The issue is one of enforcement and there is significant regulation. There is the undertakings for collective investment in transferable securities, UCITS, regulation, for example. I am not pretending to bring additional measures but there is a list of various enforcement measures that can be taken by the bank in the instigation of proceedings for offences, as well as the Office of the Director of Corporate Enforcement. There are many references to them throughout the Bill.

I am open to hearing more from the Deputy about this on Report Stage but I am not necessarily sure how it can be further beefed up in this legislation. The issue is more about enforcement and for that we have the Central Bank, a regulator and the Office of the Director of Corporate Enforcement. We are not in any way letting any fund get away with less oversight than they now would if they operated under the Companies Bill, which will soon be enacted.