Paschal Donohoe (Dublin Central, Fine Gael)
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I will speak to the section first. This section substitutes a new section for section 33AO of the Central Bank Act 1942, which provides for the circumstances in which the Central Bank may hold an inquiry into the suspected commission of or participation in a prescribed contravention. This amendment will facilitate the breaking of the participation link whereby enforcement action can only be taken against an individual after wrongdoing by a firm in which the individual participation has been proven.

The Deputy's point refers to how advanced that intentionality is. If the intentionality is at a point where it can be shown to be in breach of the conduct standards that are in the Bill, my expectation is that at that point the phrase "suspected commission" would mean they would be subject to the rigours of the Bill. This section refers to the commission in a prescribed contravention. I would expect that if the intentionality gets to a point where it can be proven that it is material that they are planning to commit an offence or contravention, that act of planning - of itself - should constitute a breach of the conduct standards.