Mr. Colm Kincaid:

Excuse me. If they were describing themselves as carrying on a service that is regulated by the Central Bank, they would require authorisation to do so. Not all financial or investment activity will necessarily be regulated by the Central Bank. I am sure the Deputy knows this, but for the benefit of the record, certain types of investment activity may not be regulated by the Central Bank. The instrument involved may not be a regulated financial instrument, for example. To be clear, in respect of any actor holding themselves out publicly as carrying on a service that requires Central Bank authorisation, we will look to see that activity brought to an end, we will publish a warning notice on it to the public and we will engage with An Garda Síochána. One of the key trends we see is what we call cloning, that is, cases of firms holding themselves out as if they are regulated entities with the names of existing regulated entities.