Noel Treacy (Galway East, Fianna Fail)

I move amendment No. 13:

In page 54, after line 42, to insert the following:

"87.—(1) Section 33AN of the Central Bank Act 1942 (inserted by the Central Bank and Financial Services Authority of Ireland Act 2004) is amended by inserting the following definitions after the definition of 'contravene':

'"designated enactment" does not include Part 4 or 5 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005;

"designated statutory instrument" does not include the Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. No. of 2005) or the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. No. of 2005);'.

(2) Schedule 2 to the Central Bank Act 1942 (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003) is amended—

(a) in the item relating to the Postal and Telecommunications Services Act 1983, in column 3 of Part 1, by substituting 'Sections 67 and 104' for 'Section 104',

(b) in the item relating to the Dormant Accounts Act 2001, in column 3 of Part 1, by substituting 'The whole Act' for 'Part 3 and section 17',

(c) by inserting in Part 1 the following item after the item relating to the Assets Covered Securities Act 2001:

'
No. 28 of 2001	Company Law Enforcement Act 2001	Section 110A
No. 2 of 2003	Unclaimed Life Assurance Policies Act 2003	The whole Act
No. — of 2005	Investment Funds, Companies and Miscellaneous Provisions Act 2005	The whole Act
',

and

(d) by inserting in Part 2 the following items after the item relating to the European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002):

'
S.I. No. 211 of 2003	European Communities (Undertakings for Collective Investments in Transferrable Securities) Regulations 2003	The whole instrument
S.I. No. 198 of 2004	European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004	The whole instrument
S.I. No. 727 of 2004	European Communities (Financial Conglomerates) Regulations 2004	The whole instrument
S.I. No. 853 of 2004	European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004	The whole instrument
S.I. No. 13 of 2005	European Communities (Insurance Mediation) Regulations 2005	The whole instrument
S.I. No. — of 2005	Market Abuse (Directive 2003/6/EC) Regulations 2005	The whole instrument
S.I. No. — of 2005	Prospectus (Directive 2003/71/EC) Regulations 2005	The whole instrument
',".

Under the 1942 Central Bank Act, as amended by the Central Bank and Financial Services Authority of Ireland Act 2003, the Irish Financial Services Regulatory Authority, IFSRA, in respect of Acts specified in Schedule 2, discharges the function of the Central Bank and Financial Services Authority of Ireland. In Parts 2, 3, 4 and 5 of the present Bill, certain functions are being given to the Central Bank and Financial Services Authority of Ireland. It was always the intent that these would be discharged by IFSRA.

No difficulty arises in Part 3 as this Part amends Part XIII of the 1990 Act. However, in respect of Parts 2, 4, and 5, we have now been advised by the Office of the Attorney General and the Parliamentary Counsel that the necessary designation should be done by way of primary law. Separately, the Department of Finance already had under consideration some changes to the Second Schedule and was proposing to add other statutory provisions to the Schedule. The purpose of the amendment in subsection(2) is to make all the changes needed to the Second Schedule in primary law. The amendment in subsection(1) is required to ensure that the administrative sanction regime set up in the Central Bank and Financial Services Authority of Ireland Act 2004 does not apply to the market abuse and prospectus provisions. Consequent on that, I would be grateful if the House were to accept this proposal.

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