Noel Treacy (Galway East, Fianna Fail)

Part 3 introduces investment fund segregated liability and cross-investment, facilitating the ring-fencing of liability at subdued level and allowing for cross-investment between sub-funds and an umbrella structure. Parts 4 and 5 facilitate the implementation of the EU market abuse and prospectus legislation. Part 6 makes a number of amendments to the Companies Acts that have arisen from difficulties with the operation of existing provisions, facilitates operators using electronic technology and rectifies an incomplete cross-reference in existing law.

Part 7 makes necessary amendments to consumer law, mainly increasing the maximum level of fines that can be imposed on conviction for breach of consumer protection legislation. It also amends the Competition Act 2002, the Irish Takeover Panel Act 1997 and the Industrial and Provident Societies legislation. Arising from amendments made earlier, it also amends the Central Bank Act 1942.

I thank Members for their valuable contributions and their co-operation. I also thank the staff of the Office of the Parliamentary Counsel and the Attorney General's office for their assistance in the drafting of the legislation and the excellent staff in the Department of Enterprise, Trade and Employment, whom I had the pleasure of working with for almost five years.

See this speech in context