Michael Ahern (Cork East, Fianna Fail)

At a meeting, Commissioner Verheugen wondered why strange regulations, such as those regarding straight bananas, were being made. He went on to say that people are trying to justify their existence.

Deputy Hogan raised an important issue. We want to reduce the burden of compliance and section 6 goes a long way towards doing so. The Financial Regulator and the IAASA will operate in this area, but they will do different jobs. While there was much discussion on whether financial recording should be handled by the Financial Regulator, it will be dealt with by the IAASA, which includes people with experience in auditing and financial reporting. The Financial Regulator will deal with the issue of share prospectuses, the trading of shares and the EU transparency directive.

There will be no duplication of work, but the two authorities will share information. The Deputy was right to raise the matter of duplication, but we examined the issue to ensure that another empire-building organisation was not being set up. I agree wholeheartedly on the need to ensure an examination of the question of regulation, which the Minister, Deputy Martin, will do before he rides off into the sunset.

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