Simon Harris (Wicklow, Fine Gael) | Oireachtas source

This is a technical amendment that seeks to clarify and confirm the OCDE's role in the context of the ICAV regime. The amendment concerns particularly the functional powers of the office. It specifically cross-applies sections 953, 956 and 957 of the Companies Act 2014. As a result, section 953 provides that the ODCE is not liable for any act taken or omission pursuant to the Act. Section 956 provides for confidentiality within the OCDE when dealing with ICAVs, while section 957 provides for gateways for the disclosure of information by certain bodies to the OCDE where offences may be carried out by an ICAV manager.

Section 188(2) extends the functions of the office to include its functions under the Bill. The amendment provides that the office will ensure the effective application and enforcement of the obligations, standards and procedures as set out in the Bill, where necessary and appropriate, by way of its compliance, investigatory and prosecution powers.

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