Results 2,981-3,000 of 45,510 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: That is a good idea. We provided a briefing on ICAV before Second Stage, which was useful, but we did not do it before Committee Stage. I take the point and I know time was tight. I am more than happy to make my speaking notes available to the Deputy now, in advance of Report Stage, which should help him if he wants to apply a further level of scrutiny. Going forward, I have no difficulty...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I am happy to facilitate that. It leads to better scrutiny and better legislation, so it is not a problem.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 42: In page 74, after line 35, to insert the following: “Registration documents 124.(1)In this Chapter “registration documents”, in relation to a migrating body, means the following documents: (a)a copy, certified and authenticated in such manner as may be specified by the Bank, of the certificate of registration or equivalent certificate or document...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 43: In page 74, after line 35, to insert the following: “Continuation of migrating body 125.(1)A migrating body may apply to the Bank to be registered as an ICAV in the State by way of continuation. (2)Where an application is made under subsection (1), the Bank shall not register the migrating body as an ICAV in the State unless it is satisfied that all of the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 44: In page 74, after line 35, to insert the following: “Supplementary provision in relation to section 125 126.(1)The migrating body shall notify the Bank, within 3 days after the date of its de-registration in the relevant jurisdiction, of that de-registration in such manner and form as may be specified by the Bank. (2)On registration of the migrating body under...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 45: In page 74, after line 35, to insert the following: “Chapter 2 De-registration following migration outDefinitions 127.(1)In this Chapter⁠— “applicant” means an ICAV that applies under section 128to be de-registered under section 129; “relevant jurisdiction”, in relation to an ICAV, means the place, outside the State,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 46: In page 74, after line 35, to insert the following: “De-registration of ICAVs when continued under law of place outside the State 128.(1)An ICAV which proposes to be registered in a relevant jurisdiction by way of continuation as a body corporate may apply to the Bank to be de-registered in the State. (2)Where an application is made under subsection (1), the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 47: In page 74, after line 35, to insert the following: “Provisions supplementary to section 128 129.(1)Unless the High Court orders otherwise, when one or more than one application is made under section 128(5), a resolution specified in paragraph (c)of the definition of “transfer documents” in section 127(1)in relation to an ICAV shall not take...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 48: In page 74, after line 35, to insert the following: “Chapter 3 Declaration of solvencyStatutory declaration as to solvency 130.(1)Where an application is made under Chapter 1or 2a director of the migrating body or ICAV making the application shall make a statutory declaration, in such form as may be specified by the Bank, stating that he or she has made a full...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I should just flag the point that I may need to bring some technical amendments to section 123 in regard to the cross-application of receivership from the Companies Act to make sure the Act operates effectively.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: There is the same provision for section 124 in terms of the crossover.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 49: In page 75, between lines 20 and 21, to insert the following: “PART 9 Strike Off and Restoration Chapter 1 Strike off of ICAVWhen Bank may strike ICAV off register 125.(1)Except in the case of an application by an ICAV to be struck off the register of ICAVs, the Bank may strike an ICAV off the register of ICAVs if⁠— (a)the ICAV is not an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: It is an important question. I take the point that it is not always about compliance, but putting in the remedial steps in respect of the grounds of strike-off is an important safeguard for an ICAV which is trying to avert the strike-off. There are conditions for a voluntary strike-off. Deputy Doherty asked about an involuntary strike-off.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: The Deputy is concerned about people with funds in the ICAV.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: A process is gone through before the bank revokes the authorisation, which ensures that the funds are returned to the appropriate investors in the fund before the authorisation is revoked. It is not a matter of striking off the ICAV and leaving investors in the fund to fend for themselves.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I take the Deputy's point. Where an ICAV is, in effect, going into or is in liquidation, but there is a period of time during which the fear is that it will continue to take in more funds, the Central Bank has the power to immediately stop the bank seeking new funds or issuing new shares. It is something I am happy to re-examine between now and Report Stage. It is not the case that a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 50: In page 75, between lines 20 and 21, to insert the following:“Grounds for involuntary strike off 126.The grounds referred to in section 125(1)(b) are:(a) the Bank has reasonable cause to believe that the ICAV no longer complies with section 13; (b) the ICAV, not being authorised under the UCITS Regulations, has not applied for authorisation under section 18by...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 51: In page 75, between lines 20 and 21, to insert the following:“Bank’s notice to ICAV of intention to strike it off register 127.(1) The Bank may give notice in accordance with section 128of the Bank’s intention to strike an ICAV off the register of ICAVs on a ground set out in any of paragraphs (a)to (e)of section 126.(2) The Bank shall send the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 52: In page 75, between lines 20 and 21, to insert the following:“Contents of Bank’s notice to ICAV 128.(1) The Bank’s notice under section 127shall —(a) state that the issue of the notice is the first step in a process that may lead to the ICAV being struck off the register of ICAVs, (b) state the ground or grounds for striking off being...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 53: In page 75, between lines 20 and 21, to insert the following:“Meaning of remedial step 129.For the purposes of sections 128, 130 and 133, the remedial step is whichever of the following applies:(a) in the case of the ground for striking off set out in section 126(a), having brought itself into compliance with section 13; (b) in the case of the ground for...