Results 26,981-27,000 of 35,894 for speaker:Pearse Doherty

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

Pearse Doherty: I was drawing a comparison between the public notice for a voluntary and 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)

Pearse Doherty: Yes, and about people who would continue to invest during the period when a Central Bank has issued its notice that it is about to strike off an ICAV but business continues.

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

Pearse Doherty: I understand that, but an ICAV could go into liquidation. An ICAV may not be registered and may not have complied with section 13. If an ICAV continues to operate during that period of notice, which is, I understand, 28 days, it could continue to draw investment into the funds it manages. I know the Central Bank has proposals to try to get them back, but in the case of a liquidation they...

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

Pearse Doherty: I have no problems with the amendments. We are dealing with quite technical matters, and we can all acknowledge this is quite technical and an area we do not interact with in our daily lives. We are on page 75 of the legislation that was passed on Second Stage and there are five pages left, yet we have 22 pages of amendments. These amendments are not like the amendments we dealt with...

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

Pearse Doherty: I agree with the Minister of State that it is just a matter of ensuring what is in company law is also in this Bill. The problem for ourselves, when we get this number of amendments coming in late in the day, is that the first thing we ask ourselves is where the Department is coming up with this and why it is coming in like this. It is not clear. When we are informed, it is then our job to...

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

Pearse Doherty: In regard to the resolution, can I take it that is related to the AGM?

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

Pearse Doherty: We are moving from registered post to e-mail in all legislation but the consequences for somebody who does not read the e-mail should be considered. I recognise that something would have happened prior to that but the consequences for the fund could be drastic. It is not a case of changing from post to e-mail or forms being submitted electronically instead of in writing. Registered post...

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

Pearse Doherty: That is fine.

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

Pearse Doherty: On the appointment of auditors, the legislation provides that an ICAV "shall, at each annual general meeting appoint an auditor or auditors to hold office". How does this provision interact with the provision that ICAVs are not required to hold an annual general meeting?

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

Pearse Doherty: The practice in these types of fund which are public limited companies is that nobody turns up for annual general meetings. These are large funds and cannot be compared to a local credit union. This should not, however, weaken the position of the auditor or his or her ability to flag issues, as the Minister of State pointed out. While I welcome the provision allowing shareholders to call...

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

Pearse Doherty: That is fine. The Minister of State has cited subsection (4) which refers to a decision to dispense with the holding of an annual general meeting. If an AGM does not take place, how does one deal with the issue of appointing auditors?

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

Pearse Doherty: How does that subsection interact with subsection (6) which provides that the Central Bank may appoint an auditor where none is appointed by the ICAV? Where subsection (5) provides that the directors may appoint an auditor in the event that subsection (4) is not fulfilled, subsection (6) provides that the Central Bank may appoint the auditors in the event that subsection (4) is not...

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

Pearse Doherty: The Minister of State should excuse me if I am wrong. Subsection (6) reads: "Where, in any case, no auditors are appointed as required by subsection (4), the Bank may appoint a person to fill the vacancy". Should it not read as follows: "Where, in any case, no auditors are appointed as required by subsection (5), the Bank may appoint a person to fill the vacancy"?

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

Pearse Doherty: Does subsection (4) not apply in the event that an annual general meeting is dispensed with? Subsection (4) only deals with cases where an AGM is dispensed with and provides that in such circumstances "any auditor or auditors appointed in accordance with subsection (2) or (3) cease to hold office and the directors shall immediately reappoint the auditor or auditors or appoint a new auditor...

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

Pearse Doherty: The section refers to category 2 offences. What are these offences?

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

Pearse Doherty: I welcome the inclusion of the true and fair test. It is an issue I have raised. Because we are giving legislative approval for the first time to these types of fund I am not convinced that we should allow flexibility to present the annual accounts for Irish domiciled funds in five ways, at a minimum; there may be others listed in secondary legislation. It is an issue in financial...

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

Pearse Doherty: That is fine. I am not sure if I will table amendments. Accounting standards are like a different language.

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

Pearse Doherty: We are allowing people in the State to present their accounts in a different language.

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

Pearse Doherty: I agree with the Minister of State and welcome the amendment to the legislation. However, when we are looking at our regulatory body to oversee this issue, we should make it as simple as possible. I am open to being convinced in asking to have these funds apply international standards. The debate globally is moving towards the use of international standards. There is resistance to this...

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

Pearse Doherty: Because banks used different standards in the past they were able not to disclose all of their losses. Making it flexible for them, even with the amendment, will allow funds to pick and choose the standards that benefit them. We should not do this. There is a risk in that regard to investors. There may not be a risk to the State as such, but there is a risk to financial institutions...