Results 3,241-3,260 of 32,432 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: They must go directly to the High Court. This is the key issue here. Regarding prohibition notices, the only recourse available is through the High Court.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I am sorry for interrupting the Deputy, but this is all this section deals with. When I say "all", it is a big issue, because this is what this section is purely focused on. I refer to the relationship between the High Court, the Central Bank and the individual with regard to a prohibition notice.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: It is an individual rather than the regulated financial service provider.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: It would refer to requiring the person concerned to cease performing an element of his or her role. This is the issue that could be subject to the High Court's role.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: Under the amendments we have made, in the situation described by the Deputy, for example, where an individual receives a prohibition notice and ends up deciding to appeal that to the High Court, even in that scenario the person concerned can still be suspended from his or her role while that process is playing out. Regarding the time involved, that is going to be a matter for the courts. As...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: This section deals with the possibility that the prohibited person is performing a controlled function in respect of a holding company and that they incorporate the provisions of repealed section 44. Section 31 provides for the circumstances where a prohibited person or any regulated financial service provider or holding company, in relation to which the prohibited person was performing a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I move amendment No. 13: In page 38, line 26, after “means” to insert “, subject to subsection (1A),”. I propose to discuss amendments Nos. 13 to 16, inclusive, in section 37, together with amendment No. 17 in section 43, as these amendments deal with the extension of the definition of "authorised officer" to be inserted into section 33AN of the Central Bank...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I move amendment No. 14: In page 39, line 2, to delete “following subsection” and substitute “following subsections”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I move amendment No. 15: In page 39, between lines 2 and 3, to insert the following: “ “(1A) Where, under a provision of a designated enactment other than section 24 of the Central Bank (Supervision and Enforcement) Act 2013, or under a designated statutory instrument, the Bank has power to appoint authorised officers with powers exercisable in relation to a prescribed...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I ask the Deputy to bear with me as I make sure I understand his question-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: Yes. The example the Deputy gives is of somebody being on a board but not in a controlled function. Is that the issue?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In the context of the board example used by the Deputy, the role of controlled functions is so broad that it is impossible to see how somebody could be on a board and not be captured by the definitions here. In particular, I refer to the definition of PCF-2, which simply refers to non-executive directors. It is also open to the Central Bank to expand the roles here if it so wishes where it...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In those situations, the other members of the committee would be controlled functions and would be subject to that part of the legislation. My understanding is that risk committees are formed by members of the board so the members of the risk committee, in that case, would be caught inside the net of PCF-2. They would be inside the parameters of PCF-2.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In any event, when this legislation is being implemented, if the Central Bank is of the view that we have missed a particular role within the financial services sector, the list can be expanded. That would require regulation rather than primary legislation. That could happen but our view is that this list is really broad.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In which case, he or she would be performing in a controlled function role. The definition that would be relevant to the company secretary is the definition of controlled function No.1, which is the ability to exercise a significant influence on the conduct of the affairs of a regulated financial services provider.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: In this situation, they are subject to the additional conduct standards that we discussed earlier.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: I will come back to the Deputy on that matter. I understand the point he is making.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: Absolutely. However I would make the point again, which the Deputy has acknowledged, that we have the ability to expand the list via regulation. I will look at the particular issue the Deputy raised where someone on a board might not be a non-executive director. That is a good issue of consistency which I will look at.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Paschal Donohoe: The intention of this section is to extend each pillar of the fitness and probity regime to holding companies in banking, insurance and the investment-firm sector and to individuals performing controlled functions in relation to those holding companies. This will introduce a uniform approach to fitness and probity across all regulated financial service providers and holding companies in...