Results 42,661-42,680 of 46,267 for speaker:Simon Harris

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Similarly, this amendment has been designed to adapt specific use of the regulations in their application to ICAVs that are authorised as AIFs pursuant to section 19 of the Bill. This will enable the bank to operate a similar regime for all ICAVs, regardless of whether they are UCITS or AIFS.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: The amendment provides for changes to the Central Bank Act 1942 to take account of the ICAV. Subsection (1) amends section 33AK of the Central Bank Act 1942 and is necessary to provide a gateway for the Central Bank to furnish information to the Office of the Director of Corporate Enforcement, OCDE concerning its functions under the Bill. Such a gateway is provided for the passing of...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: 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...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: I understand amendments Nos. 2 and 10 will be discussed together. Amendment No. 2 provides that a director must disclose in his or her statement, required under section 10 for registration of an ICAV, if he or she is disqualified under the law of another country from acting as a director or secretary of an entity. The amendment effectively provides for the insertion of section 23 of the...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: The purpose of amendment No. 3 is to ensure the Central Bank is notified of the details of an external fund manager in the case of an alternative investment fund ICAV. In relation to an ICAV that is an alternative investment fund, it will have either internal management within the ICAV or appointed external management. The Central Bank, through the authorisation process of the internal...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Will the Deputy, please, repeat the question?

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: As is already the case with regard to bodies regulated by the Central Bank, fees are payable to it for supervision.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendments Nos. 4 and 5 are minor drafting corrections. Amendment No. 4 proposes the insertion of the word "that" after the word "satisfied" on line 8 of page 22, while amendment No. 5 proposes to delete the word "that" on line 9 of page 22.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 6 is a minor drafting correction which deletes the original paragraph (h) and replaces it with the same text but not within a paragraph.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 7 seeks to make the rules on the execution of documents consistent with the position under the Companies Act 2014 in respect of public limited companies. ICAVs may wish to authorise other individuals such as the investment manager to execute standard trading documents on behalf of the ICAVs. The original text which limited signatories to the directors and company secretary is...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 8 inserts a new provision in the ICAV Bill that stems from the introduction of section 78, being the provision governing fiduciary duties owned by a director. The section mirrors section 232 of the Companies Act 2014. The amendment obliges the director who acts in breach of his or her fiduciary duties to account to the ICAV for any gain he or she has made arising from the...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: This amendment amends section 85(2)(l)of the ICAV Bill which refers to section 863(2) of the Companies Act 2014. Section 863 of the Companies Act 2014 provides that details of a disqualification order or conviction or other such relevant occurrences must be supplied to the Company Registrations Office, CRO. The amendment makes it clear that where such an offence occurs in respect of an...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 12 is a drafting amendment to use the point to "Act" rather than "Part", which would be incorrect.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 13 provides for the protection of the priority of charges held by a migrating company seeking to register as an ICAV. The purpose of the amendment is to safeguard the priority to which any person may be entitled on foot of legal, equitable or such other principles as govern charges in the jurisdiction in which they were issued.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 14 is a drafting amendment to replace the word "authorisation" with the more correct term "approval".

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 15 is a drafting amendment to correct the specific modifications to cater for the winding up of the ICAV. The amendment does not change the policy set out in the Bill.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 16 is a drafting amendment to correct a syntax error arising from the use of inverted commas. Amendment No. 17 is also a drafting amendment to correct an error in section 171. Inspectors, not directors, furnish reports.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 18 modifies the enforcement provision in respect of sections 876, 877 and 878 of the Companies Act 2014 in order that the Central Bank, as well as the Office of the Director of Corporate Enforcement, will be able to take summary proceedings should these offences occur. Section 876 of the Companies Act concerns the offence of providing false information. Section 877 concerns...

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 19 inserts a new section which sets out the mechanism for the registration of documents concerning an ICAV and how such documents may be inspected.

Irish Collective Asset-management Vehicles Bill 2014: From the Seanad (19 Feb 2015)

Simon Harris: Amendment No. 20 specifically modifies a number of the USITS regulations in order that they are given effect in the context of the ICAV. This is to ensure they can apply to an ICAV.