Results 43,261-43,280 of 46,267 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: I move amendment No. 64: In page 75, between lines 20 and 21, to insert the following:“Terms of High Court order on application under section 139 140.(1) In making an order under section 138on the application of a member or an officer of the ICAV, the High Court shall, unless reason to the contrary is shown to the satisfaction of the High Court, make it a term of the order that 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. 65: In page 75, between lines 20 and 21, to insert the following:“High Court order for restoration on application of Bank 141.(1) On an application by the Bank in accordance with subsection (2), the High Court may order that an ICAV that has been struck off the register of ICAVs be restored to the register of ICAVs if —(a) the application is made within 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. 66: In page 75, between lines 20 and 21, to insert the following:“Supplementary High Court orders 142.In ordering that an ICAV be restored to the register of ICAVs under section 138or 141, the High Court may do any of the following:(a) except to the extent that the High Court makes an order under paragraph (c), give such directions as it thinks fit for placing 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: As I outlined earlier, I intend to introduce amendments to this section on Report Stage to set out the merger provisions in a similar way to as I have done in regard to other issues. I expect to come back on this section on Report Stage.

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. 67: In page 76, between lines 32 and 33, to insert the following:“Fees 130.Fees shall be payable in accordance with section 32E of the in respect of the performance by the Bank of its functions under this Act.”.This is a technical amendment to take account of the existing requirement in section 32E of the Central Bank Act 1942, that the bank can only...

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 wish to alert the committee to the fact that I may bring amendments to this section on Report Stage to ensure the section's operability in terms of who is responsible for elements of enforcement, the Central Bank and the Office of the Director of Corporate Enforcement. Therefore, I expect we may return 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)

Simon Harris: Again, I need to clarify technical matters relating to the powers of the ODCE and the cross application of those powers into the legislation, so may return to this on Report Stage.

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: Again, I need to flag for the members that this section may be subject to an amendment on Report Stage. I need to decide the designation of responsibilities as outlined earlier.

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. 68: In page 79, to delete lines 4 to 14 and substitute the following:“ Statement of Net Assets 1 Statement of Net Assets AssetsFair Value Investments in securities (cost)X Financial derivativesX CashX Deposits with brokersX ReceivablesX __________________ Total AssetsX _________ ".

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. 69: In page 79, to delete lines 15 to 27 and substitute the following: “ Liabilities Securities sold (proceeds)X Financial derivativesX Due to brokerX PayablesX __________________ Total LiabilitiesX _________ Net Assets or Liabilities_________ Equivalent to € per share based on Y shares outstandingX _________ The accompanying notes are an integral...

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. 70: 70.In page 80, to delete lines 1 to 6 and substitute the following: Realised and unrealised gains/losses from investments and foreign currencyX Realised and unrealised gains/losses from financial derivativesX The accompanying notes are an integral part of these annual accounts. ".

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: 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...