Results 43,301-43,320 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. 31: In page 65, line 33, after "person" to insert "eligible for appointment as auditor under section 101".

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 will address this issue on Report Stage because it is one I have been considering. I want to be sure the Bill robustly allows auditors to flag potential concerns they may have. While I stand over the Bill in terms of its provisions on annual general meetings, I wish to ensure that if an auditor wishes to flag an issue to members, he or she will not be required to resign to allow motions...

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 likes to remind me that this legislation is chasing Luxembourg, while I like to remind him that it is not confined to Luxembourg because many of our competitors, including the United Kingdom and France, have similar vehicles in place. I do not have the information the Deputy seeks to hand, but I will examine the matter before Report Stage. The Deputy has correctly noted that no...

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 matter is addressed in subsection (5) which states: "The directors of any ICAV which does not hold annual general meetings shall appoint the auditor or 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)

Simon Harris: My understanding is that where an annual general meeting is not held, it falls to the directors of an ICAV to appoint an auditor. Should the directors fail to appoint an auditor, it then falls to the Central Bank to appoint an auditor, subject to the same conditions in terms of eligibility.

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 see what the Deputy means. Subsection (4) provides that the directors shall immediately reappoint the auditor or auditors or appoint a new auditor or auditors. Subsection (6) has been linked with subsection (4) for this reason, although one could validly argue that it could be linked with subsection (5). My reading of subsection (6) is that if the directors of an ICAV do not immediately...

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 will examine the issue because the Deputy has a point. Subsection (6) could be read with reference to subsection (4) or (5). This is a technical issue which we will address.

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. 32: In page 66, to delete lines 6 to 8 and substitute the following:"partnership constituted under the law of any country under which a partnership is a legal person.".This is a technical amendment to tidy up section 105 so as to remove a superfluous paragraph and replace it with a clearer drafting to include the words, "the law of any country". Subsection (5) permits 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: Section 130(2) states: A person guilty of an offence under this Act that is stated to be a category 2 offence is liable—(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or to both, or (b) on conviction on indictment, to a fine not exceeding €50,000 or imprisonment for a term not exceeding 5 years, or to both.

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 flag that I may table amendments on Report Stage to address how the voice of an auditor can be heard if an annual general meeting is not held.

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 know where the Deputy is coming from. We need to provide flexibility to present the information in accordance with the format and practices in the country where most of the investment is made. What I am trying to do through the entire section which was not included in the Bill as published, based on concerns I heard people like the Deputy express, is to have an extra layer in place 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)

Simon Harris: I am open to having a discussion on this issue, as it is important to have flexibility. As discussed on Second Stage, we are introducing this system to catch up with our competitors. If we were to introduce a system that did not offer the same flexibility as our competitors, one wonders what would be the purpose in introducing it. The legislation also provides that the Central Bank can...

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: Yes.

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 argue, on the true and fair test, that we are now saying they will have to be translatable, if the Deputy knows what I mean, whereas up until this point, there have been different languages.

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 informed by my officials that we are all moving towards international financial reporting standards. Even EU requirements have not gone as far as we have in this legislation in which we are pushing further ahead than others, even at a European level. How far one wishes to push ahead is the subject of a debate we can have 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 reckon I will not convince the Deputy this evening, but I am willing to look at the issue before Report Stage. I strongly believe that after these amendments are included, we will produce a vehicle that will meet the highest standards internationally in the presentation of true and fair accounts. I appreciate that the Deputy has welcomed this, but I will certainly look at the issue before...

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. 29: In page 63, between lines 18 and 19, to insert the following: "(2) The auditors' report shall state clearly the statutory auditors' opinion as to- (a) whether the annual accounts give a true and fair view - (i) in the case of a balance sheet, of the assets, liabilities and financial position of the ICAV at the end of the financial year, (ii) in the case of a profit...

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. 30: In line 64, lines 35 to 41, to delete all words from and including "No" in line 35 down to and including line 41 and substitute the following:"No person other than an approved statutory auditor or audit firm under Part 4 of the Audits Regulations shall be eligible for appointment as auditor of an ICAV.".Company law permits the audit of company accounts to be a public...

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. 27: In page 59, between lines 9 and 10, to insert the following:“(5) Before making regulations under subsection (4), the Minister—(a) shall consult with the Bank, and (b) may consult any such other persons as he or she considers appropriate.”.

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. 28: In page 59, between lines 12 and 13, to insert the following:“(6) The requirement for annual accounts prepared in accordance with International Financial Reporting Standards to present fairly the assets, liabilities, financial position, financial performance and cash flow of the ICAV at the end of the financial year is deemed to be equivalent to the true and...