Results 43,321-43,340 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: That is correct. The numbering will be readjusted automatically.

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: They are the only ones we are using in this legislation.

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 can be (a), (b) or (c), but whichever one is complied with, the accounts must also comply with the requirement to be true and fair.

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 (a) or (b), but - I think the Deputy gets this point - with the belt-and-braces approach that both must comply with the true and fair provision. That is the change.

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 point. It is a matter of standard drafting practice, as opposed to a policy decision. We are achieving the same thing. Perhaps the Deputy can clarify what he would like me to do.

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 not what we are trying to do. Companies can present accounts according to standard accounting practices under the rules in this country, in accordance with various international standards as outlined in the legislation, or according to an alternative body of accounting standards as listed in the legislation. I do not accept the point that the standards under subsection (4)(a) are...

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 point the Deputy makes and I am willing to examine this before Report Stage. I am not conceding that I am convinced, however. The intention is not that the provision in subsection (4)(a) should be any less than the standards in subsections (4)(b) and (4)(c).

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. Again, I am providing in this group of amendments a specific offence where a director of the ICAV fails to comply with the "true and fair" test. I know what the Deputy means but I do not believe it is as flippant as the directors simply saying: "Well, they are fair, they are true". These are well-established accounting practices and they have been-----

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. 23: In page 55, between lines 7 and 8, to insert the following:“Power to re-issue redeemed debentures 101. (1) Where an ICAV has redeemed any debentures then—(a) unless any provision to the contrary, whether express or implied, is contained in the instrument of incorporation of the ICAV or in any contract entered into by the ICAV, or (b) unless the ICAV has,...

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. 24: In page 55, between lines 7 and 8, to insert the following:“Specific performance of contracts to subscribe for debentures 102. A contract with an ICAV to take up and pay for any debentures of the ICAV may be enforced by an order for specific performance.”.

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. 25: In page 55, between lines 7 and 8, to insert the following: “CHAPTER 4 Prohibition on registration of certain matters affecting shareholdersRegistration against ICAV of certain matters prohibited 103. (1) Subject to subsection (3), the Bank has, in relation to any ICAV, no jurisdiction to accept receipt of, or to register in the register—(a) an order of...

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. 26: In page 58, to delete lines 30 to 37, and in page 59, to delete line 1 and substitute the following:“(c) the other information provided for in the Schedule.(3) The annual accounts shall give a true and fair view of the assets, liabilities and financial position of the ICAV at the end of the financial year and of the profit or loss of the ICAV for the 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)

Simon Harris: It will become a requirement under EU law. It is included in the 1963 Companies Act. When we published the ICAV, we did not include the true and fair test because, up to this point, undertakings for collective investment in transferable securities, UCITS, and alternative investment funds, AIFs, about which we are talking in relation to ICAVs have had not had to meet it. While it has been...

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: "True and fair" was originally a UK accounting term that has been interpreted by the courts system. While it is not defined in legislation, it is a generally recognised and well understood accounting term.

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 point. The new companies Bill has not even been enacted but we have mirrored the same provisions from that legislation. I also take the broader policy point on white-collar crime and there is a series of a offences in that regard throughout this Bill. I have referred to some of them already but, in this section, we have just mirrored what is in the Companies Bill 2012.

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 point and I do not disagree with much of what has been said other than the fact that we are bringing legislation to the House. There are approximately 70 various proceedings that can be instigated by either the Central Bank or the Office of the Director of Corporate Enforcement. The issue is one of enforcement and there is significant regulation. There is the undertakings for...

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 the Deputy acknowledged, the issue is probably broader than just this legislation. As the Deputy recalls me saying on Second Stage, I am eager with this Bill to show that where the Companies Bill provisions are appropriate for the Irish collective asset management vehicle, ICAV, we are mirroring them in full. The ICAV has certain additional levels of safe checks in that there must be 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: I will try to bring clarity to the Deputy's point, which is fair and important. I am informed that those terms, particularly "duty of care", are defined in European law, particularly the UCITS directive and the accounting information system. I do not have the information to hand but it shows how these elements do not operate in isolation or a silo and although they will be overseen by 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. 22: In page 55, between lines 7 and 8, to insert the following:“Perpetual debentures100. A condition contained in any debentures or in any deed for securing any debentures shall not be invalid by reason only that the debentures are by those means made irredeemable or redeemable only on the happening of a contingency however remote, or on the expiration of a period...