Results 43,481-43,500 of 46,456 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. 36: In page 72, line 23, after “company” to insert “showing their priority which shall be as it would be were it to remain a company”.

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. 37: In page 72, lines 27 and 28, to delete “the form prescribed by regulations made by the Minister” and substitute “such form as may be specified by the Bank”.

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 likely that I will bring forward amendments on Report Stage in regard to the role and powers of the Companies Registration Office. A basic issue we have to consider is how one removes a company from the CRO register and how that works in terms of the powers and functions of the CRO.

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. 38: In page 74, lines 23 and 24, to delete “send by ordinary post a registered letter stating that” and substitute “give notice to the ICAV that”.It is proposed to amend section 122 to remove the requirement that notice by the bank to an ICAV be delivered by registered post. Section 136 already sets out the general policy that the bank should...

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. 39: In page 74, line 28, to delete “sending of the letter” and substitute “giving of the notice”.

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. 40: In page 74, line 33, after “ICAV,” to insert “revoke the relevant authorisation of the ICAV and”.

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 amendment removes the requirement that notice be given by registered post but it does not require that it be sent by e-mail or other electronic means. As this is already the practice in terms of how the Central Bank interacts with the fund industry, it was felt that the requirement for registered post was at odds with what it is already doing.

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. 41: In page 74, after line 35, to insert the following: “PART 8 MIGRATION CHAPTER 1 Migration-in to become ICAVDefinitions 123.(1) In this Chapter - “migrating body” means a body corporate which is established and registered under the laws of a relevant jurisdiction and which is a collective investment undertaking; "registration documents” 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: Sections 101(1)(a) and (b) are being deleted.

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...