Results 43,501-43,520 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 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...

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.”.