Results 5,641-5,660 of 35,563 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: We have a serious number of amendments and a very technical Bill. I think there are 68 or 69 amendments that the Minister has submitted to this legislation which we received on Monday. We have a short period of time to consider it. However, it is very important legislation and we need to take ample time to make sure that it is right. Section 3 provides for the Central Bank to provide for...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: On section 6, this is linked with section 4. In regard to the duties of responsibility it says that responsibility for the aspects of its spirit has been allocated to the person performing that function under arrangements adopted by the regulated financial services provider in accordance with the regulations made under section 48(2)(bc) of the Central Bank (Supervision and Enforcement) Act...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I thank the Minister. That might be helpful. Looking at section 48 of the Central Bank (Supervision and Enforcement) Act 2013 which is on irishstatutebook.ie. Section 48(2) gives subsections from (a) to (y). Is that the section I am supposed to be looking at?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: If I am looking at section 48(2) and there are subsections from (a) down to (y), where is (ba)?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: The reference in this legislation is 48(2)(ba).

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Okay. What is being amended?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: So the Minister is amending this Act. Under the duty of responsibility the Minister is amending the 2013 Act.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: It states: For the purposes of the section - (a) a person has inherent responsibility for an aspect of the affairs of a regulated the financial services provider if - (i) the person performs a pre-approval controlled function in relation to the regulated the financial service provider, and (ii) the aspect of its affairs is specified in relation to that function by regulations made...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: This legislation states: "the aspect of its affairs is specified in relation to that function by regulations made under section 48(2)(ba)". So what will section 48(2)(ba) read now if this legislation is passed? I would take from this that section 48(2)(ba) should empower the Central Bank to make regulations.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I would appreciate that. The Minister will be aware that we are amending different legislation, some of which is not consolidated, including other sections that we will come to later. Is it in this section that the pre-approval controlled functions will be defined? They are already defined by the Central Bank, but will this provide a legislative status in law for these functions, of which...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: The section will allow the Central Bank to make regulations under the new amendment we are making to the 2013 Act, which, I presume, will allow the bank to amend, add or delete pre-approval controlled functions from the list it already has.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: I refer to the list of the pre-approval controlled functions published by the Central Bank. Is it the intention that the regulations will exclusively be used to regulate for the list that is provided or has the Central Bank given any indication that amendments will be made to that list?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: No. A list of the pre-approval controlled functions of, for example, the executive director down to the chief information officer.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: If the roles were to be expanded, the bank has the power, under this section, to make regulations to add to the list. Is there a process the Central Bank would have to go through?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Section 6 is probably the meatiest part of the Bill. The new section 53D deals with relevant circumstances for the purposes of the new sections 53B and 53C. This relates to determining the circumstances, relevant for the purpose of subsection (2), that would apply to a person performing functions in respect of a regulated financial service provider. Matters to be considered include: the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: This relates to financial institutions having to ensure that these criteria are met if they are allocating tasks, duties, or controlled functions to an individual. If a financial institution fails to do that, for example, by appointing a person as head of risk who does not have the necessary level of experience or knowledge, will the institution be in contravention of legislation?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: There are two different standards: the common conduct standards and the additional conduct standards. They apply to two different category of individual, including those with pre-approval controlled functions. Will the Minister explain how that will work in practice and why there is an issue in terms of those exercising a significant influence. If a person has pre-approval controlled...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (30 Nov 2022)

Pearse Doherty: Obviously, the standards are different. There could be somebody in a senior role and because of his or her pre-approval controlled function or to whom the common standards apply. Due to the senior role, he or she will be the subject of the additional conduct standards. The additional conduct standards are probably defined as not being more loose but being more general.