Results 861-880 of 1,279 for speaker:Michael Ahern

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I take the Senator's point. Subsection 2 contains an express statement that non-UCITS CCFs will not constitute a partnership under the Partnership Act 1890 or a unit trust under the Unit Trust Act 1990. This ensures that it will not be subject to the provisions of those Acts. Unless an express statement was included to this effect, the CCF vehicle might otherwise be subject to the provision...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: It is only a fund. It is a common contractual fund. As the Senator has pointed out it is not under the company legislation or the Partnership Act. It is a separate entity.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I will rehearse paragraphs from my Second Stage speech which deal with the different vehicles of investment as this may clarify matters for the Senator. In 1989 EC regulations on undertakings for collective investments on transferable securities, UCITS, were signed into law, transposing the relevant EU directive which makes provision for collective investment vehicles capable of being sold...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: It is an investment fund.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: As a solicitor, the Senator will be aware of what happens when a contract is signed.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Section 9 is based on section 3 of the Unit Trust Act 1990. However, section 3 of that Act was amended by the Central Bank and Financial Services Authority of Ireland Act 2003, Part 14 of Schedule 1 and consequential amendments to other Acts. Amendment No. 2 is framed to reflect the changes made by the 2003 Act, which were not taken into account when the Bill was drafted. The import of the...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Differences exist among the legal vehicles used by the funds industry to meet investors' requirements. In this regard, some management companies are concerned with pooling investments. Some investors may wish to expose to particular markets or may be prepared to take a long-term view and others may need the investment for a short period or may be prepared to take risks in the hope of higher...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: IFSRA will issue notice in the first instance on the compliance requirements of the CCF. Through a combination of sections 10 and 19, IFSRA can ensure compliance.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: IFSRA has not yet decided upon the content of notices. I understand discussions are ongoing between the officials and the industry but a decision has not been made yet on the approach they will adopt.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I accept the point the Senator is making and understand the query about what will be contained in the regulations.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I cannot say what will be contained in the regulations because this is a new instrument that is being introduced. The Senator is correct in that it is a more lightly regulated form of investment than the UCITS but at the same time they will be dependent on IFSRA's authorisation. IFSRA will also be the body responsible for regulating. We have to wait for details of the regulations to come forward.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Under section 21(b) a person shall be liable on conviction on indictment to a fine not exceeding €15,000 or imprisonment for a term not exceeding five years.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: I take the Senator's point. Perhaps that is something we can examine.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Section 256A of the principal Act provides a mechanism by which segregated liability will apply to umbrella funds, that is, that the assets of one sub-fund are protected from claims arising against other sub-funds. To protect creditors, section 256A includes a mechanism pursuant to which any existing umbrella fund that wishes to avail of the benefits of segregated liability must obtain...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The new funds and so on that the Senator referred to have to go through the procedure under section 256A.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Under section 256B they have to give the notices as well. People can then apply to court if they are not happy with what is being offered to them. They have to go through all the procedures.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The purpose of these amendments is to allow the Minister to make regulations under this Act for the purpose of implementing the EU market abuse directive, market abuse regulation and supplemental directives. It is recognised that it can be particularly difficult to sustain and prosecute an allegation of market abuse, so much so that the new EU directive focuses on administrative sanctions...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: The offence is set out in section 30 which provides that a person guilty of an offence created by Irish market abuse law shall, without prejudice to any penalties provided by that law in respect of a summary conviction for the offence, be liable on conviction on indictment to a fine not exceeding €10 million or imprisonment for a term not exceeding ten years or both. As the regulations must...

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: Subsection (2) is for the most part a copy of the provision set out in the 1972 Act, including provisions creating indictable offences. The provision was set out on the advice of the Office of the Attorney General. Further advice has been requested and the matter will be clarified when we receive it.

Seanad: Investment Funds, Companies and Miscellaneous Provisions Bill 2005: Committee and Remaining Stages. (26 Apr 2005)

Michael Ahern: While a number of people have been alleged to have taken part in insider trading, I am aware of only one case which has been successfully prosecuted. I said speaking to sections 28 and 29 that the purpose of the amendments was to allow the Minister to make regulations. I continued: It is recognised that it can be particularly difficult to sustain and prosecute an allegation of market abuse,...