Seanad debates

Wednesday, 16 April 2003

Companies (Auditing and Accounting) Bill 2003: Second Stage.

 

Part 4 of the Bill contains 6 sections. The first three relate to the powers of the Minister to make regulations in relation to matters referred to in earlier provisions. These include the prescribing of bodies of accountants and designated bodies, as well as varying monetary amounts in particular circumstances, for example threshold levels which trigger particular requirements or levels of financial sanctions. In addition, paragraph (j) is designed to enable the Minister to exempt certain classes of companies and other undertakings from specific provisions in circumstances where and to the extent that they are regulated under other enactments. This will apply in particular to entities that are used by the financial services industry and are subject to regulation by the Central Bank. It is my intention to make such a regulation exempting investment companies used by the financial services funds industry from the seven sections specified at paragraph (j) at the same time as these sections are being commenced.

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