Seanad debates
Tuesday, 22 June 2004
Central Bank and Financial Services Authority of Ireland Bill 2003: Committee Stage
4:00 pm
Brian Lenihan Jnr (Dublin West, Fianna Fail)
These amendments will substitute the new procedure for appeals to go in the first instance to the appeals tribunal with the old system involving direct applications to the court. The amendments may have been put forward in view of an omission in the Bill, as published, which meant that the right of appeal in regard to the revocation of an intermediaries' authorisation was inadvertently eliminated. The representative body for intermediaries pointed out this error in the Bill, as published, namely, that there was no appeals mechanism. On Committee Stage, the Minister signalled his intention to repair this omission on Report Stage, which he has now done. The omission was corrected in the Dáil as approved by the insertion of section 12A on page 128. There is an appeals procedure which is a new procedure by way of appeal to the appeals tribunal established under the legislation and not the former system of a direct application to the court, as provided for in the Senator's amendment.
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