Derek McDowell (Labour)

This section concerns the powers of the banks to regulate the UCITS which are currently regulated in a number of ways. The diversification of the assets that they manage is specified in the regulations so that some may be held as stocks or shares and other as transferable securities in particular jurisdictions or in other forms. I am interested to learn how the Minister of State envisages the Central Bank to apply these regulations in terms of the diversification of assets to the new structure. I am also unclear on the enforcement of the regulations. The Bill does not appear to contain a provision allowing for the imposition of penalties in situations where regulations by the bank are disobeyed.