Derek McDowell (Labour)

Subsection (2) of the new section 29 appears to give the Minister the power to create indictable offences by regulation, which is a dubious if not undesirable way to proceed. The usual practice has been to create indictable offences through primary legislation. The power is now being given to the Minister and perhaps even to IFSRA. Indictable offences can incur fines of up to €10 million. If such offences are to be created, it should be done through statute law.