Michael Ahern (Cork East, Fianna Fail)

We have had a very useful debate in this House for the past week on this technical and complicated Bill and I appreciate the input of Senators to the debate.

Part 2 introduces a new contract fund structure, called the common contractual fund, or CCF. A CCF is a contractual arrangement established under a deed which provides that the investors participate as co-owners of the assets of the fund. It is a regulated investment fund structure which will allow for the pooling of assets of a number of pension funds. The CCF is not a separate legal entity and is transparent for Irish legal and tax purposes. It is called a non-UCIT CCF to distinguish it from a CCF authorised under the UCIT regulations.

Part 3 introduces investment funds segregated liability and cross investments, facilitating the ring-fencing of liability at sub-fund level and allowing for cross investment between sub-funds in an umbrella structure. The legislative provisions in Parts 2 and 3 are required to be enacted as a matter of urgency in order to maintain Ireland's position as a centre of excellence in the provision of financial services. They will also allow the IFSC to maintain its leading position in a competitive world market.

As reflected during the debate on Second Stage, the financial services industry plays an important role in the economy. We have been exceptionally successful in attracting international financial services companies and we want this trend to continue. Therefore, we must continue to be innovative and develop the appropriate skills and expertise. A flexible, responsive and business-focused regulatory system has been the cornerstone of Ireland's development. Our regulatory environment is a key component, both of our competitiveness and our international reputation.

Parts 4 and 5 of the Bill facilitate the implementation of the EU market abuse and prospectus legislation. Part 6 makes a number of amendments to the Companies Acts. These arise from difficulties with the operation of existing provisions in the law, facilitate operators under electronic technology and rectify incomplete or incorrect cross references in existing law.

Part 7 makes some necessary amendments to consumer law, mainly increasing the level of fines that can be imposed on conviction for breach of consumer protection legislation. In the House today we also agreed amendments to the Competition Act and to the Industrial and provident societies legislation.

Should any further amendments be made in the Dáil, I will bring the Bill back to the Seanad and Senators will have a further opportunity to give their views. I thank the Senators for their valuable contributions. I also thank the staff of the Office of the Parliamentary Counsel and the Office of the Attorney General for their assistance in the drafting of the legislation. I say a special word of thanks to my officials in the Department of Enterprise, Trade and Employment.