Seán Sherlock (Cork East, Labour) | Oireachtas source

Amendment No. 1 provides that the regulations which it is proposed that the Minister be empowered to make under section 8(2) will be laid before the Houses of the Oireachtas. The regulations in question permit the Minister to provide that the Irish Auditing and Accounting Supervisory Authority can apply its systems of investigations and penalties to auditors and audit firms or firms listed in this jurisdiction from specific third countries. The amendment is in response to an amendment which was proposed by Senator Barrett on Report Stage in the Seanad but which could not be facilitated at that time. It is appropriate to include the new amendment because it will allow for the laying of regulations made under section 8(2) before the Houses of the Oireachtas.