Damien English (Meath West, Fine Gael) | Oireachtas source

These amendments relate to the deletion from the remit of the supervisory authority of certain existing but uncommenced functions. The function concerned is what is known as a section 26 review, namely, a review of whether accounts comply with Companies Acts. The section 26 review was introduced in the 2003 Act and provided the supervisory authority with the novel power of requiring the ratification of the accounts of large organisations where such accounts fail in some respects to comply with the accounting requirements of the Companies Acts. The reason for the proposed deletion of the references is that these references are now deemed to be obsolete and unsuitable for commencement. The transparency directive has provided the supervisory authority with a more targets and effective way of dealing with companies' accounts.