Gerry Horkan (Fianna Fail) | Oireachtas source

I thank the Minister of State for his contribution. It was comprehensive and outlined much of what is needed in the context of this particular legislation. As he pointed out, the directive has already been transposed into Irish law by means of statutory instrument. However, the Bill before us is necessary in order to provide for the criminal sanctions and penalties for infringements outlined in MiFID II. The Minister of State also highlighted the changes that will come about in the long term. At the relevant joint committee, the Minister of State and I discussed the regulation of long-term policies and how far people could go back in order to investigate. I welcome the reference to that in the Bill.

I will not go on about the various sections because the Minister of State covered them well. Fianna Fáil will be supporting this important Bill. It is noteworthy that the Bill provides for significant penalties in respect of conviction on indictment. There are technical issues to do with the Credit Reporting Act and the Financial Services and Pensions Ombudsman Act 2017 that were discussed previously. It is important to have criminal sanctions for people who misbehave and it is important there is sufficient supervision to ensure that people are doing what they are supposed to be doing. I welcome the progress of the Bill, which will protect investors and those involved with these products.