Alice-Mary Higgins (Independent) | Oireachtas source

The amendment builds on the concern that this regulator will be under significant scrutiny. It will have an incredibly important role in the State, Europe and internationally. These provisions are borrowed from other areas. There is a concern here. I am struck by the figure of €13,000 because I think it has been regarded as a tiny figure. However, it is a significant figure for some people. It is a sign of who we often expect to be in roles that we consider that they would regard €13,000 as an insignificant figure in terms of the aggregate value of investments, bonds and debentures in a particular online service provider.A sum of €13,000 is significant. What is also important is the fact that this is the provider. We may have a situation whereby we have some people who are ending up with smaller amounts of shares but in multiple online providers and perhaps linked companies that are online providers. There is a whole question there.

The very fact that one is a shareholder in a company or online provider that one is regulating is in itself really significant. It is already in itself potentially a concern because one has a relationship with that online service provider in that context. If one does inadvertently happen to have shares as part of a portfolio, they really should be divested before taking up the role as commissioner. The fact of having a share-holding relationship with a provider is already relevant and should be considered as a "relevant interest" in terms of a particular communications media piece. One may also be part of a community of shareholders whereby one has a small share but may be part of a community of shareholders. We know that it is the case in relation to some of the online media providers that are likely to be regulated by this legislation.

I know that these are provisions taken from other legislation but they merit a real examination, particularly bearing in mind the very significant financial role of this commission. The Minister mentioned, in relation to the local authorities, the importance of not just the actuality but the perception of something that would be improper. To be a shareholder in a company that one is going to regulate and set the code for is in itself something that sets a very negative perception. In that regard, I hope the Minister will consider these amendments and take them on board and will also address situations where somebody may have a relevant interest in a sector or a set of companies, that is, he or she has stakes in multiple companies within a sector. One of the sectors which many people in this House hope will be very strongly clamped down on and regulated, for example, is the area of cryptocurrency. It would be worth considering those current provisions and whether they are fit for purpose for this particular body and its particular role.