Tommy Broughan (Dublin North East, Labour)
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Question 124: To ask the Tánaiste and Minister for Finance the details of the work of the expert advisory group established to consider measures for the consolidation and modernisation of legislation governing the regulation of the financial services industry, in particular its membership and whether they represent the State, industry or consumers; the terms of reference of the group; the number of times it has met since its establishment; the timeframe for the completion of its work; and if he will make a statement on the matter. [2308/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Advisory Forum on Financial Legislation has been established to provide expert advice and practical assistance to my Department on:

the preparation of a Bill to consolidate the existing legal framework for financial services regulation that is currently the responsibility of the Minister for Finance, and

the complementary modernisation and simplification of that legislative framework that can be achieved as part of the consolidation process.

The membership of the Forum is representative of all stakeholders, including consumers and the financial services industry in order to ensure a full and structured involvement of the wider community of interests in the legislative reform project. The membership of the Forum and its terms of reference are appended to this reply.

The Forum was established in November 2007 and formally launched by me on 16 January and it has met on four occasions since its establishment. To date the Forum has discussed the main themes contained in the legislative framework governing financial services regulation, the working methods and the proposed structure of the revised legal framework. Under its terms of reference the Forum is required to report to me on the draft scheme of consolidation Bill twelve months after the commencement of its work.

Advisory Forum on Financial Legislation

The Terms of Reference for the Forum are:

1.To provide, through its Chair, expert advice and practical assistance to the Department of Finance in:

i.the preparation of a Bill to consolidate legislation (primary and secondary) on the regulation of financial services in Ireland, which are currently the responsibility of the Minister for Finance, and

ii.the complementary modernisation and simplification of the legislative framework for the regulation of financial services that can be achieved as part of the consolidation process within the timeframe provided for and based on an evaluation and assessment of the substantive issues of policy concerned.

2.The main objective for the Forum is to design a harmonised and integrated cross sectoral legislative framework for effective and efficient financial services regulation. A particular focus for its work will be both promoting the interests of consumers and the competitiveness of the financial sector.

3.The Forum will report on the draft scheme of the Bill to the Tánaiste and Minister for Finance 12 months after the commencement of its work.

4.Subject to Government approval for the draft scheme of the Bill, the Forum will, thereafter, support as appropriate, the preparation of a Consolidation and Modernisation Bill and the finalisation of associated secondary legislation for the reform of the legislative framework for financial services regulation.

5.Individual members of the Forum will be expected to contribute the expertise, knowledge and resources of the sectors from which they have been drawn

6.The Tánaiste and Minister for Finance may seek the advice of the Forum in relation to other specific aspects of the legislative framework for the regulation of financial services, including in relation to EU proposals.

7.The Forum will keep these Terms of Reference under ongoing review, and, subject to agreement of the Chair, may request the approval of the Tánaiste and Minister for Finance to their revision in respect of issues that arise during its work.