Written answers

Wednesday, 28 March 2012

Department of Finance

Financial Services Regulation

9:00 pm

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael)
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Question 102: To ask the Minister for Finance his views on a proposal to amend the Investment Intermediaries Act 1995 (details supplied).. [17153/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Under the Investment Intermediaries Act 1995, all investment firms must have their accounts audited. It is also a requirement that their auditors submit a Statutory Duty Confirmation. At least six weeks before the firm's return is due, the Central Bank sends an email to the firm requesting the auditor's details and the firm must provide these details. While there are sound reasons for this requirement to provide audited accounts, I am mindful of the need to reduce unnecessary overheads, in particular for small firms. I am aware that small, non-financial services firms are not required to submit audited accounts and I have asked my officials to review the current situation, in conjunction with the Department of Jobs, Enterprise & Innovation, and the Central Bank of Ireland.

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