Nuala Fennell
Question:102 Mrs. Fennell asked the Minister for Finance if he will indicate the legislative measures his Department must take consequent to EC directives in preparation for the open market in 1992.
Vol. 407 No. 9
102 Mrs. Fennell asked the Minister for Finance if he will indicate the legislative measures his Department must take consequent to EC directives in preparation for the open market in 1992.
It is clear that certain EC directives in preparation for the open market in 1992 and for which my Department is responsible will require implementing legislation. An examination is in progress on the legislative implications of a number of other such directives.
Directives which require legislation:
Financial Services
Legislation will be required to set out provisions in relation to annual accounts and consolidated accounts of banks and related financial institutions.
Investment Services
Arising from the draft directive on investment services in the securities field and the draft directive on capital adequacy of investment firms and credit institutions, legislative measures will be necessary primarily to establish a system of authorisation for investment firms involved in broking, dealing, transmission, portfolio management and underwriting in respect of investment instruments.
Arising from a proposed directive on harmonisation of investor compensation schemes to be adopted by 30 June 1993, legislative proposals will be necessary to provide investor compensation measures.
Public Procurement
In public procurement, national legislation will be needed in particular for directives in the 1992 programme which provide for procedures to review the award of contracts.