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Dáil Éireann debate -
Wednesday, 19 Oct 1994

Vol. 446 No. 1

Written Answers. - Investment Intermediaries.

Richard Bruton

Question:

70 Mr. R. Bruton asked the Minister for Finance if he has satisfied himself that Ireland is properly protected against the establishment of doubtful investment intermediaries using an Irish base; and if he will make a statement on the matter. [80/94]

The present position is that investment intermediaries are regulated by the Department of Enterprise and Employment under the Insurance Act, 1989 in so far as they deal in insurance products, while the legislation governing Stock Exchange members is being updated in the Stock Exchange Bill, 1994, currently before the House. These measures provide protection against the establishment of unauthorised investment intermediaries in the areas they cover. Legislation to cover investment intermediaries in other areas is at present being prepared by my Department in consultation with the Central Bank and the Department of Enterprise and Employment: this legislation will fulfil obligations under the EU Investment Services Directive, which requires that all member states have structures in place by 1 July 1995 to regulate investment intermediaries.

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