Vol. 518 No. 5
31 Mr. D'Arcy asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress made in finalising legislation in conjunction with the Department of Finance for the institution of a single financial regulator and if she will make a statement on the matter. [11983/00]
The report of the implementation advisory group on the establishment of a single regulatory authority for the financial services sector was finalised by the group on 19 May 1999 and submitted to the Tánaiste and to the Minister for Finance on the following day. The report was published on 23 June 1999 in order to facilitate public discussion and consideration of the issues that are involved.
The report contains a number of important recommendations and these are being examined in my own Department and in the Department of Finance. Discussions have taken place between officials of both Departments with a view to drawing up proposals for the structure of the new authority. It is my intention that these proposals, when finalised, will be submitted jointly by the Minister for Finance and myself to the Government for decision in due course. Following the Government's decision as to how it intends to proceed, I would expect that any legislation required for the establishment of the authority will be promoted by the Minister for Finance.
