Vol. 556 No. 3
90 Ms O'Sullivan asked the Tánaiste and Minister for Enterprise, Trade and Employment the action taken to date to deal with the failure identified in the Ansbacher report; the issues which still remain to be addressed; and if she will make a statement on the matter. [20364/02]
I have been concerned for some time about the degree of compliance by companies and their officers with the requirements of company law and other laws. The report of the inspectors into Ansbacher (Cayman) Limited confirmed that my concerns were justified. However, I did not wait for the completion of the report before taking action to ensure that regulatory failures within my area of responsibility are dealt with. Accordingly, I have introduced the following initiatives: proactive enforcement of the provisions of company law by the establishment and resourcing of the Office of the Director of Corporate Enforcement; increased penalties and additional resources to ensure companies meet their filing obligations with the Companies Registration Office; greater oversight and regulation of the accounting and auditing profession by the proposed establishment of the Irish Auditing and Accounting Supervisory Authority, establishment of the Company Law Review Group on a statutory footing to ensure that the provisions of our company law are appropriate to the needs of society.
Following the commencement of the Company Law Enforcement Act, 2001, it is now the statutory responsibility of the Director of Corporate Enforcement to pursue the possible breaches of the Companies Acts identified in the report. The director has emphasised his determination to take appropriate action on foot of the report.
Question No. 91 answered with Question No. 83.
