Eoghan Murphy
Question:102 Deputy Eoghan Murphy asked the Minister for Finance his views on a proposal to amend the Investment Intermediaries Act 1995 (details supplied). [17153/12]
View answerWednesday, 28 March 2012
Questions (104)
Written answers
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 and Innovation, and the Central Bank of Ireland.