The IFSC Clearing House Group and its sub-groups bring together public and private sector stakeholders to explore issues relevant to Ireland’s international financial services sector. As these groups fall within the remit of the Department of the Taoiseach, decisions about publishing their records are in the first instance a matter for that Department. The Taoiseach this week informed this House that the minutes of Clearing House Group meetings and certain reports will in future be published both on his Department’s website and on www.merrionstreet.ie. He also stated that he had arranged to have the Joint Oireachtas Committee on Finance, Public Expenditure and Reform briefed on the work of the Groups.
In terms of the involvement of my officials with the IFSC groups, the Secretary General of my Department is the Department’s representative on the high level IFSC Clearing House Group and has attended 3 of the 5 meetings held so far this year. The Assistant Secretary with responsibility for the Innovation and Investment Division deputised for him at one meeting and an Assistant Principal Officer from the Company Law Unit of the Department deputised at the other. In addition, the Company Law Unit of my Department is represented, at either Principal Officer or Assistant Principal Officer level, on both the IFSC Funds Group and that group’s Legislative Sub-Group. To date in 2012, these two groups met 8 and 5 times respectively and my Department was represented at all but 2 of these meetings.
It is not normal practice for my Department to produce reports for the Clearing House Group, though it does provide input to periodic progress reports, coordinated by the Department of the Taoiseach, on implementing the IFSC Statement of Strategy.
Representation on the Funds and Funds Legislation Sub-Groups provides my officials with the opportunity to update and consult representatives of the collective investment funds industry about the practical implications on that sector of any relevant new EU company law proposals. My Department does not prepare briefing documents specifically for the IFSC groups on these proposals but instead draws the attention of members to public consultation documents or to proposals published either on this Department’s or on the EU Commission’s website.
During 2012 the Funds and Funds Legislative Sub-Groups were invited in this way to comment on EU proposals to amend the accounting and auditing directives. In addition, the Funds Legislative Sub-Group was consulted on the Companies Bill, which I intend to publish by the end of this year.
