Dáil Éireann díospóireacht -
Tuesday, 12 Nov 1991

Vol. 412 No. 5

Written Answers. - Establishment of Regulatory Body.

Mervyn Taylor

Ceist:

69 Mr. Taylor asked the Minister for Finance if he will examine the feasibility of establishing a statutory independent regulatory body for publicly quoted companies operating in Ireland; and if he will make a statement on the matter.

Minister for Finance (The Taoiseach)

Public limited companies are subject to the provisions of the Companies Acts, for which the Minister for Industry and Commerce is responsible. These Acts provide a regulatory framework within which companies operate and conduct business. The small number of companies which are quoted on the Stock Exchange have to comply with the additional requirements of the Exchange.

I have only certain limited powers relating to the rules of the Stock Exchange under legislation dating from 1799. I have announced that it is intended to allocate responsibility for the supervision of the Stock Exchange to the Central Bank and legislation is being prepared to bring this change into effect.