The activities of investment intermediaries are regulated by statute. The Investment Intermediaries Act, 1995, which was signed into law by the President on 4 July 1995, sets down a regulatory regime for all investment intermediaries and establishes two supervisory authorities to oversee the process. The regime established under the Investment Intermediaries Act, 1995 provides for a system of both direct regulation and self-regulation.
I have ordered my Department to carry out a review of the approach to regulation, with particular regard being had to the role for self-regulation. Until that review is completed, it would be inappropriate for me to come to any judgment as to whether self-regulation has failed.