I move amendment No. 82:
In page 67, subsection (1), lines 10 and 11, to delete "52 (5)" and substitute "52 (7)".
SECTION 70.
Amendment agreed to.
Question proposed: "That section 70, as amended, stand part of the Bill."
There is a big difference between a fine not exceeding £12,000 and 12 months in prison. The fine seems rather small. Is there any reason for that?
That is on summary conviction in a District Court for a minor offence.
Is that the maximum allowable?
Yes. On conviction the fine is £1,000,000 or ten years in prison.
That is a heavy sanction.
Question put and agreed to.
FIRST SCHEDULE.
I move amendment No. 83:
In page 69, paragraph 3, line 24, before "setting" to insert "varying or".
The First Schedule contains detailed provisions relating to directions given by the Central Bank to stock exchanges and their member firms. Paragraph (3) of the Schedule ensures that a member can appeal to the High Court in respect of a Central Bank direction. The purpose of this amendment is to specify that the court can make an order to vary a direction in addition to the existing provision that it can terminate a direction. In other words, it gives greater flexibility to vary as well as terminate.
Amendment agreed to.
First Schedule, as amended, agreed to.
SECOND SCHEDULE.
I move amendment No. 84:
In page 71, paragraph 5, line 14, to delete "appointed under this section" and substitute "established under section 65 of this Act".
This is simply a drafting correction.
Amendment agreed to.
Second Schedule, as amended, agreed to.
Title agreed to.
Report of Select Committee.
I propose the following draft report:
The Select Committee has considered the Bill and has made amendments thereto.
Report agreed to.
Ordered to report to the Dáil accordingly.
We are anxious to have Report Stage soon, possibly next week if we can, but that will have to be discussed with the Whips.
There is only one area which is causing grave difficulty, that is, the black and white way in which the Minister has approached the appointment of the chairman of the Stock Exchange by limiting it to independent members. I do not wish to reiterate all that was said earlier but I wish to emphasise the validity of the points made.
In spite of the Minister of State's valiant and gallant efforts to put forward his point of view, I think that if he looks at that issue he will see, on reflection, that there is room to manoeuvre. That would be in the best interests of the Stock Exchange, the members of the board and good practice. The black and white way with which it is dealt in the Bill is wrong, unhealthy and unhelpful. Perhaps he could look at the option of not permanently excluding a member firm from holding the chairmanship. That would be a good day's work on Report Stage and I urge him seriously to consider that matter.
: We certainly will look at it afresh.
Deeply, not superficially.
I cannot give a commitment other than we will certainly look at it deeply. I thank Deputy Cullen for his co-operation in the expeditious and speedy passage of the Bill. I think he was the only Opposition Deputy present for most of the debate and we appreciate that. I also thank Deputy McCormack, the chairmen and the clerk to the committee.
I think we will find that many of the issues which we debated here will be regurgitated in the follow on legislation, the Investment Intermediaries Bill, which we will have in the next two to three weeks, certainly before the end of May.
I thank the Minister and the Members who attended for their co-operation. This was my first experience of chairing a committee meeting and I found it quite easy because of your co-operation and help. I make those remarks also on behalf of the chairman who chaired the earlier part of the meeting.
The Select Committee adjourned at 6.50 p.m.