Dáil Éireann Debate, Wednesday - 31 March 2021
112. Deputy Peter Fitzpatrick asked the Minister for Finance his legislative plans to prevent the potential repeat of the type of unethical behaviour uncovered recently at a company (details supplied); and if he will make a statement on the matter. [15410/21]
Amharc ar fhreagraAs I have previously made clear, I believe that the behaviour revealed by the Central Bank of Ireland in relation to the company in question falls gravely short of the standards expected of leaders in positions of financial responsibility. The Central Bank has already robust enforcement powers which can be applied both to firms and individuals, and these have been enhanced by numerous legislative changes introduced since the financial crisis. These have included both EU legislation transposed into national law, and significant changes in domestic financial services legislation.
The enforcement action concluded by the Central Bank on 1 March 2021 was taken under the Markets in Financial Instruments Regulations 2007, which govern the provision of investment services in financial instruments. These were strengthened in 2017, and these MiFID II Regulations were supplemented by the Markets in Financial Instruments Act 2018.
These Regulations aim to reinforce the rules on securities markets by, among other things, improving the transparency of financial markets, strengthening governance rules for investment firms and stock exchanges, strengthening investor protection and increasing the powers of the Central Bank.
The Senior Executive Accountability Regime, to be included in the forthcoming Central Bank (Amendment) Bill, is to improve accountability in financial services organisations. It will significantly enhance the Central Bank's existing powers to hold firms and individuals to account for any breaches of financial services legislation, and to impose sanctions, where appropriate.
