Dáil Éireann - Volume 470 - 30 October, 1996

Written Answers. - Investment Intermediaries.

Mr. O'Dea Mr. O'Dea

232. Mr. O'Dea asked the Minister for Enterprise and Employment the plans, if any, he has to regulate by statute the activities of investment intermediaries; his views on whether the system of self-regulation employed by this sector to date has failed; and if he will make a statement on the matter. [19734/96]

Minister for Enterprise and Employment (Mr. R. Bruton) Richard Bruton

Minister for Enterprise and Employment (Mr. R. Bruton): 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.

Dáil Éireann 470 Written Answers. Investment Intermediaries.

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19961030