Dáil Éireann - Volume 470 - 30 October, 1996

Written Answers. - Investment Intermediaries.

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): 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.