# Consultation on Financial Services Legislation



## Brendan Burgess (10 Dec 2004)

*FINANCIAL SERVICES LEGISLATION:CONSULTATION ON CONSOLIDATION AND SIMPLIFICATION BILL*

The Minister for Finance, Mr Charlie McCreevy, T.D., invites comments on how best to achieve consolidation and/or simplification of the legislation governing the regulation of the financial services sector. The Minister's intention is that a proposal for a Bill will be developed with a view to the
presentation of a Bill to the Oireachtas next year. This Bill will complement the Central Bank and Financial Services Authority of Ireland Acts 2003 and 2004, which established a new regulatory structure for the financial services sector.
The first phase of this project - an informal updating and consolidation of existing legislation - has been completed and is available on the Department of Finance website


The Minister's intention is that the Bill to be presented to the Oireachtas should:

Bring together in a single, modern legal text all of the primary legislation governing the regulation of the financial services sector (apart from the legislation related to
company, tax etc issues)

Provide the legal framework for achieving the Government's consumer protection and financial stability objectives in a way that does not impose a disproportionate burden on regulated entities

Facilitate the international competitiveness of the financial services sector 

Conform to the principles set out in the Government's Regulating Better White Paper (Necessity, Effectiveness, Proportionality, Transparency, Accountability, Consistency)

Reflect, in so far as possible, the single regulatory structure which has been put in place with the establishment of the Irish Financial Services Regulatory Authority and
the Financial Regulator's principles-based approach to regulation

Achieve a balance between the high-level principles appropriate to primary legislation and the more detailed requirements that should be laid down by the
Financial Regulator using its statutory powers

Comply with the State's obligations under EU law

*Comments are invited particularly on:*
 Should the Bill lay down general regulatory principles applicable to all sectors, or continue with a modified version of the present sector-based approach?

Whether and how the overall burden on regulated entities, arising from the current legislative structure, might be reduced, while ensuring effective regulation and
consumer protection

The balance between the provisions of the Bill and requirements laid down by the Financial Regulator

Technical deficiencies in existing legislation

Comments should be sent by e-mail (preferably) to CBFSAIconsult@finance.gov.ie or by
post to:
Dave Salter,
IFSRA Legislation Unit,
Department of Finance,
Upper Merrion Street,
Dublin 2.
Phone (01) 6045571.

to reach the Department not later than Friday 10th December 2004.

Comments will be placed on the Department's web-site.


----------

