Tightening up of Financial Regulation

Financial Regulations Press Release

Per the Minister for Finance announcement that "substantial additional staff with the skills, experience and market-based expertise will be appointed to the Irish Financial Services Regulatory Authority.

Those recruited will also have the expertise to regulate the international financial services sector."

The government is please to announce the creation of new tighter Regulations, exerts of which are included below.

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Financial Regulations Act (2009)

Section 10.

The regulator will be responsible, subject to section 14, for all control of regulation of the financial services industry.

Section 11.

All transactions, both national and international, will only be valid once the regulator's approval has been granted , subject to section 14.

Section 12.

The government will accept no liability for acts or omissions on the part of the Regulator.

Section 13.

All financial institutions must comply with the ethical and consumer protection standards within Schedule Four, subject to section 14.

Section 14.

Any and all provisions of this act, section 14. included, will not apply where

1. The court determines such sections do not apply
2. The Minister proclaims a Financial Institution to be exempt
3. There is not enough time to comply
4. It is too much effort to comply.
5. No T.D. , Senator, local government functionary or person grossing over one million Euros per year will be affected.

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