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DUBLIN CORK BOSTON NEW YORK TOKYO

DUBLIN CORK BOSTON NEW YORK TOKYO. Consultation Process – Pre and Post Enactment / Transposition of Legislation. Dillon Eustace. ACOI Compliance Plus Seminar Brian Kelliher 30 March 2011. www.dilloneustace.ie. Pre Enactment / Transposition Lamfalussy Model

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DUBLIN CORK BOSTON NEW YORK TOKYO

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  1. DUBLIN CORK BOSTON NEW YORK TOKYO

  2. Consultation Process – Pre and Post Enactment / Transposition of Legislation Dillon Eustace ACOI Compliance Plus Seminar Brian Kelliher 30 March 2011 www.dilloneustace.ie

  3. Pre Enactment / Transposition Lamfalussy Model Review of draft Irish Legislation Lobbying Industry bodies, Government Departments, Revenue Commissioners etc. Post Enactment / Transposition Central Bank Consultation Dillon Eustace How to Become More Forward Looking www.dilloneustace.ie

  4. Ability to mould policy Greater insight into proposed legislative changes (e.g. feedback statements) In a position to put internal organisation steps in place to ensure compliance In a position to advise clients of proposed changes in advance and likely implications for their business Background Advantages of Forward Looking Approach www.dilloneustace.ie

  5. Lamfalussy Process • Level 1 • EU’s primary legislation (i.e. Directives and Regulations) made by the Commission and Council in consultation with the Parliament • Focus on the key principles and provisions only • Level 2 • Council delegates power to the Commission to introduce more detailed technical implementing measures to be adopted through the comitology procedure • Committees of Regulators and Supervisors assist the Commission by making proposals for implementing measures and the Parliament is consulted Background www.dilloneustace.ie

  6. Lamfalussy Process • Level 3 • Supervisory authorities in each member state co-operate with each other to issue common administrative guidelines, recommendations and standards to achieve greater convergence of supervisory measures. • Level 4 • Enforcement – where necessary, the Commission takes enforcement action against Member States who do not comply with Community Law. • Supporting the four level framework are procedures for extensive consultation with market participants, investors, issuers and the financial services industry in relation to the introduction of new law or regulation in the area of Financial Services. Background www.dilloneustace.ie

  7. Central Bank of Ireland Strategic Plan 2010-2012 • “We are committed to high standards of public accountability, while at the same time asserting our statutory independence. To be successful, we require the co-operation of a variety of stakeholders. These relationships will be managed proactively and we are committed in future to adopting a consultative approach to policy formulation and to explain the rationale for significant policy decisions. Within the constraints of the law, it is essential that there is a free flow of information between the organisation and our stakeholders which will be aimed at restoring public confidence in the organisation.” Background www.dilloneustace.ie

  8. Central Bank Consultations • 52 Consultation Papers issued since December 2003 • Consultation Papers currently open for comment include • CP 52 – Proposed Changes to Regulatory Reporting Requirements for Irish Investment Firms • CP 51 – The Fit and Proper Regime in Part 3 of the Central Bank Reform Act Background www.dilloneustace.ie

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