The Gazette 1987

JULY/AUGUST 1987

GAZETTE

under the scope of the Act. To date, five self-regulatory organis- ations, each with memberships drawn from various categories of the Finance Industry, have been formed. The S.I.B. will delegate authority to these organisations who in turn will ensure that their members comply with the new regulations. In addition to these five self-regulatory organisations, bodies representing solicitors and chartered and certified accoun- tants have expressed interest in becoming Recognised Professional Bodies whose function will be to regulate members engaged in the finance business. It is also likely that many of the compliance of- ficers who will serve to watch over the new system will be drawn from the ranks of solicitors and accoun- tants. It is still far from certain that investor protection will be tighter

in practice and it is already becom- ing clear that the deregulated market will require much more policing than was once hoped. Implications for Ireland The implications for Ireland are clear; if we are to develop a healthy securities i ndus t r y, a proper regulatory framework within which it can successfully and efficiently operate is a prerequisite. The changes which have taken place in London have affected the Dublin Stock Exchange but there has been a complete absence of correspond- ing activity here in the area of re- gulation and investor protection. The question of establishing an ap- propriate supervisory framework is not only important for the protec- tion of the Irish investor, but becomes critical if the proposed financial centre on Custom House

Quay is to become anything more than an administrative centre. This need not necessarily mirror the United Kingdom's framework, because of our separate re- quirements. The small size of the Irish market may not require a system as complex as that of the United Kingdom, a factor which should work to our advantage in developing a regulatory framework which protects Irish investors while taking into consideration the broader requirements of developing the Custom House Quay as an Inter- national Financial Centre. •

KERRY LAW SOCIETY 50th ANNIVERSARY GALA Kerry Law Society recently celebrated its 50th Anniversary with a Gala Ball. Pictured on the occasion from L to R: Peter Callery, Solr.; Louise McDonough, Co. Registrar; Judge John Gleeson;' Mary Twomey, Solr.; David Pigot, Pres. Incorporated Law Society of Ireland; Mary O'Halloran, Solr.; Donal Byrne, Pres. Kerry Law Society; M. L. O'Connell, Chairman Kerry Law Society; Michael O'Donnell, Solr.; Angela Condon, Solr.; District Justice Humphrey Kelleher; District Justice Mary Martin and J im Ivors, Director General, Incorporated Law Society of Ireland.

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