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The Law Reform Commission has published a consultative document, called an issues paper, which asks whether measures and reforms currently in place are sufficient to deter and prevent behaviour which contributed to the financial crisis and whether we need further reform of our laws on corporate crime and of the enforcement powers available to our financial and economic regulators.
The paper covers 12 relevant issues, including fraud offences, reckless trading, corporate criminal offences, coordination of regulators, jurisdiction for regulatory appeals and asks for responses to questions that arise from these areas. For example in the area of coordination of regulators and the sharing of information, the following questions are asked:-
- Do you think that it would be desirable or feasible to permit regulators to share with other regulators information that they have received in confidence, if the information relates to matters other than criminal offences?
- If so, in your view, what limitations and information governance rules should apply?
- What information, do you think, should be allowed to be shared? e.g. identity and basic information supplied on first registration with a regulator, data supplied as part of normal regulatory returns, information supplied during consultations with regulators, information coming to light during supervision or investigation activities etc.
The Law Reform Commission is seeking responses and comments from all persons or bodies interested in these important subjects on or before close of business on Wednesday, March 30th, 2016.
Written submissions can either be emailed to corporateoffences@lawreform.ie, posted to the Law Reform Commission at IPC House, 35-39 Shelbourne Road, Ballsbridge, Dublin D04 A4E0 or replied to via the in-document response boxes found within the text of the issues paper itself which can be found on the commission’s website at lawreform.ie.
Click here for the link to the full paper.