Tuesday, 3 December 2013

Ireland: Corporate law - reviews and recommendations

The Committee of Public Accounts, in its interim report on the stabilisation measures adopted in respect of the banking crisis, has called for a review of of the framework governing the investigation of directors suspected of wrong-doing, arguing that streamlining is required. The Committee has also called for a review, to be undertaken (it is suggested) by the Law Reform Commission, of the enforcement mechanisms available against individuals.

It is worth noting that the Law Reform Commission, in its recently published law reform programme, has included a project titled 'Corporate offences and regulatory enforcement', the purpose of which will be to consider whether the range of existing corporate offences are sufficient, including whether an offence of reckless trading should be enacted. The regulatory and enforcement powers of the Central Bank of Ireland will also be considered.

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