190 / 342
GAZETTE
JULY/AUGUST 1987
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.
180