Clearing House Group Minutes - Department of Taoiseach

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IFSC Clearing House Group 7 June 2012 Department of the Taoiseach, Room 308 at 8.30am Attendance Martin Fraser (Chair) Michael Sludds (Secretary) John Murphy Ann Nolan Gary Tobin Tom Young Michael Brennan Patrick Brady Brendan Bruen Tim Hennessy Leo McAdams Peter Keegan Willie Slattery David Guest David Fagan Tony Golden Pat Lardner Denis Curran Deirdre Somers Paul McGowan Pat Wall John Feely 1. Apologies Matthew Elderfield Mary-Clare O‟Sullivan Barry O‟Leary Padraig Rushe Brian Daly Pat Farrell Robert Richardson Eamon Deasy Jim Byrne Fergus Murphy D/Taoiseach D/ Taoiseach D/JEI D/Finance D/Finance BNY Mellon/FIBI Revenue Central Bank FSI Axis Capital/FSI Enterprise Ireland BOAML State Street Green IFSC Steering Group Legal & General CITI IFIA IDA ISE Chair Funds Group PWC Willis Central Bank D/Taoiseach IDA Ireland Bank of Ireland KPMG IBF/FIBI Pioneer Investments Revenue Revenue FSI 2. Minutes and Matters arising The Minutes of the meeting of 3 April 2012, as circulated, were agreed.
3. Regulation (incl.Central Bank/Industry engagement) Pat Brady reported that the Central Bank and Industry are continuing to engage, reporting progress with a number of substantive issues addressed. There was recognition of the many challenges for the international financial services industry in the difficult global environment and the ability to fulfil the objectives in the Strategy. 4. Presentation by Matthew Elderfield to CHG in July The meeting was informed that Matthew Elderfield will make a presentation to the CHG on the Central Banks Strategy 2013-2015 on Tuesday 10 July at 3.30pm. 5. D/Finance Update Ann Nolan reported that the Department had established an internal IFSC Working Group to enhance the Department‟s engagement with the Clearing House Group and Industry. AIFMD The Department has been in contact with the EU Commission. The Commission indicated that it was open to amendments to Article 85(d) to allow the continued delegation of significant numbers of functions by fund managers where the manager retains an appropriate level of oversight and control. They had also discussed the depositary liability issues and submitted proposals jointly with the UK and Luxembourg. The Commission is examining the proposals and it is expected they will make their views known in the next few weeks. Open Ended Investment Company/SICAV Bill Industry is currently working on preparing a submission regarding the Draft Heads for consideration by the Department. The timetable is considered ambitious. Even if Heads are quickly agreed the Office of the Attorney General and the Oireachtas will have competing demands. The Department of Finance will also be under pressure before during and after the presidency next year. Industry have offered any assistance which is appropriate in preparing the Heads of a Bill which will require close consultation between the Central Bank, D/JEI and D/Finance before Government approval is sought for the Heads of Bill. CRD IV Update Following the unanimous support for the Danish Presidency compromise text at the ECOFIN meeting on 15 May, CRD IV is currently at Trialogue stage, the process where the European Parliament, the European Commission and the Danish Presidency engage in negotiations to achieve a first reading agreement. The European Parliament‟s ECON committee voted in favour of rappateur Othmar Kara‟s‟ report on 14 May. Discussions are continuing at Trialogue stage with a vote in the European Parliament on the proposal scheduled for early July. This is one of the priorities of the Danish Presidency. Aim of the Proposal The legislative package published by the European Commission on 20 July 2011 proposes to implement Basel III in EU law by a recast of the existing Capital Requirements Directive into a new Directive and a Regulation.
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Clearing House Group Minutes - Department of Taoiseach

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