presentation irish venture capital association

Download Presentation Irish Venture Capital Association

Post on 03-Jan-2016

26 views

Category:

Documents

2 download

Embed Size (px)

DESCRIPTION

Presentation Irish Venture Capital Association. Merrion Hall, Sandymount, Dublin 4 11 May 2004. The New Company Law Regime – Improving Corporate Standards Paul Appleby Director of Corporate Enforcement. Making Compliance Worthwhile. From Vicious Circle of Non-Compliance - PowerPoint PPT Presentation

TRANSCRIPT

  • Presentation

    Irish Venture Capital AssociationMerrion Hall, Sandymount, Dublin 4

    11 May 2004

  • The New Company Law Regime Improving Corporate Standards

    Paul ApplebyDirector of Corporate Enforcement

  • Making Compliance WorthwhileFrom Vicious Circle of Non-ComplianceTo Virtuous Circle of Compliance, whereObligations are clear and understoodMarket benefits from transparencyNon-compliance is reported and investigatedThose in default are sanctioned

  • Whos Involved?Oireachtas, Government and the EUCompanies Registration OfficeCompany Law Review GroupDirector of Corporate EnforcementIrish Auditing and Accounting Supervisory Authority

  • Oireachtas, Government and EUCompany Law Enforcement Act 2001Company Law Review GroupDirector of Corporate EnforcementCompanies (Auditing/Accounting) Act 2003Irish Auditing/Accounting Supervisory AuthorityEU Financial Services Action PlanMarket Abuse, Prospectuses, Auditing, etc.

  • Companies Registration OfficeEncouraging Market TransparencyKnow your Customer/ClientLate Filing PenaltiesProsecution of Companies/DirectorsStrike-Off of CompaniesFiling Compliance Rates Improved

  • Company Law Review GroupModernisation of Existing Areas of LawSingle Consolidated Companies ActPrivate Company limited by sharesAdditions, etc. for other Forms of CompanyOngoing/Regular ReviewDecoupled Elements, e.g., financial services

  • Director of Corporate EnforcementEncouraging ComplianceUncovering Suspected BreachesProsecuting Detected BreachesSanctioning Improper Conduct in Insolvent CompaniesProviding Quality Services

  • Director of Corporate EnforcementEncouraging ComplianceInformation Books on Duties of Directors, etc.Guidance for Auditors/LiquidatorsProgramme of Presentations/MeetingsPress Statements/ReleasesWebsite Updates

  • Director of Corporate EnforcementUncovering Suspected BreachesMandatory Auditor Reports (1,500 in 2003)Mandatory Liquidator Reports (560 in 2003)Public Complaints (300 in 2003)Media ReportsInformation-Sharing with other Regulators

  • Director of Corporate EnforcementUncovering Suspected BreachesCorrespondence/DocumentationWitness StatementsBankers Books Orders (13 in 2003)Search Warrants (10 in 2003)Arrests (10 in 2003)Detentions (5 in 2003)

  • Director of Corporate EnforcementProsecuting Breaches (convictions in 2003)Failing to Keep Proper Books of Account (29)Auditing while not Qualified (6)Furnishing False Information (5)Director while Undischarged Bankrupt (3 + Disqual.)Many other cases of Voluntary Rectification, etc.

  • Director of Corporate EnforcementOther Enforcement Decisions Filing Default Cases referred to the CROFailure to hold EGMs Cases } Cautionary Excessive Directors Loans Cases} LettersCompany Investigations

  • Director of Corporate EnforcementSanctioning Improper Conduct in Insolvent Cos.298 liquidators relieved (53% of 560 reports in 2003)202 liquidators not relieved (36%)Restrictions in 85 of the 121 cases heard (70%)153 directors restricted/108 not restricted (59%)Ensuring that Restricted Directors comply

  • Director of Corporate EnforcementLiquidator Supervision 14 High Court OrdersBooks sought from 3 LiquidatorsUnliquidated Insolvent Companies1 restriction order obtained to date; more in prospect Dissolved CompaniesDisqualification applications in hand

  • Irish Auditing and Accounting Supervisory Authority (IAASA)Scope of RemitSupervise the prescribed accountancy bodiesPromote high professional standardsReview the accounts of all public limited companies and major private companiesAct as specialist source of advice to the Minister(IAASA is not yet in force)

  • Companies Act 2003Directors Compliance Statement Mandatory for public limited companies and all private companies limited by shares whose turnover exceeds 15.2 m. and balance sheet total exceeds 7.6 m. in the year in questionAuditors Review of Compliance Statement(These provisions are not yet in force)

  • Companies Act 2003Audit CommitteesMandatory for public limited companiesOptional for all private companies limited by shares whose turnover exceeds 50 m. and balance sheet total exceeds 25 m. in the year in question. However, the directors report to the companys AGM must state if they have done so and explain why, if they have not(These provisions are not yet in force)

  • Companies Act 2003Audit ExemptionOptional for most private companies where the turnover does not now exceed 1.5 m. and the balance sheet total does not exceed 1.5 m.Revised Auditor Reporting to the ODCE Exemption for Filing Defaults(The revised Auditor Reporting provisions are not yet in force)

  • Companies Act 2003Development of Guidance now underwayDrafting Phase (up to end-June)Public Consultation Phase (July/August)Review Phase (September)Initial Drafting being undertaken by ODCE, IBEC, Revenue, Accountancy Bodies and Institute of Directors

  • ConclusionRefocus/reduce company law requirementsMeet EU obligations as they ariseEnsure that legal requirements are adhered to Enhance Irelands reputation as a modern, secure and reliable jurisdiction for national and international investment

  • ConclusionFurther information is available from:www. odce. ie www. clrg. orgwww. cro. ieODCE Information Books/Guidance are available free of charge on request

  • End of Presentation

    Thank YouQuestions?

Recommended

View more >