FRANKFURT (MNI) – The Central Bank of Ireland has published its
Enforcement Strategy, which outlines the regime and structure to be
followed by the newly established Enforcement Directorate over the next
two years and underscores the commitment of the central bank to
restore credibility in markets and financial institutions.
“The establishment of a dedicated Enforcement Directorate is a
significant demonstration of this commitment and will help us achieve
our statutory objective of effective regulation while ensuring that the
best interests of consumers are protected,” Director of Enforcement
Peter Oakes said in a press release published on Tuesday.
The key objectives of the new Directorate include improving
effective compliance, prioritizing enforcement activity and an increased
focus on the actions of those involved in management of financial firms.
“Regulated firms can expect increased enforcement activity, based
upon our existing powers, new powers under the Central Bank Reform Act
2010 and additional enforcement powers proposed for 2011,” Oakes
continued. “We will not hesitate to use the full extent of our
sanctioning powers where necessary.”
— Frankfurt bureau: +49-69-720 142; email: frankfurt@marketnews.com —
[TOPICS: M$$CR$,M$$EC$,M$X$$$]
