Goal

Ensure that our business regulation facilitates business investment and development, competition in the market place, high standards of consumer protection and corporate governance and provides Ireland with a competitive advantage in the global market.

Working closely with stakeholders and other Government Departments, we have led the successful development of a stable, transparent and modernised company law framework in Ireland. This is an essential requirement to foster indigenous enterprise, attract FDI and drive sustainable growth and job creation. Ireland has considerably strengthened its legislative framework in relation to criminal procedure in recent years, introducing more targeted measures to strengthen the investigation and prosecution of corporate and regulatory crime. In order to further enhance the existing framework, a suite of measures is proposed which will serve to review and enhance Ireland’s regulation and enforcement regime to ensure that we maintain our world class business environment underpinned by appropriate regulation and legislation.

We will monitor the implementation of the Companies Act 2014 to ensure it delivers on these highlevel objectives and respond to issues emerging. We will finalise enhanced regulation to improve audit quality and oversight. We will focus on implementing the new financial reporting framework which will deliver significant benefits, particularly for SMEs. The Companies Registration Office (CRO) will establish and maintain a Register of Beneficial Ownership for Companies and Industrial and Provident Societies to strengthen transparency around company ownership in the context of antimoney laundering and counter terrorist financing.

We will continue with the modernisation of corporate legislation with the review, modernisation and consolidation of the legislation governing the co-operative sector. Through the Personal Injuries Assessment Board (Amendment) Bill 2018 we will strengthen the powers of the Personal Injuries Assessment Board (PIAB) to maximise the use of this low-cost settlement model. This in turn should help reduce the costs associated with personal injury claims.

We will continue to implement the recommendations of the Cost of Insurance Working Group that are the responsibility of DBEI/PIAB including supporting the Personal Injuries Commission to improve the personal injuries environment in Ireland.

We will continue to respond to new and emerging challenges in the area of competition and consumer policy to ensure that our policies provide an appropriate balance between the expected high standards of consumer protection and facilitating a level playing field in markets so that businesses can compete, learn and grow internationally. We will consolidate and modernise the legislation governing the supply of goods, services and digital content to create a clear and balanced framework of consumer rights.

We will use our regulation of chemicals and products to drive competitiveness and innovation by ensuring that products being made available on the Irish market or introduced for the first time are manufactured to the highest quality requirements and meet the requirements of the relevant Directives/Regulations and do not endanger health, safety or any other public interest. We will provide an effective and efficient Construction Contracts Adjudication Service.

Outcomes

Legislative framework in the Companies Act 2014 is delivering as envisaged.

Suite of measures delivered to enhance corporate governance and strengthen Ireland’s corporate, economic and regulatory environment.

Financial reporting and audit legislative framework in place which reduces administrative and cost burdens on small and micro enterprises and enhances regulation and oversight of statutory audit.

Enactment of a comprehensive modern legislative framework of consumer contract law.

The potential of the Personal Injuries Assessment Board model maximised.

Consolidated and modernised co-operative sector legislation, including in relation to corporate governance and transparency, which facilitates the development of the sector.