The Minister for Finance, Mr Brian Cowen, T.D., today announced the appointment of Mr Pádraig Ó Ríordáin, Managing Partner of Arthur Cox Solicitors, as Chair of the Financial Legislation Advisory Forum.

The Minister said: “Financial services are a key growth sector of the Irish economy. The international financial services sector alone now directly employs over 22,000 people and accounts for about one-third of all our services exports.

I am very pleased that Mr Ó Ríordáin has agreed to take on the important role of the Chair of the expert Forum which will advise my Department on the updating of the legislative framework governing the regulation of financial services.”

The work of the Forum will help ensure that we have a world class legal framework which keeps the financial sector at the forefront of innovation and competitiveness while at the same time promoting the interests of consumers.”

Mr. Ó Ríordáin said “I am honoured to be asked by the Minister to undertake this role. The next phase of legislative development for the financial services sector is of key importance both to Ireland’s economy and to our consumers. The work of the Forum will be central to this. I very much look forward to helping capture and distill the perspectives of all stakeholders on the Forum to realise fully the benefits of this substantial and significant project.”

- Ends -

27 April 2007

Notes for Editors

• The establishment of the Financial Legislation Advisory Forum was announced by the Minister last December to advise on the consolidation and modernisation of legislation governing financial regulation.

• The Forum will be representative of all major stakeholder interests, including industry and consumers. Its primary objective is to provide expert advice, support and drafting assistance on the preparation of a Bill to streamline the existing legal framework for financial services regulation.

• The main benefits from the updating of the legal framework are expected to be:
  • Striking an appropriate balance between the effectiveness and efficiency of the regulatory system
  • Embedding Better Regulation principles and Regulatory Impact Analysis (RIA) in the process of legislative change
  • Securing a harmonised and integrated regulatory approach supporting the coherence and consistency of the regulatory regime
  • Ensuring certainty and legal clarity for market participants
  • Supporting product innovation and market development in financial services through the scope for increased legislative flexibility and speed of response

• The project is a key commitment contained in the Building on Success strategy for the development of the international financial sector in Ireland launched by the Taoiseach last autumn and is also an important part of the Government’s Better Regulation initiative.

• It is envisaged that a Bill will be published within two years of the Forum commencing its work.

Biographical Note

Pádraig Ó Ríordáin has been Managing Partner of Arthur Cox since 2003, having previously headed its New York office. During his tenure as Managing Partner Arthur Cox has received considerable international recognition and has been the recipient of several prestigious awards in the legal profession.

Mr Ó Ríordáin is a graduate of University College Cork and Harvard Law School. Previously trained as a Barrister and a member of the New York Bar, he now practices as a Solicitor, specialising in regulated industries and securities law. In addition to managing the firm, Mr Ó Ríordáin advises a range of public companies, private companies and State related entities on their transactional and business issues. Mr Ó Ríordáin is currently Chairman of the Legal Profession Sub-Group of the Taoiseach’s Active Citizenship Initiative.