Ó Ríordáin to lead reform of law

Financical Services Ireland (FSI), the IBEC affiliated group which represents the financial services industry has welcomed the decision by the Minister for Finance Brian Cowen to appoint Pádraig Ó Ríordáin — managing partner at solicitors firm Arthur Cox — to lead the reform of Irish financial law.

FSI advocated the reform of the financial legal framework last year, arguing that the current regime is outdated.

FSI director Aileen O’Donoghue said: “If we want to continue to attract the world’s top financial institutions, the laws gov-erning the sector need to have a clearer, simpler and more effective legal frame-work. Ireland needs to keep pace with develop-ments in other leading financial centres such as London, Frankfurt and New York.”