Stockbroking regulation top of agenda as ISE bosses called before committee

TOP names from the stock exchange have been called before an Oireachtas committee today to discuss the regulation of stockbroking firms.

Chief executive of the Irish Stock Exchange (ISE) Deirdre Somers and ISE chairman Padraic O’Connor will appear before the Oireachtas Joint Committee on Economic Regulatory Affairs this afternoon.

The ISE’s director of strategy, policy and communications Brian Healy, its director of traded markets, developments and operations and head of market supervision, Mike Duignan will also attend the meeting.

The committee said it wants to discuss what role the stock exchange has in investigating stockbroking firms and allegations of mis-selling, what sanctions it can impose if wrongdoing is proven, what roles, if any, the Central Bank, the financial services regulator and the financial services ombudsman have in the regulation of stockbroking firms, and who has overall responsibility for regulating and supervising the sector.

Chair of the committee Michael Moynihan said: “We are pleased that members of the top management of the Irish Stock Exchange have agreed to appear before the committee to discuss the regulation of stockbroking firms.

“Over the past year, this committee has had a series of meetings with regulatory authorities from a number of sectors to discuss key regulatory issues. Better regulation in all sectors is vital in developing and sustaining a modern, efficient and competitive economy.”

Stockbroking firms have come under the spotlight in recent years following acquisitions of the mis-selling of certain investment products.