The Corporate Enforcement Authority (CEA) is the competent authority in
Ireland
Ireland ( ; ga, Éire ; Ulster-Scots: ) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the s ...
for the general promotion of compliance with the Companies Acts, the investigation of breaches of the Companies Acts and the taking of any necessary enforcement actions to ensure continued compliance.
The current director is Ian Drennan. His 30-person team comprises accountants, lawyers and detectives from the
National Economic Crime Bureau
The Garda National Economic Crime Bureau (GNECB; formerly Garda Bureau of Fraud Investigation/GBFI) – informally known as the ''Fraud Squad'' – is a specialised division of Ireland's national police force, the Garda Síochána, that investig ...
(GNECB). He is legally responsible for:
* encouraging compliance with company law
* investigating and enforcing suspected breaches of the legislation
* bringing to account those who disregard the law
The director and his team operate on an independent basis with the aim of reducing personal and business risk and improving the overall standard of public compliance. The powers of the authority are set out in the Companies (Corporate Enforcement Authority) Act 2021 and has an annual operating budget of approximately €3 million. Many of the initiatives of the office are taken in the general public interest.
The authority operates alongside the
Companies Registration Office (Ireland)
The Companies Registration Office (CRO; ga, An Oifig um Chlárú Cuideachtaí) registers and incorporates companies in Ireland and files their annual returns.
The CRO has a number of core functions:
*The incorporation of companies.
*The receipt ...
, which is responsible for the registration of
companies
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...
, registering documentary filing and the enforcement of administrative breaches of company law.
History
The Office of the Director of Corporate Enforcement was originally established in November 2001 as a consequence of the proceedings and the conclusions of various review groups, courts, tribunals of inquiry and parliamentary committees in recent years. These have revealed evidence that provisions in Irish company law and other legislation have been regularly breached and that some entities and individuals have not been called to account. The result is that various parties, e.g., the State, other businesses and consumers, have borne the cost of this misbehaviour and the associated business risks. Following a fundamental review, the Irish Government determined ''inter-alia'' that there were insufficient resources and legal instruments available to the State to supervise and enforce adherence to the requirements of company law and that it was necessary to correct these deficiencies in the public interest.
Compliance role
The director seeks to foster compliance with the law and the consequences of non-compliance through presentations, public communication, consultation with professional bodies and engagement with all branches of government that facilitate compliance.
Enforcement role
The investigative and enforcement role is quite extensive and encompasses:
* the initiation of fact-finding company investigations. There were 2,111 new cases in 2005 (1,577 in 2004)
* prosecutions related to breaches of company law. There were 69 legal proceedings in 2005 (61 in 2004)
* the supervision of companies in liquidation or insolvent
* the supervision of liquidators and receivers
* the regulation of undischarged
bankrupts acting as company officers
See also
*
European corporate law
European company law is a part of European Union law, which concerns the formation, operation and insolvency of companies (or corporations) in the European Union. The EU creates minimum standards for companies throughout the EU, and has its own cor ...
(EU)
*
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financ ...
(UK)
References
External links
Office of the Director of CorporateEnforcement OCDE)OCDE 2005 Annual ReportBritish and Irish Legal Information InstituteDecisions of Courts and Tribunals
{{authority control
Government agencies of the Republic of Ireland
Economy of the Republic of Ireland
Law enforcement in the Republic of Ireland
Financial regulation
Corporate social responsibility
Regulation in Ireland
Department of Enterprise, Trade and Employment