Arthur Cox chief to head Irish finance shake-up

The Irish government announced this morning (Friday 27 April) that it has appointed the managing partner of Dublin-headquartered Arthur Cox, Pádraig Ó’ Ríordáin, as chair of the new Financial Legislation Advisory Forum.

Ireland’s minister for finance, Brian Cowen, said that the financial services sector was key to the growth of the Irish economy.

The establishment of the forum, which will help prepare a bill to streamline the existing legal framework for financial services regulation, was announced by Cowen in December 2006.

Ó’ Ríordáin will advise the forum on the updating of the legislative framework governing financial services regulation in Ireland.

“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,” said Cowen.

“I am very pleased that Mr Ó Ríordáin has agreed to take on the important role of the chair.”

The financial services sector directly employs more than 22,000 people in Ireland and accounts for around a third of all the country’s services exports.