S.I. No. 151/1991 - Companies Act, 1990 (Insider Dealing) Regulations, 1991.

S.I. No. 151 of 1991.

COMPANIES ACT, 1990 (INSIDER DEALING) REGULATIONS, 1991.

WHEREAS difficulties have arisen in relation to the operation of section 110 of the Companies Act, 1990 (No. 33 of 1990);

AND WHEREAS it appears to me to be necessary for facilitating the operation of the said section 110 to modify subsection (2) (b) thereof;

NOW I, DESMOND O' MALLEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 121 of the Companies Act, 1990 , hereby make the following Regulations:

1. These Regulations may be cited as the Companies Act, 1990 (Insider Dealing) Regulations, 1991.

2. A person shall be regarded as having entered in good faith into a transaction to which subsection (2) (b) of section 110 of the Companies Act, 1990 (No. 33 of 1990), relates if he enters in good faith into—

( a ) an agreement to underwrite securities, or

( b ) an agreement, in advance of dealing facilities being provided by a recognised stock exchange for securities, to acquire or subscribe for a specified number of those securities, or

( c ) negotiations with a view to an agreement referred to in paragraph (a) or (b), or

( d ) a transaction in accordance with his obligations under an agreement referred to in paragraph (a) or (b).

GIVEN under my Official Seal, this 19th day of June, 1991.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations modify subsection (2) (b) of section 110 of the Companies Act, 1990 to facilitate the operation of the section.