S.I. No. 311/1995 - European Communities (Stock Exchange) (Amendment) Regulations, 1995.

S.I. No. 311 of 1995.

EUROPEAN COMMUNITIES (STOCK EXCHANGE) (AMENDMENT) REGULATIONS, 1995.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving further effect to the provisions of Council Directive No. 79/279/EEC of 5 March, 1979¹, Council Directive No. 80/390/EEC of 17 March, 1980², and Council Directive No. 82/121/EEC of 15 February, 1982³, as subsequently amended, and Council Directive No. 89/298/EEC of 17 April, 1989,⁴ hereby make the following Regulations:

¹O.J. No. L66, 16-3-1979, pp. 21-32.

²O.J. No. L100, 17-4-1980, pp. 1-26.

³O.J. No. L48, 20-2-1982, pp. 26-29.

⁴O.J. No. L124, 5-5-1989, pp. 8-15.

1. (1) These Regulations may be cited as the European Communities (Stock Exchange) (Amendment) Regulations, 1995.

(2) These Regulations shall come into operation on the 9th day of December 1995.

(3) These Regulations shall be construed as one with the Companies Acts, 1963 to 1990.

2. In these Regulations—

"the 1984 Regulations" means the European Communities (Stock Exchange) Regulations, 1984 ( S.I. No. 282 of 1984 ), as amended by the European Communities (Stock Exchange) (Amendment) Regulations, 1991 ( S.I. No. 18 of 1991 ), and the 1992 Regulations;

"the 1992 Regulations" means the European Communities (Transferable Securities and Stock Exchange) Regulations, 1992 ( S.I. No. 202 of 1992 ).

3. Regulation 2 (1) of the 1984 Regulations (as amended) is hereby further amended by—

(a) the deletion of the definition of "the Irish Stock Exchange" contained therein and the substitution of the following definition:

"'the Irish stock Exchange' has the meaning given to it by section 3 (1) of the Stock Exchange Act, 1995 (No. 9 of 1995)", and

(b) the deletion of the definition of "the Council" contained therein and the substitution of the following definition — "'Council' means the Board of the Irish Stock Exchange".

4. Regulation 7 (3) of the 1984 Regulations (as amended) is hereby amended by the substitution for "the Committee of the Irish Unit of the International Stock Exchange of the United Kingdom and the Republic of Ireland Limited" of the following:

"The Irish Stock Exchange Limited".

5. Regulation 2 (1) of the 1992 Regulations is hereby amended by the deletion of the definition of "the Irish Stock Exchange" contained therein and the substitution of the following definition:

"'Irish Stock Exchange' has the meaning given to it by section 3 (1) of the Stock Exchange Act, 1995 (No. 9 of 1995)."

GIVEN under my Official Seal, this 26th day of November, 1995.

RICHARD BRUTON,

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

The European Communities (Stock Exchange) Regulations, 1984 gave effect to three Directives, including Directive 80/390/EEC co-ordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock exchange listing. It was amended by Directive 87/345/EEC which provides for a measure of mutual recognition of Listing Particulars where the securities concerned are to be admitted to official listing on stock exchanges in two or more Member States of the European Communities and the amendment was transposed into Irish Law by the European Communities (Stock Exchange) (Amendment) Regulations, 1991 ( S.I. No. 18 of 1991 ).

The European Communities (Transferable Securities and Stock Exchange) Regulations, 1992 ( S.I. No. 202 of 1992 ) implemented a further two EEC Directives with effect from 1 September, 1992.

The first, Council Directive 89/298/EEC of 17 April, 1989, co-ordinated the requirements for the drawing up, scrutiny and distribution of the prospectus to be published when transferable securities are offered to the public.

The second, Council Directive 90/211/EEC of 23 April, 1990, which further amended the 1984 Regulations, extended the principle of mutual recognition to provide that, where any public offer prospectus is approved by a Member State competent authority, then the prospectus can be used as a full listing particulars prospectus in any other Member State.

The present Regulations prescribe the new Irish Stock Exchange and the Board of the Irish Stock Exchange for the purposes of the provisions listed in the Regulations and in so doing they amend both the European Communities (Stock Exchange) Regulations, 1984 and the European Communities (Transferable Securities and Stock Exchange) Regulations, 1992.