S.I. No. 469/2023 - European Union (Cross - Border Conversions, Mergers and Divisions) (Amendment) Regulations 2023
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 29th September, 2023. | ||
I, SIMON COVENEY, Minister for Enterprise, Trade 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 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 20171 and Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 20192 , hereby make the following regulations: | ||
1. These Regulations may be cited as the European Union (Cross-Border Conversions, Mergers and Divisions) (Amendment) Regulations 2023. | ||
2. In these Regulations, “Principal Regulations” means the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 ( S.I. No. 233 of 2023 ). | ||
3. The Principal Regulations are amended, in Part 1, by the insertion of the following Regulation after Regulation 3: | ||
“Penalties | ||
3A. A person guilty of an offence under these Regulations shall be liable – | ||
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both, or | ||
(b) on conviction on indictment, to a fine not exceeding €50,000 or imprisonment for a term not exceeding 3 years or both.”. | ||
4. Regulation 4 of the Principal Regulations is amended by the insertion of the following definition: | ||
“ ‘converting company’, in relation to a cross-border conversion, means a company that is carrying out, or is proposing to carry out, the cross-border conversion;”. | ||
5. Regulation 9 of the Principal Regulations is amended by the substitution of “an offence” for “a category 2 offence” in each place where it occurs. | ||
6. Regulation 11 of the Principal Regulations is amended by the substitution of “an offence” for “a category 2 offence” in each place where it occurs. | ||
7. Regulation 21 of the Principal Regulations is amended, in paragraph (4), by the substitution of “an offence” for “a category 2 offence”. | ||
8. Regulation 44 of the Principal Regulations is amended, in paragraph (4), by the substitution of “an offence” for “a category 2 offence”. | ||
9. Regulation 66 of the Principal Regulations is amended, in paragraph (4), by the substitution of “an offence” for “a category 2 offence”. | ||
10. Regulation 91 of the Principal Regulations is amended by the substitution of “an offence” for “a category 2 offence” in each place where it occurs. | ||
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GIVEN under my Official Seal, | ||
22 September, 2023. | ||
SIMON COVENEY, | ||
Minister for Enterprise, Trade and Employment. | ||
EXPLANATORY NOTE | ||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||
These Regulations amend the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023, ( S.I. No. 233 of 2023 ). | ||
Regulation 3A “Penalties” is introduced and Regulations 9, 11, 21, 44, 66 and 91 are amended to align accordingly. | ||
Regulation 4 is amended to include a definition of ‘converting company’. | ||
