S.I. No. 357/1996 - European Commmunities (Undertakings For Collective Investment in Transferable Securities) (Amendment) Regulations 1996.

S.I. No. 357 of 1996.

EUROPEAN COMMMUNITIES (UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES) (AMENDMENT) REGULATIONS 1996.

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 Council Directive No. 85/611/EEC of 20 December, 1985¹ as amended by Council Directive No. 88/220/EEC of 22 March, 1988² hereby make the following Regulations:

¹O.J. No. L375/3 of 31/12/85

²O.J. No. L100/31 of 19/4/88

1. (1) These Regulations may be cited as the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations, 1996.

(2) These Regulations shall come into operation on the 1st day of January 1997.

2. Regulation 27 of the European Communities (Undertakings for the Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ) is hereby amended by the substitution for subparagraph (a) of the following subparagraph:

"(a) Companies Act, 1963 –

Section 58 (Return as to allotments);

Section 60 (Giving of financial assistance by a company for the purchase of its shares);

Section 69 (Notice to registrar of certain alterations in share capital);

Section 70 (Notice of increase of share capital);

Section 72 (Power of company to reduce its share capital);

Section 119 (Inspection of register and index);

Section 125 (Annual return to be made by a Company having a share capital)

3. Regulation 34(1) of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ) is hereby amended by the substitution for subparagraph (a) of the following subparagraph:

"(a) Companies Act, 1963 –

Section 58 (Return as to allotments);

Section 60 (Giving of financial assistance by a company for the purchase of its shares);

Section 69 (Notice to registrar of certain alterations in share capital);

Section 70 (Notice of increase of share capital);

Section 72 (Power of company to reduce its share capital);

Section 119 (Inspection of register and index);

Section 125 (Annual return to be made by company having a share capital)."

GIVEN under my Official Seal this 23rd day of December 1996

RICHARD BRUTON

Minister for Enterprise and Employment

EXPLANATORY NOTE

These Regulations amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 ( S.I. No. 78 of 1989 ) to provide that the requirements of Sections 58 , 119 and 125 of the Companies Act 1963 will not apply to investment companies with fixed capital or investment companies with variable capital which are engaged in the collective investment business. In addition the Regulations also provide that Sections 70 and 72 of the Companies Act 1963 will not apply to Companies with fixed capital engaged in the collective investment business.