Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009
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Disapplication of certain requirements of competition law, etc., in certain circumstances. |
5.— The Principal Act is amended by inserting after section 15— | |
“15A.— (1) Parts 2 and 3 of the Competition Act 2002 do not apply with respect to a relevant acquisition or a relevant transfer. | ||
(2) Section 7 of the Credit Institutions (Financial Support) Act 2008 does not apply with respect to a relevant acquisition or a relevant transfer. | ||
(3) Nothing done by or on behalf of the Minister, the Commission or a Commission investment vehicle for the purposes of a relevant acquisition or a relevant transfer constitutes a re-organisation measure for the purposes of— | ||
(a) the European Communities (Re-organisation and Winding-Up of Credit Institutions) Regulations 2004 ( S.I. No. 198 of 2004 ), or | ||
(b) the European Communities (Reorganisation and Winding-up of Insurance Undertakings) Regulations 2003 ( S.I. No. 168 of 2003 ). | ||
(4) Nothing done by or on behalf of the Minister, the Commission or a Commission investment vehicle for the purposes of a relevant acquisition or a relevant transfer, and no acquisition by the Commission or a Commission investment vehicle of shares or securities in connection with a relevant acquisition or a relevant transfer, constitutes— | ||
(a) an offer, a takeover, the acquisition of control or any other takeover transaction for the purposes of the Irish Takeover Panel Act 1997 or any rules made under section 8 of that Act, or | ||
(b) a takeover bid or bid (in each case within the meaning of the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 ( S.I. No. 255 of 2006 )). | ||
(5) In this section— | ||
‘relevant acquisition’ means an acquisition by or on behalf of the Minister, the Commission or a Commission investment vehicle of an interest in a listed credit institution (being an acquisition that results or would result from a direction under section 19A) and includes a proposal to make such an acquisition; | ||
‘relevant transfer’ means a transfer into the Fund, pursuant to section 18(5A), of an interest in a listed credit institution, and includes a proposal to make such a transfer.”. |