Seán Sherlock (Cork East, Labour) | Oireachtas source

Closer inspection of the Bill has revealed this section to be unnecessary. Section 1044 provides that "Section 96(2) shall not apply in respect of a transfer of shares in a PLC where those shares fall within a class of securities the evidencing and transfer of title to which is for the time being governed by regulations under section 1085." Thus, when this Bill becomes law, pending the introduction of any regulations by the Minister pursuant to section 1085, regulations under section 239 of the 1990 Act will remain in force. Consequently, I propose that this section be deleted.