Patrick O'Donovan (Limerick County, Fine Gael) | Oireachtas source

I move amendment No. 5:

In page 18, between lines 11 and 12, to insert the following: “Amendment of section 1364 of Act of 2014

23. The Act of 2014 is amended by the substitution of the following section for section 1364:

“Certain agreements void

1364. (1) A condition—

(a) requiring or binding an applicant for securities to waive compliance with any requirement of—

(i) this Chapter,

(ii) Irish prospectus law,

(iii) Irish prospectus law, within the meaning of this Chapter as it stood on the relevant date,

(iv) EU prospectus law, or

(v) EU prospectus law, within the meaning of this Chapter as it stood on the relevant date,

or

(b) purporting to affect an applicant for securities with notice of any contract, document or matter not specifically referred to in the prospectus concerned where—

(i) EU prospectus law, or

(ii) EU prospectus law, within the meaning of this Chapter as it stood on the relevant date,

applies,

shall be void.

(2) In this section, ‘relevant date’ means the date on which section 23 of the Finance (Tax Appeals and Prospectus Regulation) Act 2019 comes into operation.”.”.

Section 17 gives effect to Article 11(2) of the EU Prospectus Regulation which exempts a person from the civil liability based solely on the summary of a prospectus unless it is misleading, inaccurate or inconsistent or omits key information when read together with other parts of the prospectus. I seek to give effect to the provision of the regulation.