Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I move amendment No. 4:

In page 7, to delete lines 10 to 17 and substitute the following:

“ “transaction” means any acquisition, agreement or other economic activity resulting in—

(a) a change in control of an asset in the State, or

(b) the acquisition of all or part of, or of any interest in, an undertaking in the State;”.

This amendment is designed to tidy up some language duplication issues. The word "transaction" appeared twice in the original published text. One of the more substantial changes is the deletion of the phrase "any proposal to effect a transaction". Arising out of our consultation, to which I referred, this concept was considered unclear and confusing. The language now focuses on actual transactions rather than referencing proposed transactions, which are hypothetical and represent an undefined concept that could result in unnecessary notifications being submitted to the Department. This would create an undue burden not just on investors but the Department.

By replacing “relating to” with “resulting in”, the revised language ensures that there is a direct causal link between the transaction and its impact. The focus is maintained on the transaction where control changes as a direct consequence of the transaction.