Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I move amendment No. 28:

In page 13, to delete lines 22 to 28 and substitute the following: “(4) Where a notifiable transaction is completed no later than 10 days from the date on which section 10 comes into operation, a party to the transaction shall be deemed to comply with section 10(1) where the party provides the Minister with the information referred to in section 10(1)(b) no later than 30 days from the date on which the transaction is completed.”

This amendment is a clarification to ensure all stakeholders understand the intent and interpret the text correctly. It relates only to the period of time around the commencement of this legislation. By way of background to the amendment, we were concerned that the original wording was unclear and could be interpreted in a manner that would allow a transaction proposed before, but completed after, commencement to be notified after the transaction is completed. This comes back to Deputy Stanton's point earlier. The revised wording tightens this interpretation and ensures that the section will only apply for a limited timeframe immediately around commencement. For transactions completed within the first ten days of the Bill coming into effect, investors will have a 30-day period to fulfil their notification obligations. This section will only apply to those transactions completed within the ten days after it comes into operation. Transactions completed before this do not need to be notified, but they will be subject to the scrutiny to which I referred.