Noel Treacy (Galway East, Fianna Fail)

I move amendment No. 9:

In page 30, line 43, after "€2,500,000" to insert the following:

"(and the means by which that limit shall be calculated, in particular in the case of a series of such offers of securities, shall be the same as that provided for by regulations under section 46 in relation to analogous limits specified by those regulations for any purpose)".

Since the definition of "local offer" was drafted for inclusion in this Bill, drafting of the regulations to transpose the Prospectus Directive has been progressed alongside the progression of this Bill through the legislative process. Arising from that exercise, there is a mismatch between what section 38 and the draft regulations say about the manner in which the limit of €2,500,000 is calculated. Amendments No. 9 and 10 will remove the mismatch and clarify the situation de facto.

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