Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 266:

In page 1002, between lines 21 and 22, to insert the following:“(6) Regulations made under section 3(3) of the Act of 1990 prescribing, for the purposes of the definition of ‘alternative body of accounting standards’ in section 260(4A) of the Act of 1990, bodies having authority to lay down standards of the kind referred to in that definition, and which regulations are in force immediately before the commencement of this section, shall continue in force as if they were regulations made under section 12 for the purposes of subsection (4) and may be amended or revoked accordingly.”.

The purpose of this amendment is to correct the unintended exemption provided to investment companies from the filing of financial statements. The new wording will provide for the filing of financial statements without the need to file annual returns. The intention here is to protect the anonymity of investors in investment companies as their names would have to appear as those of shareholders on annual returns.

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