Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 1:

In page 11, between lines 19 and 20, to insert the following:“(3) In relation to times before the coming into operation of the Companies Act 2014 references in this Act to any provision of that Act have effect as references to the corresponding provisions of any enactment to be repealed by that Act.”.

I thank Deputies for their assistance in getting the Bill to this Stage. We had a very good and detailed policy discussion on Committee Stage, during which I outlined that a lot of what Report Stage would involve would be technical in nature. It is based largely on the Companies Act and how the Bill will interact with it. I would like to explain at the outset that in the Bill, as passed by the Dáil on Committee Stage, it is proposed to cross-apply a number of provisions that apply to companies under the Companies Act to this Bill.

This arises in the following sections: section 82, regarding restricting or disqualifying directors; section 148, regarding the application of provisions relating to receivers; section 149, regarding the application of provisions relating to winding up; and section 173, regarding provisions relating to enforcement. During the course of exchanges on Committee Stage, I also mentioned that the provisions relating to compliance and enforcement needed to be examined to determine to what extent they would likewise need to be cross-applied.

While all of this was considered and prepared in the context of the provisions of the existing Companies Act, we were very conscious of the very advanced stage of the consideration of the Companies Bill 2012. As Deputies will be aware, the Companies Bill was enacted and signed into law by the President on 23 December 2014. This development has now allowed us to focus on the cross-application of the provisions contained in the latest consolidated Companies Act.

However, given that the current understanding is that the Companies Act 2014 will be commenced with effect from 1 June 2015, and as I am anxious to have the current Irish Collective Asset-management Vehicle, ICAV, Bill enacted and commenced without delay, it is necessary to specify what cross-applied provisions will apply in the interim. That is the purpose of amendment No. 1.

In examining the cross-applied provisions, a more detailed exercise was undertaken to more expressly and explicitly spell out how the cross-applied provisions will apply in practice, and in some instances it was considered more appropriate to copy in detail some specific provisions for applications in an ICAV context. That is the reason some of these Report Stage amendments are as detailed as they are. Arising from our exchanges on Committee Stage, I circulated - as I undertook to do - a brief summary of the amendments to Deputies in advance of Report Stage and I trust this has assisted them in comprehending quite technical amendments. I look forward to the debate.

Before concluding today's proceedings, I would be obliged if, in accordance with Standing Order 140, the Ceann Comhairle would direct the Clerk to make the following minor drafting correct to the text of the Bill: "on page 81, line 22, to insert the word "if" after "even"". This is being inserted in the interests of textual clarity and does not have any effect in a substantive way.

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