Leo Varadkar (Dublin West, Fine Gael)
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Question 255: To ask the Minister for Enterprise, Trade and Employment when the UCITS Directive will be transposed into Irish law; and if he will make a statement on the matter. [27162/07]

Micheál Martin (Cork South Central, Fianna Fail)
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I assume the Deputy is referring to the most recent amendment of the UCITS directives, namely EU Commission Directive 2007/16/EC of 19th March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS) as regards the clarification of certain definitions.

Member States are required to transpose this amending Directive into national law by 23rd March 2008. Ireland expects to complete the necessary transposition process ahead of this deadline by the end of 2007. The earlier UCITS directives have already been transposed into Irish law.