Fergus O'Dowd (Louth, Fine Gael)
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Question 82: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16077/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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The Irish Stock Exchange (ISE) is obliged to furnish an annual report to the Minister for Enterprise, Trade and Employment on the exercise of its functions under Part V of the Companies Act 1990 in relation to insider dealing and this report is required to be laid before each House of the Oireachtas. All Reports since 1994 were duly laid before the Houses of the Oireachtas and the information sought by the Deputy is also contained in the respective Annual Companies Reports, which were also laid before the Houses of the Oireachtas.

The ISE was obliged to furnish a report to the Minister for Enterprise, Trade and Employment under the European Communities (Stock Exchange) Regulations 1984 (S.I. No. 282 of 1984). These regulations were repealed during 2007 and replaced by the European Communities (Admission to Listing and Miscellaneous Provisions) Regulations 2007 (S.I. No. 286 of 2007). The information requested by the Deputy in relation to these Regulations for the years 1998 to 2007 is contained in the Annual Companies Reports as referred to above. As details of the reports of the ISE under these Regulations for the period 1994 to 1997 were not contained in the respective Annual Companies Report I have arranged for the ISE's own Reports for these years to be forwarded to the Deputy.

Fergus O'Dowd (Louth, Fine Gael)
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Question 83: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16078/09]

Fergus O'Dowd (Louth, Fine Gael)
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Question 84: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16079/09]

Fergus O'Dowd (Louth, Fine Gael)
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Question 87: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16082/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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I propose to take Questions Nos. 83, 84 and 87 together.

I am not in a position to provide the information requested by the Deputy given the relatively short time available since the Question was tabled. However, officials in my Department are currently compiling the information sought and as soon as the information is collated. I will be in further contact with the Deputy.

Fergus O'Dowd (Louth, Fine Gael)
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Question 85: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16080/09]

Fergus O'Dowd (Louth, Fine Gael)
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Question 86: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16081/09]

Fergus O'Dowd (Louth, Fine Gael)
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Question 88: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on a matter (details supplied); and if she will make a statement on the matter. [16083/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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I propose to take Questions Nos. 85, 86 and 88 together.

The uncertainty mentioned in the note referred to by the Deputy related to questions that arose as to whether the relevant provisions at that time had fully implemented the exemption provided for in Directive 92/101/EEC in relation to the purchase by a subsidiary company of shares in its holding company where the subsidiary is a professional dealer in securities acting in the normal course of its business.

The Directive recognised that professional dealers in securities, which are members of a stock exchange within the EU, or are otherwise approved or supervised by a competent authority, should not be subject to the same restrictions on purchasing shares in its holding company as is the case for an ordinary subsidiary.

The relevant provisions were section 224 of the Companies Act, 1990 and Regulation 5(6) of the EC (Public Limited Companies Subsidiaries) Regulations, 1997 (S.I. No. 67 of 1997) and doubt arose as to the extent and scope of the exemption which these sections provided. In particular, the exemptions in the 1997 Regulations were only available to a particular type of subsidiary company – a directly controlled subsidiary constituted as a limited liability company – and did not specifically disapply sections 32 and 60 of the Companies Act, 1963. Separately, section 224 of the Companies Act, 1990 imposed conditions regarding prior approval of an acquisition and post notification to the Companies Registration Office and the Stock Exchange, which made the provision unworkable for professional dealers in securities dealing in the shares of their listed holding companies.

The uncertainties that arose were essentially a feature of the interplay between the national law on this area and developments at EU Directive level.

Section 111 of what became the Company Law Enforcement Act 2001 was drafted by the Office of the Parliamentary Counsel in conjunction with the Department of Enterprise, Trade and Employment. As the section was introduced at Report Stage my Department's records indicate that a briefing note was not prepared for circulation to Deputies.