Author: | Published: 1 Jul 2005

Ireland is repealing its entire securities law regime to make way for Prospectus Directive implementation, providing a fresh start for the country's capital markets. By David Byers

The EU Prospectus Directive has been implemented in Ireland by the July 1 deadline. Draft legislation has been published that will set the statutory framework for the implementation (Part 5 of the Investment Funds, Companies and Miscellaneous Provisions Bill 2005). The actual implementation will be effected by regulations to be issued by the Irish minister for enterprise, trade and employment.

A new start Ireland decided to repeal wholesale the existing Irish securities law regime on implementation of the Directive, so that Irish securities law does not materially extend beyond the regime envisaged by the Directive. The previous regime had an extra-territorial application - it regulated public offers by Irish...