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Review of company law to examine public offering rules

The Company Law Review Group (CLRG), which was appointed by the minister for enterprise, trade and employment in Ireland to prepare proposals for the simplification of Irish company law, has decided to review the legal issues relating to public offers and prospectus requirements in Ireland as part of its task.

The CLRG, which is chaired by Tom Courtney, will prepare a detailed report in relation to a range of company law issues following consultation with commercial lawyers. The sub-committee which has been appointed to review the law relating to public offers and prospectus requirements has prepared a consultation paper which identifies various issues which presently cause practical difficulties for issuers engaged in public offerings.

It is acknowledged that the provisions of company law in Ireland require modification to take account of developments in relation to the types of public offerings being conducted by a wide range of issuers. It is intended that the CLRG will issue a comprehensive report containing recommended changes to Irish company law. Following the publication of the CLRG's report, it is hoped that the recommended changes will be quickly enacted. It is expected that this type of review will be viewed as a continuous process and that, henceforth, new company legislation will be enacted on a regular and frequent basis to take account of changing practices in commercial law.

James Scanlon

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