asked the Minister for Industry and Commerce if any concrete proposals yet made by the Commission of the EEC or decisions taken by the Council of Ministers of the EEC in the field of company law would require amendments to the Companies Act, 1963, on accession; and, if so, in what regard.
Ceisteanna—Questions. Oral Answers. - Membership of EEC.
84.
If this country accedes to the EEC, the Companies Act, 1963 will have to be amended to provide for greater disclosure of information. The most important change will be a requirement that private companies over a size yet to be determined must publish accounts. This requirement will not come into force immediately on accession and a new directive providing for it will be promulgated later. The principal immediate changes will merely require wider publicity for certain matters which are already required to be made public by way of returns to the companies office, and will provide that companies must publish in the papers specified information, make copies of documents available to interested parties and give more information in letter headings.
Can the Minister say whether the operation of our Companies Act will be affected in any way by the proposals being considered by the Community in relation to Euro-companies which would be able to operate across national boundaries within the Community?
Not as anticipated. The position is as I have indicated in the reply, that is, that the Companies Act, 1963 will have to be amended to provide for greater disclosure of information but in relation to any other aspect of it, no final decisions have been taken and we would have attained membership by the time any question of a new directive would arise and, so, would have a say in the matter.
Is there communication with the Euro-companies?
Very much so.