There is a number of EC Directive/Regulations in the company law area which provide for the exchange of information between member states in the context of those particular Instruments.
The Fourth Company Law Directive on company accounts provided, in Article 52, for the setting up of a contact committee, the functions of which are—
(a) to facilitate ... the harmonised application of this Directive through regular meetings dealing in particular with practical problems arising in connection with its application;
(b) to advise the Commission, if necessary, on additions or amendments to this Directive
Article 47 of the Seventh Directive on Consolidated Accounts extended the function of this committee to cover that Directive also, and the Eighth Directive on the Qualifications of Auditors also extended the responsibility of the original contact committee to dealing with matters arising out of that directive. The meetings of this committee are attended by officials of my Department.
The European Communities (Stock Exchange) Regulations, 1984, implemented three separate EC Directives relating to the admission, listing and reporting requirements for transferable securities. These make provision for co-operation and exchange of information between EC countries including, in particular, the setting up of a contact committee to assist and co-ordinate in implementing the Directives involved. This committee is also serviced by officials of my Department.
The Regulation on the European Economic Interest Grouping, which is due to come into effect here next year, provides for a similar contact committee to oversee its implementation. Again, meetings of this committee are attended by officials of my Department.
I am aware of the merits of approximating Irish Company Law with that of other EC member states, and I am confident that the EC Commission's extensive programme for the harmonisation of company law throughout the community will ensure that no one member state will be at an advantage in this regard viz-à-viz other member states. However, where there was a clear need to legislate independently to take account of Irish conditions, I would not hesitate to do so.