Amendment No. 30 is consequential on amendment No. 29 and, by agreement, the amendments may be taken together.
SECTION 25.
I move amendment No. 29:
In page 21, subsection (2), line 29, after "section 11(5)" to insert "or 17(3)".
These amendments provide for the panel to bring and prosecute proceedings under section 17 (3), which relates to obligations of professional secrecy. Under the earlier draft it would have fallen to the Minister to do this. It is considered more appropriate that the panel and not the Minister should prosecute such offence.
Amendment agreed to.
I move amendment No. 30:
In page 21, lines 31 and 32, to delete subsection (3).
Amendment agreed to.
Section 25, as amended, agreed to.
Sections 26 and 27 agreed to.
SCHEDULE
I move amendment No. 31:
In page 22, lines 46 and 47, to delete paragraph 11.
Has the Minister any argument with what I am proposing?
I regret that I am not persuaded of the necessity for either deletion.
Paragraph 11 of the scheduled principles provides that an offeree ought not to be disrupted in the conduct of his affairs, beyond a reasonable time, by an offer for its securities. This is a cardinal principle. I consider it very appropriate to have a general principle of that nature. The rules which the panel will draw up will specify what constitutes a reasonable time. This is likely to be in line with the period specified in the existing UK code which governs takeovers here. Therefore, paragraph 11 is the enabling principle which will govern the panel's rule making in this area. I cannot agree that it is wise to excise it.
London is not a statutory regulatory body. We are going to establish our own which will be more influential and have greater powers and authority. It is an unreasonable and unnecessary Schedule and an impediment that could be disruptive in some takeovers.
It would be normal to make that argument where the panel is established on a statutory basis and that it would command more clout than the non-statutory basis that exists in London. However, that does not apply here because the stature of the takeover panel in London allows it to command clout equivalent to what we are doing by statute. We want to underpin the rules relating to time limits. Deputy O'Keeffe can reasonably say that he has not got the rules which the panel will draw up in this respect. However, there is a precedent regarding the situation required by London. The panel would be unlikely to ignore the argument Deputy O'Keeffe is making. It would have to be reasonable in terms of specifying time limits. Because of the statutory basis, it is necessary to underpin the rules relating to time limits.
Amendment, by leave, withdrawn.
Amendment No. 32 not moved.
Schedule agreed to.
Title agreed to.
Report of Select Committee.
I propose the following draft report:
That the Select Committee has considered the Bill and has made amendments thereto. The Bill, as amended, is reported to the Dáil.
Is that agreed? Agreed.
Report agreed to.
Ordered to report to the Dáil accordingly.
My wish is that we would take Report Stage on 18 December if that is agreeable to Deputy O'Keeffe.
Agreed.
I thank Deputy O'Keeffe for his contribution. He made a big impact and the Minister responded positively to him. I thank the Minister for the manner in which he dealt with the amendments, and his officials for their excellent briefing.
I also wish to express my appreciation to Deputy O'Keeffe.
I thank the Minister and his officials who were very helpful. While it is an uncontentious Bill, we should encourage more companies to float on the Stock Exchange. Some fine companies will have a glorious opportunity if they do so and there will be greater discipline in the market. We have the limited number of 80 companies quoted on the Stock Exchange and I understand more than 500 plcs are not quoted, many of which should be publicly quoted. My philosophy may differ from that of the Minister, but the market is a very fair place. It is under great scrutiny. We have seen unpalatable happenings recently. Without quoting names, the company to which I am referring should be encouraged to take the public route.
I am sure the Minister will co-operate with that.
The Select Committee adjourned at 3.50 p.m.