Is the exclusion in section 8 (4), that stock exchanges which provide "services electronically to Irish clients and whose head office or registered office is outside the State.", unduly restrictive? Why is it just an electronic exclusion? If a stock exchange in the Isle of Man posts all its material, delivers it by hand, or operates on a telephone system, is it established in Ireland?
SECTION 8.
Question proposed: "That section 8 stand part of the Bill."
Is the word "electronically" superfluous?
The word "electronically" is not superfluous because it is one way of operating.
It is one way but it is not every way. Suppose you had a stock exchange on the Isle of Man where there are land lines to this country and where people were bidding and making purchases. Is that established here if you exclude electronic ones?
Could we leave it at this; the Minister will consider the point on Report Stage.
Question put and agreed to.