Section 120 of the Companies Act, 1990 provides that the Stock Exchange shall furnish an annual report on the exercise of its functions under Part V of that Act, which concerns insider dealing. Section 120 sets out a number of matters that must in particular be included in the report:—
—the number of written complaints received concerning possible contraventions of Part V,
—the number of reports made to the DPP under Part V,
—the number of instances in which, following the exercise of powers by authorised persons under Part V, reports were not made to the DPP,
—such other information as may be prescribed.
No other required information has to date been prescribed.
The annual report to which the Deputy refers, which was the first such report under the new provisions, was presented in full to both Houses on 3 May 1993. The delay in presenting the report largely arose from priority given to other work pressures in the Department and I have taken steps to ensure that future reports are presented with minimum delay. In this connection, I would like to advise the House that I have received the 1992 Annual Report from the Stock Exchange in recent weeks. Having examined it, and arranged for any necessary action consequential on that report, it is my intention to have the report submitted to Government in the immediate future with a view to presentation to both Houses.
I am aware of press comments by the then President of the Stock Exchange shortly after the presentation of the 1991 report.
A review of the operation of the Companies Act, 1990 is ongoing and the matter can be considered further in that context.
