I move amendment No. 90:
In page 66, subsection (1) (b), between lines 15 and 16, to insert the following:
"(III) an undertaking for collective investment in transferable securities, within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989);".
Subsection (1) (g) gives the Minister power to exempt from all of this chapter of the Bill such interests or interests of such a class as may be prescribed for the purpose of this paragraph by regulations made by the Minister. What type of situation does the Minister envisage using this power in?
This is to cover the emergence of new forms of commercial instruments and paper in the future without having to introduce new legislation because we live in a time of great change, particularly with the adoption here of many of the European Community or Continental European financial arrangements and structures. It gives power to the Minister therefore to add to the series of exemptions in this subsection by means of regulations. The provision in this paragraph is designed to permit the Minister to add to the exemptions if experience in the operation of this legislation shows that such exemptions are necessary. We could not obviously say, at this stage, what kind of matters would come up for exemption in this context in the future. However, the whole area of disclosure of interests is so complex, as indeed is the definition of what constitutes a notifiable interest and so on, that it is very desirable that the Minister should have some measure of flexibility to adapt the legislation in this way.
Ideally a regulation made in this way should probably be approved by the Dáil rather than be left before the Dáil for passive assent.
