S.I. No. 151/1991 - Companies Act, 1990 (Insider Dealing) Regulations, 1991.

1. These Regulations may be cited as the

Companies Act, 1990

(Insider Dealing) Regulations, 1991.

2. A person shall be regarded as having entered in good faith into a transaction to which subsection (2) (

b

) of

section 110

of the

Companies Act, 1990

(No. 33 of 1990), relates if he enters in good faith into—

(

a

) an agreement to underwrite securities, or

(

b

) an agreement, in advance of dealing facilities being provided by a recognised stock exchange for securities, to acquire or subscribe for a specified number of those securities, or

(

c

) negotiations with a view to an agreement referred to in paragraph (

a

) or (

b

), or

(

d

) a transaction in accordance with his obligations under an agreement referred to in paragraph (

a

) or (

b

).

GIVEN under my Official Seal, this 19th day of June, 1991.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations modify subsection (2) (

b

) of

section 110

of the

Companies Act, 1990

to facilitate the operation of the section.

S.I. No. 151 of 1991.

COMPANIES ACT, 1990 (INSIDER DEALING) REGULATIONS, 1991.

WHEREAS difficulties have arisen in relation to the operation of

section 110

of the

Companies Act, 1990

(No. 33 of 1990);

AND WHEREAS it appears to me to be necessary for facilitating the operation of the said section 110 to modify subsection (2) (

b

) thereof;

NOW I, DESMOND O' MALLEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by

section 121

of the

Companies Act, 1990

, hereby make the following Regulations