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Consolidation of (a) Irish Company Legislation and (b) Irish Financial Services Legislation

February 2005 - Corporate & Commercial. Legal Developments by Dillon Eustace.

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(a) The Tᮡiste and former Minister for Enterprise, Trade and Employment, Mary Harney TD, has started a major new initiative to reform, restructure and update company law in Ireland. The Government has approved the drafting of a single principal Companies Bill to replace the existing companies code, composed of ten Acts of the Oireachtas plus a substantial amount of secondary legislation. The task of drafting the new Companies Bill is being undertaken by the Company Law Review Group. The general scheme of the new Companies Bill is available to view at

(b) Ireland's Minister of Finance has invited comments on how best to achieve consolidation and/or simplification of the legislation governing the regulation of the financial services sector. The Minister's intention is that a Bill will be put before the Oireachtas (Ireland's Parliament) next year. This Bill will complement the Central Bank and Financial Services Authority of Ireland, Acts 2003 and 2004, which established a new regulatory structure for the financial services sector. Phase one of this project has already begun with the Department of Finance updating and consolidating existing financial services legislation on its website. Different legislative models will also be reviewed across the EEA, including the UK and Denmark.

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