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O'Donovan, Patrick

Tuesday, 26 November 2019

Dáil Éireann Debate
Vol. Nbr.

Migration of Participating Securities Bill 2019: Order for Second Stage

I move: "That Second Stage be taken now."More Button

Migration of Participating Securities Bill 2019: Second Stage

I move: "That the Bill be now read a Second Time."More Button

The Migration of Participating Securities Bill comprises 17 sections and provides a legislative mechanism to facilitate the migration of Irish securities from their current central securities dep...More Button

Most countries have a domestic CSD traditionally associated with their stock exchange. However, due to the close historic links between the Dublin and London stock exchanges, the Irish market re...More Button

Since the beginning of the migration project, officials from the Department of Finance, the Department of Business, Enterprise and Innovation and the Central Bank of Ireland have been engaging in...More Button

Migration of Participating Securities Bill 2019: Second Stage (Continued)

Since that time, the Departments of Finance and Business, Enterprise and Innovation have been working with all interested stakeholders, and the Office of the Attorney General and the Office of the ...More Button

The legislative mechanism, as provided for in the Migration of Participating Securities Bill 2019, will allow for a more orderly migration of the market from Euroclear UK ahead of the March 2021 ...More Button

I will now turn to the Bill and some of its key provisions. Section 3 provides for a definition of "migration" and that a reference to "migration" is to be interpreted as the title to those migr...More Button

Section 4 sets out the conditions that an issuer must satisfy in order to consent to migration of its securities and that migration as provided for in this section will have effect notwithstandin...More Button

Section 5 sets out the conditions that must be complied with in order for an issuer to consent to migration including: passing a special resolution specifying the CSD to which the securities will...More Button

Section 6 sets out further conditions that an issuer must comply with in order to consent to migration, in particular the content of the circular that must be issued to the issuer's members with ...More Button

Section 7 provides that an issuer or its officer that defaults in complying with the provisions of sections 5 and 6 shall be guilty of an offence. Section 10 provides for the necessary filings t...More Button

Section 11 provides for the disapplication of certain provisions of the Companies Act 2014 that are not relevant to a CSD in the conduct of its function. For the purposes of migration, section 9...More Button

Section 12 provides the listing authority with the relevant powers to set, by order, the live date on which the title to those participating securities will transfer. The listing authority may a...More Button

Section 14 provides the Minister with the necessary powers to make regulations prescribing anything required by the Bill to be prescribed, which includes a prescribed form for the purposes of sec...More Button

Section 15 provides that no liability will attach to the listing authority in fulfilling its obligations under section 12 or any other function it may carry out under this Act.More Button

Section 16 repeals section 4 of the legislation on 30 March 2021, which is the date set down in the European Commission's equivalence decision for UK-based central securities depositories in the ...More Button

The Leas-Cheann Comhairle will forgive me if I am not able to answer table quiz questions on what I have just read into the record of the Dáil, but I commend the Bill to the House.More Button

On behalf of the Minister, Deputy Donohoe, I thank both Deputies for their contributions. Deputy Cullinane is right: this is a very technical Bill. One could appreciate that from the introduction...More Button

To respond to Deputy Brassil's comments - and much of this can probably be dealt with in more detail on Committee Stage by the Minister - the Brexit Act the Dáil passed dealt with the eventuality...More Button

To respond to Deputy Cullinane's point about CSDs, this is a commercial entity, not a Government-established entity, so it would not really be up to us to establish it. I was not interrupting De...More Button

This can be discussed further on Committee Stage when the Minister for Finance, Deputy Donohoe, will be able to provide a greater level of detail but I presume the issue is scalability. Ireland is...More Button

The deadline is tight. This must be completed by March 2021 in accordance with the European Commission's contingency planning. That timeframe is challenging and the co-operation of Members of t...More Button

Migration of Participating Securities Bill 2019: Referral to Select Committee

I move:More Button

Farm Inspections

Asked the Minister for Agriculture, Food and the Marine: if a farm inspection on land in an area (details supplied) will be carried out rather than a desk study; and if he will make a statement on the matter.More Button