Work of the Company Law EU/Legislation Section
Main Page | Our Role | Publications and Files | Contact Us
The Section is involved in the formulation of legislative proposals through to their enactment. This includes negotiation of EU proposals for Directives/ Regulations in the Company Law area and their subsequent transposition into Irish Law as well as the drafting of legislation on other company law matters.
-
Details of recent Company Law
developments at EU level.
(These pages contain details of proposals for Directives and Regulations together with appropriate links to the European Commission web site.) - Legislative Background to our work
Irish Auditing and Accounting Supervisory Authority (IAASA)
IAASA was established on a statutory basis on 3rd January 2006.
Any queries in relation to IAASA should be forwarded to Ian Drennan, CEO, or Fergal Ó Briain, Finance and Administration Manager, Irish Auditing and Accounting Supervisory Authority, Willow House, Millennium Park, Naas, Co. Kildare or e-mail: info@iaasa.ie.
Other specific items dealt with by Company Law (EU/Legislation) Section include the following:
High Level Group on Company Law
In September 2001, the European Commission set up a Group of High Level Company Law Experts with the objective of initiating a discussion on the need for the modernisation of company law in Europe.
Commission Action Plan on Modernising Company Law and Enhancing Corporate Governance in the European Union
On 21 May, 2003, the European Commission presented a Communication on an Action Plan on Modernising Company Law and Enhancing Corporate Governance in the European Union.
EU Accounting Directives (4th and 7th Company Law Directives)/Modernisation of these Directives
The 4th Directive of 25 July 1978 deals with annual accounts of certain types of companies (78/660/EEC). The 7th Directive, 83/349/EEC of 13 June 1983 deals with consolidated accounts.
EU Directive 2003/51/EC of 18 June, 2003 amends the European Union 4th and 7th Company Law Directives. The changes, approved by the European Parliament in January 2003 bring existing EU rules into line with current best practice. They complement the International Accounting Standards (IAS) Regulation, (1606/2002) adopted in June 2002, that requires all EU companies listed on a regulated market to use IAS from 2005 onwards and allows Member States to extend this requirement to all companies.
EU International Accounting Standards Regulation
On 7 June the European Council adopted a Regulation requiring listed companies, including banks and insurance companies, to prepare their consolidated accounts in accordance with International Accounting Standards (IAS) from 2005 onwards.
SI No. 116 of 2005 gives full effect to Regulation 1606/2002 of the European Parliament and of the Council of 19 July 2002 and gives effect to Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003.
EU Fair Value Accounting Directive
This Directive gives Member States the option to permit or require the use of fair value valuation methods to account for certain classes of financial instruments in companies' annual financial statements. Up to now the above mentioned Directives only permitted valuation of financial instruments using historical cost methods.
EU Recommendation on Auditor Independence
On 16 May 2002 the Commission published a Recommendation on Auditor Independence. The Recommendation follows a framework-based approach by setting down general principles on auditor independence.
EU Regulation for a European Company Statute
Regulations entitled European Communities (European Public Limited-Liability Company) Regulations 2007 (S.I. 21 of 2007) and European Communities (European Public Limited-Liability Company)(Forms) Regulations 2007 (S.I. 22 of 2007), giving full effect to the European Company Statute were enacted on 22 January 2007.
EU Directive on Takeovers
Regulations entitled European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 (S.I. No. 255 of 2006) came into effect on 20 May 2006. These regulations are intended to give effect to Directive 2004/25/EC of the European Parliament and of the Council on Takeover Bids, which was formally adopted on 21 April 2004.
EU Transparency Directive
On 26 March, 2003, the European Commission published a proposal for a Directive introducing minimum transparency requirements for information which must be provided by companies whose securities are traded on a regulated market, such as a stock exchange.
EU Directive on Market Manipulation (Market Abuse)
Regulations entitled the Market Abuse (Directive 2003/6/EC) Regulations 2005, (S.I. No. 342) came into effect on 6 July, 2005. These Regulations are intended to give effect to Directive 2003/6/EC of 28 January 2003 on insider dealing and market manipulation (market abuse) and the implementing Directives, 2003/124/EC, 2003/125/EC, 2004/72/EC.
EU Directive on Prospectuses
Regulations entitled the Prospectus (Directive 2003/71/EC) Regulations 2005 (S.I. 324 of 2005) came into effect on 1 July 2005. These Regulations are intended to give effect to Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading.
EU Simpler Legislation in the Internal Market (SLIM)
The SLIM Initiative - Simpler Legislation in the Internal Market was launched by the EU Commission in May, 1996 with the objective of identifying ways in which Single Market legislation could be simplified.
Last modified: 24/06/2011
| © 2011 Department of Jobs, Enterprise and Innovation | Privacy Statement |
,
