Minister Michael Ahern Signs Commencement Orders for the Investment Funds, Companies and Miscellaneous Provisions Act 2005

The Minister for Trade and Commerce, Mr. Michael Ahern TD, today, 9^th November, 2005 signed the following Orders and Regulations:

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (Commencement)(No.2) Order 2005,

Companies (Forms) Order 2005, and

Companies Act 1990 (Uncertificated Securities) (Amendment) Regulations 2005.

The Investment Funds, Companies and Miscellaneous Provisions Act (Commencement) (No. 2) Order 2005 facilitates the expansion of the electronic filing system in the Companies Registration Office (CRO). Companies may appoint electronic filing agents to sign and file documents with the CRO in electronic form.

“The introduction of a statutory Electronic Filing Agent will greatly simplify the process for the companies and their agents. It will lead to greater use of electronic filing by customers of the CRO. Taken together with the forthcoming adjustment in fees, doing business electronically with the CRO is now easier, quicker and cheaper" said the Minister.

The Companies (Forms) Order 2005 prescribes the form to be used for notifications regarding the authorisation of electronic filing agents.

Both Orders will come into effect on the 1^st December 2005.

The Companies Act 1990 (Uncertificated Securities) (Amendment) Regulations 2005 amend the Companies Act 1990 (Uncertificated Securities) Regulations 1996 in order to facilitate the introduction by the Irish Stock Exchange of a Central Counterparty (CCP) system for the Irish securities market shortly.

The Minister noted that the provision of a CCP to the Irish market infrastructure will facilitate further streamlining of transaction processing in the Irish equity market.

The Regulations come into effect on 10^th November 2005.

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