Committee Reports > List of Committees > Joint > 1976 > Committee on the Secondary Legislation of the European Communities > Report No. 54 - Transferable Securities, Collective Investment Undertakings for (Unit Trusts)

IMEACHTAÍ AN CHOMHCHOISTE

PROCEEDINGS OF THE JOINT COMMITTEE

Dé Céadaoin, 23 Márta, 1977

Wednesday, 23rd March, 1977

1. The Joint Committee met at 4.00 p.m.

2. Members Present.

The following members were present:

Deputies Haughey (in the Chair), Collins, Desmond, Dockrell and Thornley; Senators FitzGerald, Robinson and Ryan.

3. Draft Report on Proposed Council Directive on Collective Investment Undertakings for Transferable Securities.

The Chairman brought forward a Draft Report which was read as follows:

(i) Sections 1 and 2 agreed to.

(ii) Section 3.

Amendment proposed (Senator FitzGerald):

“In page 3 to add the following sentence to the first paragraph:

‘Furthermore, a number of other unit trusts which are not open to the public operated by other companies which are not registered under the Unit Trusts Act, 1972 will not be affected by the Proposed Directive’.”

Amendment agreed to.

Amendment proposed (Senator FitzGerald):

“In page 4 to insert ‘and other’ between ‘Insurance’ and ‘Companies’ in the last line”.

Amendment agreed to.

Section, as amended, agreed to.

(iii) Section 4.

Amendment proposed (Senator FitzGerald):

“In page 5, line 7, to insert after ‘this report’ the following:

‘It is true as pointed out in the Appendix that the U.K. unit trusts (unlike Irish) are subject to Corporation Tax but as the unit trust receipts from investment in Corporations are franked from Corporation Tax an effect of this is that it has prevented the U.K. industry from forming Bond or Government Stock Funds which in Ireland would be obviously undesirable’.”

Amendment agreed to.

Amendment proposed (Senator FitzGerald):

“In page 5 to delete ‘this information’ in line 7 and substitute ‘the information given in the Appendix’.”

Amendment agreed to.

Section, as amended, agreed to.

(iv) Section 5.

Amendment proposed (Senator FitzGerald):

“In page 6, line 7 to delete ‘does not’ and substitute ‘is not capable of being interpreted so as to’.”

Amendment agreed to.

Section, as amended, agreed to.

(v) Section 6.

Amendment proposed (Senator FitzGerald):

“In page 7, after ‘another’ in line 18 to add ‘and effective control over whose affairs is not shown to the satisfaction of the competent authority to be exercised independently of that other’.”

Amendment agreed to.

Amendment proposed (Senator FitzGerald):

“In page 7, after ‘only’ in line 24 to insert ‘professionally qualified’.”

Amendment agreed to.

Section, as amended, agreed to.

(vi) Sections 7 and 8 agreed to.

Draft Report, as amended, agreed to.

Ordered: To report accordingly.

4. Adjournment.

The Joint Committee adjourned at 5.45 p.m.