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. Chruinnigh an Comhchoiste ar 4.00 p.m.

2. Comhaltaí i Láthair.

Bhí na comhaltaí seo a leanas i láthair:

Na Teachtaí Ó hEochaidh (i gCeannas), Ó Coileáin, Deasún, Dockrell agus Thornley; na Seanadóirí Mac Gearailt, Bean Mhic Roibín agus Ó Riain.

3. Dréacht-Tuarascáil ar Thogra le haghaidh Treoir ón gComhairle faoi Ghnóthais Infheistíochta Chomhchoiteanna d’Urrúis Inaistrithe.

Thug an Cathaoirleach Dréacht-Tuarascáil i láthair agus léadh í mar a leanas:

(i) Aontaíodh Ailt 1 agus 2.

(ii) Alt 3.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

“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’.”

Aontaíodh an leasú.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

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

Aontaíodh an leasú.

Aontaíodh an tAlt mar a leasaíodh.

(iii) Alt 4.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

“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’.”

Aontaíodh an leasú.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

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

Aontaíodh an leasú.

Aontaíodh an tAlt mar a leasaíodh.

(iv) Alt 5.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

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

Aontaíodh an leasú.

Aontaíodh an tAlt mar a leasaíodh.

(v) Alt 6.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

“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’.”

Aontaíodh an leasú.

Tairgeadh leasú (An Seanadóir Mac Gearailt):

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

Aontaíodh an leasú.

Aontaíodh an tAlt mar a leasaíodh.

(vi) Aontaíodh Ailt 7 agus 8.

Aontaíodh an Dréacht-Tuarascáil mar a leasaíodh.

Ordaíodh: Tuairisciú dá réir sin.

4. Athlá.

Chuaigh an Comhchoiste ar athló ar 5.45 p.m.