Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages
Dail Éireann — 2020-11-25
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Damien English (FG), Meath West

I can. I apologise as I have only just walked into the Chamber for the debate and I believed we were dealing with section 4.
Part 4 of the Bill provides for amendments to the Companies Act 2014 to facilitate the operation of a substitute securities settlement system compatible with the law of the EU after the transition period. The settlement of securities trades, whereby securities are transferred by the seller to the buyer and funds are transferred from the buyer to the seller, is typically made in a securities settlement system operated by central securities depositories, CSDs. The statutory changes are in respect of securities held by a company in a CSD authorised by the EU Central Securities Depositories Regulation 2014. I refer to public companies with shares and other securities using a CSD which are listed on the Irish market. Payment and securities settlement systems are essential to the efficient functioning of all modern economies, which rely, for their continued growth and overall well-being, on the free and open trade of goods and services. This relates to legislation introduced by the Department of Finance, the Migration of Participating Securities Act 2019, which came through the system last year. The changes to the companies legislation are to allow for electronic transfers as opposed to written certificates, which have been used under the UK model. I can go through each section if the Deputy wants.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2020-11-25/debate/main
Retrieved: 2026-08-14T04:48:50+00:00
Sitting date: 2020-11-25