A number of significant amendments have been made to the most recent draft of the Shareholder Rights (Directive 2007/36/EC) Regulations 2009 issued by the Department of Enterprise, Trade and Employment. These Regulations, which are due to implement the provisions of the much anticipated Shareholder Rights Directive into Irish law by August 2009, set out some important new provisions in relation to the rights of shareholders in listed companies.
A&L Goodbody made a detailed submission in relation to the regulations to the Department during the public consultation process and pointed out that the Directive allows for both UCITs and non-UCITs to be excluded from the ambit of the Directive, should the member state decide. However the first draft of the Irish regulations excluded only UCITS, not non-UCITS. This will now be rectified, so that all UCITS and non-UCITS will be excluded from the remit of the regulations.