Legal Eye - March 2010
Company
The Companies (Miscellaneous) Provisions Act, 2009 came into force on 4 January 2010. The purpose of the Act is to allow for the re-domicile of investment funds in Ireland by allowing certain companies to continue on a temporary basis to use US GAAP in the preparation of their accounts. It also introduces a mechanism whereby certain collective investment fund entities can migrate their registered offices into and out of Ireland without having to wind up in their own jurisdiction. The Act provides for the recognition, by Ministerial Order, of Stock Exchanges outside the State on which overseas market purchase of own shares can be made by companies…
…the Company Reporting Regulations came into force on 18 November 2009. The Regulations implement the 2006 EU Directive, and increase reporting and disclosure obligations of companies incorporated in the EU. All Irish companies listed on the Stock Exchange will have to prepare an annual corporate governance statement. Disclosure of off-balance sheet transactions and disclosure of related party transactions is introduced by the Regulations. Companies who wish to take account of a wider range of financial instruments may use fair value accounting for this purpose.
Litigation
New Circuit Court Rules came into force on 1 January 2010. The Rules allow a Circuit Court judge or County Registrar, at a case progression hearing, to adjourn civil proceedings for a maximum of 28 days, to participate in mediation, conciliation or any form of dispute resolution in order to settle the proceedings…
..the Arbitration Bill 2008 has now passed all stages in the Dáil and soon by signed by the President. The Bill modernises and streamlines Irish law on arbitration by introducing one legal instrument for all arbitrations (both domestic and international) and repealing the three Acts currently governing this area. The Bill applies the UNCITRAL Model Law on International Commercial Arbitrations to all arbitrations which take place in the State…
…the Minister for Justice, Equality and Law Reform has introduced new rules to extend the remit of the Small Claims procedure to include certain business claims. The rules, which came into force on 11 January 2010, will facilitate claims from a business against another business in respect of goods or services not exceeding €2000.
Media
The Defamation Act, 2009 came into effect on 1 January. The Minister for Justice, Equality and Law Reform is now to seek approval (10 March 2010) from both the Dáil and the Seanad for an Order declaring the formal recognition of the Press Council of Ireland as “the Press Council”. The Minister is satisfied that the application by the Press Council of Ireland under Section 44 of the Act satisfies the requirements laid down in Schedule 2 of the Act. These requirements involve the objectives of the Press Council, its composition, independence and financial arrangements. Formal recognition of the Press Council of Ireland means that qualified privilege will attach to its reports and decisions as well as those of the Press Ombudsman. Newspapers subscribing to the Press Council which adhere to its Code of Practice will strengthen their entitlement to rely on the defence of reasonable publication.
Property
Section 132 of the Land and Conveyancing Law Reform Act 2009 came into force on 28 February 2010. This section abolishes upwards only rent reviews in commercial leases. On March 4 2010, the Minister announced the establishment of a working group to examine rent reviews, which will focus on the arbitration process and the adequacy of the information available to all parties. The Group is to report to the Minister by the end of June.
Healthcare
At the end of December 2009, the Law Reform Commission published their consultation paper on Children and the Law: Medical Treatment. The Commission has made over 20 recommendations for reform aimed at ensuring that mature teenagers have their views fully taken into account when they seek medical treatment; and providing clarity to health professionals and families. The Commission provisionally recommends that 16 and 17 year olds should be presumed to have full mental capacity (based on a functional test of understanding) to consent to, and refuse, medical treatment, including surgery and in terms of access to contraception. In relation to 14 and 15 year olds, the Commission provisionally recommends that they could be able to consent to and refuse, medical treatment, subject to certain conditions, including their best interests…
…the Medical Council has published revised guidelines on professional conduct and ethics of registered medical practitioners (November 2009). The revised guidelines included matters relating to consent, confidentiality, end of life care, provision of information to the public, prescribing practices and referral of patients.
Competition
At the end of December 2009, the Competition Authority published the first two parts of its report into the services provided by general medical practitioners. The report proposes measures with the stated aim of improving the supply of GPs in Ireland and the facilitation of advertising by GPs…
…the Competition Authority is to carry out a full investigation of the proposed transaction whereby Greenstar Holdings Limited would acquire sole control of Veolia Environmental Services (Ireland) Limited (“VESI”) from its current owner Veolia Propreté SA (“Veolia”). The Competition Authority came to its decision after a preliminary review of the proposed transaction, which was notified under the Competition Act 2002 by the parties on 22 October 2009. Greenstar provides integrated waste management solutions for domestic and commercial customers in the State. The parent company of VESI, Veolia, has decided to exit the non-hazardous waste business in Ireland. The proposed acquisition relates only to Veolia’s non-hazardous waste business. VESI’s non-hazardous waste business provides integrated waste management solutions for commercial and industrial customers in the Republic of Ireland and Northern Ireland…
…the Authority cleared the following transactions at the end of 2009: the acquisition of Eircom by Singapore Technologies Telemedia (2 December 2009); and the acquisition of Avocent by Emerson Electrical (12 November 2009).