Statutory Instrument number 450 of 2009 ‘European Communities (Directive 2006/46/EC)' (S.I. 450) was signed into law on 18 November 2009. The Regulations are particularly important for listed entities as they enshrine in law significant new disclosure requirements for listed entities (with certain limited exemptions) that relate to corporate governance arrangements and certain aspects of internal control and risk management. Additional obligations are also introduced in relation to reporting by auditors on these requirements.
For all companies, the Regulations contain amendments to existing fair value rules contained in Irish legislation and introduce requirements in respect of disclosures of ‘off balance sheet arrangements’ and ‘related party transactions’.
No effective date is contained in S.I. 450, however we understand that it has immediate effect. S.I. 450 can be accessed at http://www.entemp.ie/publications/sis/2009/si450.pdf. We are currently in correspondence with the Department of Enterprise Trade and Employment to seek clarification in relation to a number of issues in the S.I.