ComplianceSME

Ireland · The public limited company

Disclosing an interest in a PLC's shares, the acquisitions register and investigations

the Companies Act 2014 · sections 1048, 1050, 1052, 1053, 1056, 1057, 1060 to 1065 and 1067 to 1070

Where the problem is

The notification clock is five days and it runs from the day the duty arises, not from the day the holder notices. A person's duty to make a notification under section 1048 or 1050 must be performed within the period of 5 days after the day on which the duty arises, and the notification must be in writing to the PLC (section 1053(1)). Where a duty arises under section 1053(4), it must be performed within 5 days after the day it arises (section 1053(5)). A person's duty to give any notice required by section 1057 to another person must be performed within 5 days after the day it arises (section 1057(8)).

The company's own clock is shorter still. An obligation imposed on a PLC by section 1061(2) or (3) must be fulfilled within the period of 3 days after the day on which it arises (section 1061(4)). Where a name is removed from the register under section 1067(1) or (3), or under an order made under section 1067(6), the PLC must act within the period section 1067(7) sets.

What the Companies Act 2014 requires

Sections 1048, 1050, 1052 and 1053 impose the duty of disclosure, set the percentage that triggers it and set the periods described above. Where a reduction in the percentage is specified by order and a person's interest is affected in consequence, section 1052(3) governs what follows. Sections 1056 and 1057 deal with persons acting together and with the enforcement of the obligation.

Sections 1060 to 1065 govern the individual and group acquisitions register, the index, investigations by the PLC and investigations on the requisition of members. Unless the register is in a form that constitutes an index in itself, the PLC must keep an index of the names entered in it (section 1061(8)), and if the PLC ceases to be a PLC it must continue to keep the register and any index as section 1061(9) requires. Where an investigation under section 1064 is not concluded in the manner section 1065(2) describes, that subsection applies, and the PLC has 3 days after making a report available for inspection to act as section 1065(3) requires. Sections 1067 to 1070 govern removal of entries and notification to the market operator.

The tool that solves it

Files 128, 129, 130, 131 and 132 of the IE-COMPANY package cover this situation. File 128 works through the duty of disclosure and the notification particulars. File 129 works through persons acting together and enforcement. File 130 works through the acquisitions register and company investigations, and File 131 works through registration of disclosed interests and investigations on requisition. File 132 works through removal of entries and notification to the market operator.

This situation is covered by these files from the pack IE-COMPANY

Files for this situation

Free · this situation only

The working files named above cover this situation. You take them from your free ComplianceSME account when this situation arises, and you come back to the site for the next situation.

You take the starter pack first: PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that the other files require. The situations open in your account once you have taken the starter pack.

Take the files for this situation

The free system

Free · with a free account

The ComplianceSME system for the Companies Act 2014 is free. It needs a free ComplianceSME account and runs inside your own Claude account. It holds 215 working files, the training file, the reference file in four volumes, the regulation analysis, the final review with the gap analysis, and the report assembly. You take the starter pack first, and after that the files for one situation at a time, as each situation arises.

The starter pack holds PRINT_ME_FIRST.pdf, the training file T_TRAIN, the four volumes of the reference file T_HELP, and File 1, which builds the ENTITY_PASSPORT.md that every other working file requires. Print PRINT_ME_FIRST.pdf and read it before any other file.

The system runs in your own Claude account. Upload the files, type START, and the system asks you one question at a time until it has built your documentation, citing the section at every point.

Take the starter pack

ComplianceSME tracks the Companies Act 2014 and issues update files through the membership, so that you are never working from a superseded version. Membership

Back to the Irish library →