Regulations have been made by the Tánaiste prescribing the main market of the London Stock Exchange, the New York Stock Exchange and NASDAQ as “Recognised Stock Exchanges”. The Regulations have removed the restriction on an Irish public company making market purchases of its own shares on these overseas stock exchanges. The Regulations reflect the fact that several companies with US listings have re-domiciled in Ireland over the past two years and pre-existing law restricted the flexibility of these companies to make market purchases of their shares.

The Companies Act 1990 was amended during 2009 to permit the Minister to make these Regulations. A new notification requirement for overseas market purchases was also introduced whereby the company is required to publicise its purchase of its own shares on its website for not less than 28 days starting on the day after the purchase. So far no further overseas stock exchanges have been prescribed as “recognised stock exchanges” but it has been indicated that other stock exchanges may be included in the future.