Companies Act 2014 section 981

Limitation on offers by DACs of securities to the public

Section 981 restricts Designated Activity Companies (DACs) from offering securities to the public or having them listed or traded on any market, while providing an exception for debt securities (debentures).

• A DAC must not apply to have its securities, or interests in them, admitted to trading or listed on any market, whether regulated or not, in Ireland or elsewhere.
• A DAC must not have its securities, or interests in them, actually admitted to trading or listed on any such market.
• The restriction does not prevent a DAC from listing or trading debentures (debt securities), or applying to do so, provided this is for certain permitted purposes set out elsewhere in the Act.
• This section adapts the general rules on public offers of securities (which apply to ordinary limited companies) so that they operate appropriately in the context of a DAC.