Ireland's Screening of Third Country Transactions Act 2023 (the Act) was signed into law by the President of Ireland on 31 October 2023. The Act requires commencement by Ministerial Order which initially was expected to occur during Q3, 2024.
The Department of Enterprise, Trade and Employment (the Department) has indicated that the Act is now expected to commence in the latter part of Q4, 2024.
For a reminder of the key provisions of the Act, please refer to our previous publication.
The Department has further indicated that the draft guidance will be finalised prior to commencement of the Act and that further guidance, on rights of appeal and the related appeals processes, will issue in advance of commencement of the Act.
For a reminder of the key provisions of the draft guidance, please refer to this publication from our EU, Competition and Procurement team.
Next steps
Those currently conducting relevant transactions which raise potential public order or national security concerns should familiarise themselves with the draft guidance and notification form. Those anticipating completion in the coming months of notifiable transactions should factor the requirements of the Act into their deals. Notifiable transactions that are completed within ten days of the commencement of the Act are required to be notified within 30 days of the transaction being completed.
