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In a rare example of a consensual policy, the bill to ban promissory notes – presented by Fine Gael TD Noel Rock and Fianna Fáil TD Stephen Donnelly – was approved and supported by Cabinet. Ticket sales professionals will already be working on ways to get around the new Irish law, which aims to ban the resale of tickets for major sporting and entertainment events.
At the same time, many people may have doubts and consider that such a law is intrusive and a sign of nanny status. interference in private commercial transactions.
Such a restrictive measure also goes against the promotion of free enterprise in our culture and economy and serves to highlight inconsistencies in our laws
. a person can buy a house and return it for a quick profit, but do not do it with, say, a U2 ticket.
Or that someone who owns an acre of farmland worth € 10,000 is quite free to sell it for € 200,000, if it has been rezoned for housing or commercial development.
If someone literally has more money than sense and is crazy enough to pay $ 1000 for a $ 90 bill, why should the law criminalize this, but not a vulture fund make a quick buy and then sell impaired loans? Profit, after all, is at the heart of business and, without that reason, we would not have any free enterprise or even jobs in private industry.
Yet, if the consistency of the law is important, it is not everything. Fairness and a properly functioning market are also essential to trade.
There are already many laws that protect consumers when a market is shattered or skewed mbadively in favor of one side only.
The most recent example is the cap imposed on roaming charges for mobile phones. Even in the homeland of free enterprise, capitalism is not unhindered.
Like the EU, the United States has many health and safety laws to protect consumers, as well as a legal minimum wage to limit drug use. exploitation of vunlerable workers.
Although there is no federal law prohibiting the sale of banknotes, some states have legislation that restricts practice or outright prohibits it.
While Mr. Rock claims to be a "philosophically" free marketer, his arguments Mr. Donnelly and Mr. Donnelly argue that the legislation is necessary because, even if there have always been low-level sales, the move to online sales and bots has led to the sale of tickets on an industrial scale. .
Similar legislation in the UK was motivated by reports of a link between online touts and organized crime. A new law introduced in April criminalizes the use of automated technology to buy large amounts of tickets and resell them.
Legislation is also needed to give effect to the commitment by Uefa to prohibit unauthorized transfer. the use of tickets for matches and official events taking place in Ireland during the Euro 2020 Championship.
The new bill is also not a total cash game. The law will only apply to sports and entertainment events in designated venues with a capacity of 1,000 or more people.
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