These Regulations give full effect to Council Regulations (EEC) No. 2137/85 on the European Economic Interest Grouping (EEIG). They provide a legal framework for groupings of natural persons, companies and other legal entities to enable them to co-operate effectively in economic activities across national frontiers within the European Community. Such groupings, if their official address is in Ireland, will be bodies corporate and have legal personality.

The Council Regulation is directly applicable in Irish law but certain provisions within the Council Regulations need supplementary legislation. These include the designation of the registry and registrar for groupings (the Companies Registration Office and the Registrar of Companies respectively), management of groupings, qualifications and limits on membership, and winding-up. These Regulations also designate the forms to be used in relation to the registration, setting-up, closure or transfer of a grouping or in any other prescribed event.

The Regulations come into operation on 1st August, 1989.