PART 1 - PRELIMINARY AND GENERAL PROVISIONS
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1.
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Citation and commencement
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PART 2 - DEFINITIONS AND SCOPE
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2.
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Object and scope of these Regulations
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3.
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Interpretation
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4.
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Competent Authority
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5.
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Exemptions
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PART 3 - TRANSITIONAL
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6.
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Existing regulation
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PART 4 - AUTHORISATION OF INVESTMENT FIRMS
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7.
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Requirement for authorisation
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8.
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When investment firm may be regarded as operating in the State
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9.
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Bank to establish and maintain register of investment firms
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10.
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Requirements of investment firm authorisations
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11.
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Application to Bank for an authorisation to operate as an investment firm
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12.
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Prerequisites relating to qualifying holdings in investment firms
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13.
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Prerequisites to granting authorisations for investment firms
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14.
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Bank may obtain further information from applicant by request, inquiry or investigation
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15.
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Time frame for granting and refusing applications for authorisations for investment firms
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16.
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Investment firms - capital, management, structure, control
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17.
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Unincorporated investment firms - special provisions
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18.
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Investment firms, dividing responsibility between their home and host Member States
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19.
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Prohibition against false or misleading application for investment firm authorisation
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20.
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Scope of authorisation
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21.
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Withdrawal of authorisations for investment firms
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22.
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Court may revoke authorisation on application by Bank
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23.
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Bank to give notice of proposed withdrawal or revocation of authorisation
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24.
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Publication of withdrawal or revocation of authorisation
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25.
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Definitions for Regulations 25 to 28
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26.
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Continued responsibilities of former authorised investment firms
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27.
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Bank supervision of certain activities of former authorised investment firms
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28.
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Certain obligations of persons responsible during firm's termination process
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PART 5 - REGULATION AND SUPERVISION OF INVESTMENT FIRMS
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29.
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Persons who effectively direct the business
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30.
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Shareholders and members with qualifying holdings
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31.
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Membership of authorised Investor Compensation Scheme
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32.
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Initial capital endowment
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33.
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Organisational requirements
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34.
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Further - business procedures, internal control mechanisms and reporting, etc.
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35.
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Further - monitoring and evaluating systems, control mechanisms and the like
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36.
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Risk management function
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37.
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Internal audit function, supervisory function and senior management
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38.
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Complaint procedures
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39.
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Personal transaction procedures
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40.
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Retention of records
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41.
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Trading process and finalisation of transactions in an MTF
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42.
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Relations with third countries
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PART 6 - REGULATED MARKETS
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43.
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Authorisation and applicable law
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44.
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Trading under regulated markets subject to Irish law
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45.
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Market operator's responsibility for establishing regulated market
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46.
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Regular review by Bank of market operators and regulated markets
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47.
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Application to Bank for an authorisation to operate a regulated market
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48.
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Prerequisites to granting authorisations for regulated markets
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49.
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Bank may obtain further information from applicant by request, inquiry or investigation
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50.
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Time frame for granting or refusing applications for authorisations for regulated markets
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51.
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Regulated markets - management, structure, control
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52.
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Prohibition against false or misleading application to operate regulated market
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53.
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Withdrawal of authorisations for regulated markets
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54.
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Bank may apply to Court for order revoking authorisation
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55.
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Bank to give notice of proposed withdrawal or revocation of authorisation
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56.
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Publication of withdrawal or revocation of authorisation
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57.
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Definitions for Regulations 57 to 60
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58.
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Continued responsibilities of former market operators
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59.
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Bank supervision of certain activities of former market operators
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60.
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Certain obligations of former market operators during operator's termination process
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61.
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Requirements for the management and operation of the regulated market
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62.
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Requirements relating to persons exercising significant influence over the management of the regulated market
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63.
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Organisational requirements
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64.
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Admission of financial instruments to trading
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65.
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Suspension and removal of instruments from trading
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66.
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Access to the regulated market
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67.
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Monitoring of compliance with the rules of the regulated market and with other legal obligations
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68.
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Pre-trade transparency requirements for regulated markets
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69.
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Post-trade transparency requirements for regulated markets
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70.
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Provisions regarding central counterparty and clearing and settlement arrangements
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71.
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List of regulated markets
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PART 7 - OPERATING CONDITIONS FOR INVESTMENT FIRMS
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72.
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Review of conditions for initial authorisation
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73.
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General obligation in respect of on-going supervision
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74.
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Conflicts of interest
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75.
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Conflicts of interest continued
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76.
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Conduct of business obligations when providing investment services to clients
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77.
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Provision of certain types of information by investment firms to clients
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78.
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Certain conduct not regarded as in client's best interests
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79.
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Bank may impose additional requirements in exceptional cases
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80.
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Information for clients and potential clients
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81.
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Information for retail clients, professional clients and eligible counterparties
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82.
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Providing certain general information for clients
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83.
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Portfolio management
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84.
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Information about nature and risks of financial instruments
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85.
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Information about financial instrument subject to public offering
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86.
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Information about financial instrument subject to public offering
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87.
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Information about financial instrument with guarantee by third party
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88.
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Information abut financial instrument belonging to retail clients
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89.
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Accounts subject to another jurisdiction
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90.
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Accounts subject to investment firm security interest
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91.
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When investment firm enters into certain security financing transactions
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92.
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Information on costs and charges
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93.
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Collective investment undertakings
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94.
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Assessment of suitability and appropriateness
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95.
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Non-complex instruments
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96.
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Reporting to clients
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97.
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Best execution
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98.
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Investment firm to act in clients’ best interests
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99.
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Conduct of business obligations in more limited circumstances
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100.
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Duty of investment firm to record rights and obligations
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101.
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Duty of investment firm to report to clients about transactions, services and costs
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102.
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Regulations 76 to 101 inapplicable to specific financial products otherwise regulated
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103.
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Provision of services through the medium of another firm
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104.
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Critical and important operational functions
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105.
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Investment firm's responsibilities respecting outsourcing to service provider
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106.
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Obligation to execute orders on terms most favourable to client
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107.
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Client order handing by investment firms
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108.
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Client order handling rules
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109.
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Obligations of investment firms when appointing tied agents
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110.
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Public registry of tied agents to be maintained by Bank
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111.
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Transactions executed with eligible counterparties
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PART 8 - MARKET TRANSPARENCY AND INTEGRITY
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112.
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Obligation to uphold integrity of markets, report transactions and maintain records
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113.
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Monitoring of compliance with the rules of the MTF and with other legal obligations
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114.
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Obligation for investment firms to make public firm quotes
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115.
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Bank to determine classes to which particular shares belong
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116.
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Further duties of systematic internalisers respecting their quotes
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117.
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Bank to monitor for compliance
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118.
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Business risk-reductions measures available to system internalisers
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119.
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Post-trade disclosure by investment firms
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120.
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Pre-trade transparency requirements for MTFs
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121.
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Post-trade transparency requirements for MTFs
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PART 9 - CROSS BORDER ACTIVITIES
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122.
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Definition for this Part
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123.
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Freedom of investment firms from other Member States to provide services in State
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124.
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Investment firms and market operators providing services in other Member States
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125.
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Investment firms authorised in other Member States establishing branches in Ireland
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126.
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Application of this Part to investment firms with branches in the State
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127.
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Authorised investment firms establishing branches in other Member States
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128.
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Access to regulated markets
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129.
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Access to central counterparty, clearing and settlement facilities and right to designate settlement system
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130.
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Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
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131.
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Delegation by the Bank
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132.
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Obligation to assist and cooperate with other Member States
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133.
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Reciprocal duties of competent authorities respecting misconduct by regulated entities in other Member States
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134.
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Cooperation in supervisory activities, on-the-spot verifications or in investigations
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135.
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Exchange of information between competent authorities
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136.
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Refusal to cooperate
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137.
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Inter-authority...
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