Market Abuse (Directive 2003/6/Ec) Regulations, 2005

• Jurisdiction: Ireland
• Citation: IR SI 342/2005
• Year: 2005

Statutory Instrument
S.I. No. 342 of 2005
Market Abuse (Directive 2003/6/EC) Regulations 2005
Market Abuse (Directive 2003/6/EC) Regulations 2005
Table of Contents PART 1 Preliminary Regulation Page 1. Citation, construction and commencement 6 2. Interpretation generally 7 3. Single administrative competent authority 17 4. Application 18 PART 2 Insider Dealing and Market Manipulation Regulation Page 5. Insider dealing 20 6. Market manipulation 23 7. Preventing and detecting market manipulation practices 23 8. Exemption for actions taken in conformity with takeover rules 24 9. Buy-back programmes or stabilisation measures 25 10. Disclosure of inside information 28 11. Disclosure of information (additional requirements) 32 12. Managers’ transactions 34 13. Suspicious transactions to be notified 38 14. Restrictions on disclosure of notification under Regulation 13 and of identity of notifier 41 15. Cooperation with other competent authorities 42 PART 3 Fair Presentation of Recommendations Regulation Page 16. Interpretation (Part 3) 48 17. Production and dissemination of recommendations 50 18. Identity of producer of recommendation 50 19. General standard for fair presentation of recommendations 51 20. Additional obligations in relation to fair presentation of recommendations 52 21. General standard of disclosure of interests and conflicts of interest 54 22. Additional obligations in relation to disclosure of interests or conflicts of interest 55 23. Dissemination of recommendations produced by third parties 58 24. Additional obligations for investment firms and credit institutions 60 25. Non-written recommendations 61 26. Exemption for journalists 61 PART 4 Powers of the Bank Regulation Page 27. Definitions (Part 4) 63 28. Power to appoint authorised officers 64 29. Powers of authorised officers 65 30. Warrants 68 31. Directions by Bank 69 32. Privilege 74 33. Delegations, etc 74 PART 5 enforcement provisions Regulation Page 34. Interpretation (Part 5) 76 35. Bank may appoint assessor 78 36. Revocation of appointment of assessor 81 37. Power to require witnesses to appear and give evidence 82 38. Referral to Court on question of law 84 39. Assessee to be issued copy of any adverse assessment, etc 84 40. Right of appeal against adverse assessment (including specified sanctions). 85 41. Sanctions that may be imposed by Bank 86 42. Power to correct assessments 87 43. When specified sanctions take effect 88 44. Enforcement of adverse assessment (including specified sanctions) 89 45. Publication of certain specified sanctions 91 46. Person not liable to be penalised twice for same contravention 91 47. Person not to be concerned in management of regulated financial service provider while disqualified 92 48. Power of Bank to resolve suspected contraventions, etc 93 PART 6 offences and reports Regulation Page 49. Offences generally and application of section 32 of Investment Funds, Companies and Miscellaneous Provisions Act 2005 94 50. Obstruction, etc. of authorised officer 95 51. False, etc. information 95 52. Offences by bodies corporate, etc 96 53. Summary proceedings may be brought by Bank 96 54. Annual report of Bank 97 SCHEDULE 1 Provisions applicable to the definition of “accepted market practices” SCHEDULE 2 Provisions applicable to paragraph (a) of the definition of “market manipulation” SCHEDULE 3 Provisions applicable to paragraph (b) of the definition of “market manipulation” SCHEDULE 4 Provisions applicable to lists drawn up under Regulation 11 SCHEDULE 5 Text of the Market Abuse Regulation
I, Micheál Martin, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 30 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 (No. 12 of 2005) and for the purpose of giving effect to the 2003 Market Abuse Directive (being Directive 2003/6/EC of the European Parliament and of the Council of 28 January 20031 on insider dealing and market manipulation (market abuse)) and for the other purposes mentioned in that section, hereby make the following regulations:
PART 1 Preliminary
	Citation, construction and commencement	1. (1) These Regulations may be cited as the Market Abuse (Directive 2003/6/EC Regulations 2005.
(2) These Regulations and the Companies Acts 1963 to 2005 shall be construed together as one.
(3) Subject to paragraph (4), these Regulations shall come into operation on 6 July 2005.
(4) Regulations 11 and 12 and Part 3 shall come into operation on 1 October 2005.
	Interpretation generally	2. (1) In these Regulations, unless the context otherwise requires -
“accepted market practices” means practices that are -
(a) reasonably expected in one or more financial markets, and
(b) accepted by the Bank in accordance with Schedule 1;
“act” includes an omission (and, accordingly, any reference to an act done includes an omission made);
“approved stock exchange” has the same meaning as it has in the Stock Exchange Act 1995 (No. 9 of 1995);
“Bank” means the Central Bank and Financial Services Authority of Ireland;
“contravention” includes, in relation to any provision, a failure to comply with that provision and “contravene” shall be construed accordingly;
“Court” means the High Court;
“credit institution” means any person as defined in Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 20002 relating to the taking up and pursuit of the business of credit institutions;
“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as amended for the time being;
“EEA State” means a state which is a contracting party to the EEA Agreement;
“enactment” includes an instrument made under an enactment;
“financial instrument” means -
(a) transferable securities as defined in Article 4 of Council Directive 93/22/EEC of 10 May 19933 on investment services in the securities field,
(b) units in collective investment undertakings,
(c) money-market instruments,
(d) financial futures contracts, including equivalent cash-settled instruments,
(e) forward interest rate agreements,
(f) interest-rate, currency and equity swaps,
(g) derivatives on commodities,
(h) any other instrument admitted to trading on a regulated market in a Member State or for which a request for admission to trading on such a market has been made, and
(i) options to acquire or dispose of any instrument falling into any of paragraphs (a) to (h) of this definition, including equivalent cash-settled instruments in particular options on currency and on interest rates;
“functions” includes powers and duties, and references to the performance of functions include, as respects powers and duties, references to the exercise of powers and the carrying out of duties;
“information of a precise nature” means information that -
(a) indicates -
(i) a set of circumstances which exists or may reasonably be expected to come into existence, or
(ii) an event which has occurred or may reasonably be expected to occur, and
(b) is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event, as the case may be, on the prices of financial instruments or related derivative financial instruments;
“information which, if it were made public, would be likely to have a significant effect on the prices of financial instruments or related derivative financial instruments” means information that a reasonable investor would be likely to use as part of the basis of the investor's investment decisions, and includes cognate expressions;
“inside information” means -
(a) information of a precise nature relating directly or indirectly to one or more issuers of financial instruments or to one or more financial instruments which has not been made public and which, if it were made public, would be likely to have a significant effect on the price of those financial instruments or on the price of related derivative financial instruments,
(b) in relation to derivatives on commodities and subject to paragraph (2) information of a precise nature which has not been made public, and relating, directly or indirectly, to one or more such derivatives and which users of markets on which such derivatives are traded would expect to receive in accordance with accepted market practices on those markets, or
(c) for persons charged with the execution of orders concerning financial instruments, information conveyed by a client and relating to the client's pending orders, which is of a precise nature, which relates directly or indirectly to one or more issuers of financial instruments or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments;
“insider dealing” means any act which contravenes Regulation 5(1) or (2);
“investment firm” means investment firm...