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37 2007

Markets in Financial Instruments and Miscellaneous Provisions Act 2007

PART 1

Markets in Financial Instruments

Short title and collective citation.

1 .— This Act may be cited as the Markets in Financial Instruments and Miscellaneous Provisions Act 2007.

Commencement.

2 .— (1) This Act comes into operation on such day or days as the Minister may appoint by order.

(2) Different days may be appointed under this section for different purposes or provisions of this Act.

Interpretation.

3 .— (1) In this Act:

“ Bank” means the Central Bank and Financial Services Authority of Ireland;

“ Irish investment services law ” means—

(a) the measures adopted for the time being by the State to implement the Markets in Financial Instruments Directive and the Supplemental Directive, including but not limited to such measures enacted by—

(i) an Act,

(ii) the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007), or

(iii) any other enactment,

(b) any measures directly applicable in the State in consequence of the Markets in Financial Instruments Directive, including but not limited to the MiFID Regulation, and

(c) any supplementary or consequential measures or both adopted for the time being by the State in respect of the MiFID Regulation;

“ Markets in Financial Instruments Directive ” means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments as amended or replaced from time to time by either a directive or regulation—

(a) made by a competent organ of the European Union, and

(b) implemented under the laws of the State;

“ MiFID Regulation ” means Commission Regulation (EC) No. 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive;

“ Minister ” means the Minister for Finance;

“ Supplemental Directive ” means Commission Directive No. 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;

(2) A word or expression that is used in this Act and is also used in the Markets in Financial Instruments Directive or the Supplemental Directive has the same meaning in this Act as it has in the Markets in Financial Instruments Directive or the Supplemental Directive, unless—

(a) the contrary intention appears, or

(b) Irish investment services law provides otherwise.

Expenses.

4 .— The expenses incurred by the Minister in the administration of this Act shall be paid out of money provided by the Oireachtas.

Penalties for conviction on indictment of Irish investment services law.

5 .— (1) In this section, “ the Regulations ” means the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007).

(2) A person is guilty of an offence if the person—

(a) fails to discharge a duty to which the person is subject under Regulation 40(1), 109(6) or 112(1) of the Regulations, or

(b) contravenes Regulation 7(1), 19, 52, 152(1), 159, 165(15), 165(16), 165(17), or 185(2) of the Regulations.

(3) A person guilty of an offence under subsection (2) is liable on conviction on indictment to a fine not exceeding €10,000,000 or imprisonment for a term not exceeding 10 years or both.

(4) This section is without prejudice to—

(a) any penalty provided by Irish investment services law in respect of a summary conviction for an offence, and

(b) the ability to bring and prosecute summary proceedings for any offence under Irish investment services law.

(5) This section comes into operation on 1 November 2007.

Fees payable under section 33K of Central Bank Act 1942.

6 .— Fees shall be payable pursuant to section 33K of the Central Bank Act 1942 in respect of the performance by the Bank of its functions under—

(a) Irish investment services law, and

(b) Irish market abuse law as defined in the Investment Funds, Companies and Miscellaneous Provisions Act 2005 .

Amendments to Central Bank Act 1942.

7 .— The Central Bank Act 1942 is amended—

(a) by substituting the following for the definition of “Supervisory Directives” in section 33AK(10):

“ ‘ Supervisory Directives ’ means—

(a) Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000,

(b) Council Directive 93/22/EEC of 10 May 1993,

(c) Council Directive 85/611/EEC of 20 December 1985,

(d) Council Directive 92/49/EEC of 18 June 1992,

(e) Council Directive 92/96/EEC of 10 November 1992,

(f) the 2003 Market Abuse Directive (within the meaning of Part 4 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 ),

(g) the supplemental Directives (within the meaning of that Part 4),

(h) the 2003 Prospectus Directive (within the meaning of Part 5 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 ),

(i) Directive 2005/68/EC of 16 November 2005,

(j) the Transparency (Regulated Markets) Directive (within the meaning of Part 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 ),

(k) Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions,

(l) Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions,

(m) Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation,

(n) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and

(o) the Supplemental Directive and the MiFID Regulation as defined in section 3(1) of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007.”,

(b) in Schedule 2, by inserting in Part 1 the following item after the item relating to the Investment Funds, Companies and Miscellaneous Provisions Act 2006 :

2007

Markets in Financial Instruments and Miscellaneous Provisions Act 2007

Part 1 and sections 9 to 11, 13 and 17

”,

and

(c) in Schedule 2, by inserting in Part 2 the following items after the item relating to the European Communities (Reinsurance) Regulations 2006:

S.I. No. 660 of 2006

European Communities (Capital Adequacy of Investment Firms) Regulations 2006

The whole instrument

S.I. No. 661 of 2006

European Communities (Capital Adequacy of Credit Institutions) Regulations 2006

The whole instrument

”.

Repeal of Stock Exchange Act 1995.

8 .— The Stock Exchange Act 1995 is repealed on 1 November 2007.