Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Section 3 repeals section 5 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007. Section 5 of that Act had provided for fines and convictions under infringements set out in the first markets in financial instruments directive, MiFID 1. It is necessary to repeal the legislation as it is no longer applicable since the coming into force of the markets in financial instruments regulations of 2017 on 3 January 2018. The fines and convictions repealed in the Act are now contained in section 5 of this Bill and are applicable to infringements under MiFID 2.