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

Section 5 is the main part of the Bill in respect of MiFID 2. It provides that a person guilty of an offence under certain provisions of the MiFID 2 regulations, such as operating without authorisation, is liable, on conviction on indictment, to a maximum penalty of €10 million or imprisonment for ten years, or both. This is a continuation of the criminal sanction regime that existed in Irish law under MiFID 1.

The section also sets out that relevant regulations means the European Union (Markets in Financial Instruments) Regulations 2017 in respect of the offences to which these sanctions will apply on summary conviction. Section 3 of the Bill repeals section 5 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007, which provided for the penalties and criminal sanctions under the previous regime.