Brian Cowen (Laois-Offaly, Fianna Fail)

I referred to acts of dishonesty by individuals who interact with the regulatory regime through authorised officers and others. The €10 million fine and-or imprisonment of ten years and making it an indictable offence are of sufficient deterrent effect to ensure people comply with the regulations as we set them out. On the situation in respect of those who do not comply with the MiFID directive on time, the pre-MiFID arrangements and legal provisions will apply, pending transposition.

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