Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I move:

That, pursuant to Standing Order 200, Standing Order 154 is modified to permit an instruction to the Committee on the Single Resolution Board (Loan Facility Agreement) Bill 2016, that it has power to make provision in the Bill to provide for:- amending the Companies Act 2014 to refer explicitly to the new European market abuse regime in section 1365 of that Act. This will ensure the continuation of the existing offences and high-level penalties (on indictment, up to €10 million in fines and-or up to 10 years imprisonment) for insider trading and market manipulation; and

- the necessary consequential amendments to the Long Title.

The motion relates to proposed additions to the Companies Act 2014. I thank the Opposition spokespersons for their co-operation in this matter. As I mentioned in my opening contribution on Second Stage of the Single Resolution Board (Loan Facility Agreement) Bill 2016, the Department of Finance is transposing the recent European market abuse regulations and market abuse directives into Irish law. On legal advice, the Minister for Finance, Deputy Michael Noonan, will bring forward an amendment to the Companies Act 2014 by way of this Bill to refer explicitly to the new European market abuse regime in section 1365 of that Act.

This will ensure the continuation of the existing offences and high-level penalties on indictment of up to €10 million in fines and up to ten years imprisonment for insider trading and market manipulation.

As a result of the amendments, the Short Title to the Bill will be amended to the Finance (Certain European Union and Intergovernmental Obligations) Bill 2016, which will necessitate associated amendments to the Long Title. This is a small technical change, recommended by the Office of the Parliamentary Counsel, which will ensure that the Titles will be fully accurate.

On the Bill more generally, I again emphasise the importance of early completion of the passage of the Bill to enable implementation of a hugely significant part of the EU banking legislative agenda. It will also ensure that Ireland meets its banking union obligations, as agreed with other member states that have already either put the loan facility agreement in place or are about to do so, as there was a commitment, following the European Finance Ministers' agreement on the approach last December, that this needed to be put in place by 1 January 2016.

I look forward to Committee Stage of the Bill when I can discuss the amendments and the Bill as a whole in greater detail with Deputies.

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