Michael Ahern (Cork East, Fianna Fail)

While a number of people have been alleged to have taken part in insider trading, I am aware of only one case which has been successfully prosecuted. I said speaking to sections 28 and 29 that the purpose of the amendments was to allow the Minister to make regulations. I continued:

It is recognised that it can be particularly difficult to sustain and prosecute an allegation of market abuse, so much so that the new EU directive focuses on administrative sanctions rather than requiring member states to have criminal sanctions. In the case of Ireland, such administrative sanctions will be provided for in the transposing regulations.

While the Senator was right to think significant numbers of people had not been prosecuted due to difficulties with the current legal framework, it is hoped that the changes implemented in regulations will make it easier to bring successful prosecutions.