Joan Burton (Dublin West, Labour)
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Question 93: To ask the Minister for Finance if contracts for difference are a declarable interest under the Standards in Public Office Act 2001; and if he will make a statement on the matter. [39025/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Second Schedule to the Ethics in Public Office Act 1995 defines a registerable interest for the purposes of that Act.

The application of these or of other provisions of the Ethics Acts in particular cases, or to particular instruments or investments, is a matter for the Standards in Public Office Commission in the first instance or, as the case may be, the relevant Select Committee on Members' Interests. The Ethics in Public Office Act 1995 provides that a person to whom the provisions of the Ethics legislation applies can request the Commission (or, for a non-office holding Oireachtas member, the relevant Select Committee on Members' Interests) to give advice to the person in relation to any provision of the legislation or to the application, in any particular case, of any such provision.

Joan Burton (Dublin West, Labour)
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Question 94: To ask the Minister for Finance if there are ethical, legal or conflict of interest issues relating to the use of spread betting by public representatives, public sector officials, officials of entities regulated by the Financial Regulator or others to profit from changes in the share prices of Irish publicly quoted companies in which they may have had access to information which is commercially sensitive with respect to the relevant companies; the steps taken to ensure that such ethical, legal or conflict of interest issues do not arise; if he will propose legislation or impose regulations in this regard; and if he will make a statement on the matter. [39026/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The matters raised by the Deputy are dealt with at a number of levels. In the first instance, the Ethics in Public Office Acts provide a framework for dealing with conflicts of interest which can arise in the course of employment, including in relation to the declaration of interests, and the furnishing of a statement of the facts where a conflict of material interests exists, by Oireachtas members, by special advisers and by those directors and employees to whom the legislation applies in the civil and public sectors. The Ethics Acts also provide procedures under which complaints on suspected contraventions of the legislation can be dealt with, and provides for codes of conduct, such as the Civil Service Code of Standards & Behaviour, breaches of which are dealt with under the internal procedures of the bodies concerned.

Criminal law may also apply as the improper use of inside information is a very serious matter, but legislative protections already exist to cater for the type of situation outlined in the Deputy's question. The 2005 Market Abuse Regulations, made by the Minister for Enterprise, Trade and Employment, transposed the EU Market Abuse Directive (Directive 2003/6/EC) into national law and set down the parameters for tackling insider dealing and market manipulation, collectively referred to as "market abuse". Regulation 4(1) of these Regulations highlights that they apply to any financial instrument admitted, or pending admission, to trading on a regulated market "whether or not any transaction in or relating to the financial instrument takes place on that market". The Regulations apply to everyone, with certain specific exceptions which are set down in Regulation 4(3). Therefore spread-betting on the price movement of any shares admitted to trading on any regulated market, is covered by the Market Abuse Regulations.

The Financial Regulator is the competent authority for the purposes of the Directive and the Regulations provide it with all the necessary monitoring and enforcement powers.

Convictions for market abuse carry penalties of a fine of up to €10m or 10 years imprisonment or both, as provided for in Section 32 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005.