Written answers

Tuesday, 9 June 2015

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Independent)
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285. To ask the Minister for Finance further to the appearance of a person (details supplied) at the Public Accounts Committee on 14 May 2015, where the person indicated that a number of changes to procedures relating to insider trading, the market abuse directive and transferring powers from the Irish Stock Exchange to the Central Bank of Ireland were expected in the next 12 to 18 months; if he will indicate the new legislation or changes the person referred to; the way these changes are envisaged; the consultation on these proposed changes that have taken place to date; the reason that bringing these matters under the ambit of the Central Bank of Ireland, rather than under the ambit of the Irish Stock Exchange, is more appropriate than the current arrangements; and if he will make a statement on the matter. [21237/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The EU-wide market abuse regime was recently revised by Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse ('Market Abuse Regulation') and Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse ('Market Abuse Directive'). The Market Abuse Regulation and Directive will apply in all EU Member States from 3 July 2016.

As is usual a range of industry and regulatory interests were consulted during the EU level negotiations.  My Department is currently working on the precise implementation and transposition measures of these two instruments. The Regulation by its nature will be directly applicable and I understand that any national discretions arising from the directive are likely to be minimal.

The current national and EU market abuse regimes split oversight functions between the Central Bank, the Office of the Director of Corporate Enforcement (ODCE) and the Irish Stock Exchange. Article 22 of the Market Abuse Regulation states "that each Member State shall designate a single administrative competent authority for the purpose of this Regulation". The single national competent authority under the forthcoming regime is likely to be the Central Bank of Ireland, which is already the competent authority for the purposes of the first Market Abuse Directive (Directive 2003/6/EC) and the corresponding Market Abuse (Directive 2003/6/EC) Regulations 2005 (S.I. No. 342 of 2005).

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