S.I. No. 443/2014 - European Union (European Markets Infrastructure) Regulations 2014

“ ‘designated statutory instrument’ does not include the Market Abuse (Directive 2003/6/EC) Regulations 2005 ( S.I. No. 342 of 2005 ), the Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ), regulations for the time being in force under section 20 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 or the European Union (European Markets Infrastructure) Regulations 2014 ( S.I. No. 443 of 2014 );”,

and

• (d) in Part 2 of Schedule 2 (as amended by Regulation 153 of the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 )) to the Central Bank Act 1942 (No. 22 of 1942) is amended by inserting after the last item the following:

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55	S.I. No. 443 of 2014	European Union (European Markets Infrastructure) Regulations 2014	The whole instrument

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Part 6 Offences

Offences — general

• (a) a provision of these Regulations, or

• (b) a provision of Regulation 648/2012,

commits an offence

• (2) A person who commits an offence under paragraph (1) is liable—

• (a) on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months, or both, or

• (b) on conviction on indictment to a fine not exceeding €500,000 or imprisonment for a term not exceeding 36 months, or both.

Offence — obstruction of authorised officer in exercise of officer’s powers

• (a) obstructs or interferes with an authorised officer in the exercise of a power conferred by Regulation 7, or

• (b) without reasonable excuse, refuses or fails to comply with a request or requirement of an authorised officer made in accordance with a power conferred by Regulation 7,

commits an offence.

• (2) A person who commits an offence under paragraph (1) is liable upon summary conviction to a class A fine or imprisonment for a term not exceeding 12 months, or both.

Offence — false, etc. information

• (2) A person who commits an offence under paragraph (1) is liable upon summary conviction to a class A fine or imprisonment for a term not exceeding 12 months, or both.

Liability of directors and others for offences committed by corporate bodies or on behalf of unincorporated bodies

• (2) Where the affairs of a body corporate are managed by its members, paragraph (1) applies in relation to the acts and defaults of a member in connection with his or her functions of management as if he or she were a director or manager of the body corporate.

• (3) A company within the meaning of the Companies Acts is deemed to be ordinarily resident at its registered office and every other body corporate and every unincorporated body of persons shall be deemed to be ordinarily resident at its principal office or place of business.

Prosecution of offences

• (2) Proceedings for an offence under this Part may be brought not later than 12 months after the date on which the offence is alleged to have been committed.

Persons to be issued copy of any sanction

• (a) issue the person to whom the sanction is directed with a copy of the decision to impose the sanction, and

• (b) advise in writing the person to whom the sanction is directed that they may appeal against the decision.

Part 7 Final Provisions

Fines

• (2) The Bank shall, at regular intervals, but in any case at least every 18 months, publish assessment reports on the effectiveness of the fines being applied, in accordance with Article 12(2) of Regulation 648/2012, and such disclosure and publication shall not contain personal data within the meaning of the Data Protection Acts 1988 and 2003.

Notices — general

• (a) by delivering it to the person,

• (b) by leaving it at the address at which the person carries on business,

• (c) by sending it by pre-paid registered post addressed to the person at the address at which the person carries on its business,

• (d) if an address for the service of a notice has been furnished by the person to the Minister, by leaving it at, or sending it by pre-paid registered post addressed to the person to, that address, or

• (e) by sending it by means of electronic mail or a facsimile machine, to a device or facility for the reception of electronic mail or facsimiles located at the address at which the person ordinarily carries on business or, if an address for the issue or giving of notices under these Regulations has been furnished by the person, that address, provided that the sender’s—

• (i) facility for the reception of electronic mail generates a message confirming a receipt of the electronic mail, or

• (ii) facsimile machine generates a message confirming successful transmission of the total number of pages of the notice,

and the notice is also given in one of the other ways mentioned in any of the preceding subparagraphs.

GIVEN under my Official Seal,

8 October 2014.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations give effect to EU Regulation No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. This EU Regulation, also referred to as the European Markets Infrastructure Regulation (EMIR), seeks to make over the counter (OTC) derivative markets safer through increasing transparency, laying down clearing and risk management requirements for OTC contracts and rules in relation to the performance of activities of central counterparties (CCPs) and trade repositories.

Footnotes