S.I. No. 375/2017 - European Union (Markets in Financial Instruments) Regulations 2017

• (2) The inspector may examine on oath or by written interrogatories on oath the officers, employees, shareholders and agents of the investment firm, the market operator or the data reporting service provider being investigated or other person being investigated by the inspector and any such person as is mentioned in paragraph (1) in relation to its affairs and may—

• (a) administer an oath accordingly, and

• (b) take or cause to be taken the answers of such person in writing and require that person to sign them.

• (3) If an inspector has reasonable grounds for believing that a director or past director or employee or past employee or agent or past agent or shareholder or past shareholder of the investment firm, or data reporting service provider or of any other person mentioned in paragraph (1) whose affairs the inspector is investigating, maintains or has maintained, either at that time or at any time in the past, an account of any description in a credit institution or an account with any other financial institution, including holdings of investment instruments, whether alone or jointly with another person and whether in the State or elsewhere, into or out of which there has been paid—

• (a) any money which has resulted from or been used in the financing of any transaction, arrangement or agreement relating to the business of the investment firm, market operator or data reporting service provider or relating to client funds or client financial instruments, or

• (b) any money which has been in any way connected with any act or omission, or series of acts or omissions, which on the part of that director or employee or agent constituted misconduct (whether fraudulent or not) towards the investment firm, market operator or data reporting service provider or the investment firm’s or market operator’s or data reporting service provider’s shareholders or any client or creditor of the firm or market operator or data reporting service provider,

the inspector may require the director or past director or officer or past officer or employee or past employee or agent or past agent or shareholder or past shareholder or other person mentioned in paragraph (1) to produce to the inspector all documents in the directors employees or agents possession, or under the director’s, employee’s or agent’s control, relating to that account and in this paragraph “credit institution account” includes an account with any person exempt by virtue of section 7(4) of the Central Bank Act 1971 (No. 24 of 1971) from the requirement of holding a licence granted under section 9 of that Act.

• (4) If any officer, shareholder or agent of the investment firm, market operator or data reporting service provider or any such person as is mentioned in paragraph (1) refuses—

• (a) to produce to the inspector any book or document which it is the directors, employee’s, agent’s or person’s duty under this Regulation to produce,

• (b) to attend before the inspector when required to do so, or

• (c) to answer any question put to the person by the inspector with respect to the affairs of the investment firm, the market operator, the data reporting service provider or another person mentioned in paragraph (1), as the case may be,

the inspector may certify the refusal under his or her hand to the Court.

• (5) When the inspector certifies a refusal referred to in paragraph (4) to the Court and the Court may inquire into the case may make such order or direction as the Court thinks fit, after hearing—

• (a) any witnesses who may be produced against or on behalf of the officer shareholder or agent of the investment firm, market operator or data reporting service provider, associated or related undertaking or another person mentioned in paragraph (1), as the case may be, and

• (b) any statement which may be offered in defence.

• (6) Without limiting the generality of paragraph (5), an order or direction under that paragraph may include a direction or order to the person concerned—

• (a) to attend or re-attend before the inspector,

• (b) to produce particular books or documents,

• (c) to answer a particular question put to the person by the inspector, or

• (d) that the person need not produce a particular book or document or answer a particular question put to the person by the inspector.

• (7) In this Regulation any reference to officers or agents includes past as well as present officers and agents, as the case may be, and “agents”, in relation to an investment firm or the market operator, data reporting service provider or other person mentioned in paragraph (1) includes the bankers, accountants, solicitors, auditors and the financial and other advisors of the investment firm, market operator, data reporting service provider or other person mentioned in paragraph (1), whether those persons are or are not officers of the investment firm or market operator or other body or undertaking.

Expenses of and fees relating to an investigation

• (2) Without prejudice to paragraph (1), any person who is—

• (a) convicted on indictment of an offence on a prosecution instituted as a result of an investigation,

• (b) ordered to pay damages or restore any property in proceedings brought as a result of an investigation, or

• (c) awarded damages or to whom property is restored in proceedings brought as a result of an investigation,

may be ordered, in the same proceedings, to repay all or part of the expenses and fees referred to in paragraph (1) and interest as appropriate, to the Bank or to any person on whom liability has been imposed by the Court under that paragraph.

• (3) However, in the case of a person to whom paragraph (2)(c) relates, the Court shall not order payment in excess of—

• (a) one-tenth of the amount of the damages awarded, or

• (b) one tenth of the value of the property restored,

and interest as appropriate and any such order shall not be executed until the person concerned has received the persons damages or the property has been restored.

• (4) The report of an inspector may, if he or she thinks fit, and shall, if the Court so directs, include a recommendation as to the directions, if any, which the inspector thinks appropriate, in the light of the inspectors investigation, to be given under paragraph (1).

Inspectors’ reports and proceedings thereon

• (2) On a report being presented to it under this Regulation, the Court shall—

• (a) forward a copy of any such report to the Bank,

• (b) if the Court thinks fit, furnish a copy thereof to the investment firm, market operator or data reporting service provider concerned and its auditors, and

• (c) if the Court thinks fit—

• (i) furnish a copy thereof, on request and on payment of such fee as it may fix, to any other person who is a shareholder of the investment firm, market operator or data reporting service provider concerned or a shareholder of any other body dealt with in the report by virtue of Regulation 97 or whose interests as a creditor or client of the investment firm or regulated market concerned or of any other such body appear to the Court to be affected, and

• (ii) cause any such report to be printed and published.

• (3) Where the Court thinks it to be proper the Court may direct that a particular part of a report made by virtue of this Regulation be omitted from a copy forwarded or furnished under paragraph (2)(b) or (2)(c) (i) or from the report as printed and published under paragraph (2) (c) (ii).

Powers of Court following consideration of reports

• (a) an order of its own motion for the winding-up or dissolution or bankruptcy of an investment firm, a market operator or data reporting service provider,

• (b) an order for the purpose of remedying any disability suffered by any person whose interests were adversely affected by the conduct of the affairs of the investment firm, market operator or data reporting service provider provided that, in making any such order, the Court shall have regard to the interests of any other person who may be adversely affected by the order.

• (2) If, in the case of any investment firm or market operator or data reporting service provider which is liable to be wound up or dissolved under these Regulations or is subject to an adjudication of bankruptcy, it appears to the Bank from—

• (a) any report made under Regulation 102 as a result of an application by the Bank under Regulation 97, or

• (b) any report made by inspectors appointed by the Bank under Regulation 104, or

• (c) any information or document obtained by the Bank under these Regulations,

that a petition should be presented for the winding-up or dissolution or bankruptcy of an investment firm, market operator or data reporting service provider, the Bank, unless the investment firm, market operator or data reporting service provider is already being wound up or dissolved or is already subject to an adjudication of bankruptcy, may present a petition for it to be so wound up or dissolved or to be the subject of an adjudication of bankruptcy if the Court thinks it just and equitable for it to be so wound up or dissolved or subject to an adjudication of bankruptcy.

Appointment of inspector by Bank

• (a) the affairs and conduct of the business of an investment firm, market operator or data reporting service provider or other undertaking which is, or was at the relevant time, an associated or related undertaking of an investment firm or the market operator of a regulated market, or any particular aspect of such business;

• (b) compliance of the investment firm, market operator or data reporting service provider with all or any of the following:

• (i) conditions or requirements or both imposed by the Bank under these Regulations;

• (ii) rules or codes of conduct set out or approved by the Bank under these Regulations;

• (iii) any condition provided in, or requirement of, these Regulations;

• (iv) rules or requirements set out or approved by the Bank, with respect to clients’ funds and client financial instruments;

• (v) any other enactment;

• (c) any other matter as the Bank may consider appropriate.

• (2) An appointment under paragraph (1) may be made by the Bank if it is of the opinion that there are circumstances suggesting that it is necessary—

• (a) for the effective administration of the law relating to investment firms, market operators or data reporting service providers, or

• (b) for the effective discharge by the Bank of its statutory functions under these Regulations.

• (3) The terms of appointment of an inspector under this Regulation may define the scope of the inspector’s investigation, whether as respects the matters or the period to which it is to extend or otherwise, and in particular may limit the investigation to matters connected with particular circumstances.

• (4) Subject to the terms of appointment of an inspector, the powers conferred on the inspector by this Regulation shall extend to the investigation of any circumstances suggesting the existence of an arrangement or understanding which, though not legally binding, is or was observed or likely to be observed in practice and which is relevant to the purposes of the investigation.

• (5) For the purposes of any investigation under this Regulation, Regulations 98 to 102, except Regulations 99, 100(3) and 101(3), shall apply with the necessary modifications or references to the affairs of the authorised investment firm, market operator or data reporting service provider or to the affairs of any other person or any associated or related undertaking, so, however, that—

• (a) the Regulations shall apply in relation to all persons who are or have been officers or employees or agents of the investment firm, market operator, data reporting service provider or other persons who appear to the inspector to have the information, document, material or explanation in their possession or under their control, and

• (b) for references to the Court, except in Regulations 98, 100(4) and 101(1) and (2), there shall be substituted references to the Bank.

Search and seizure

• (a) of which production has been required under these Regulations, and

• (b) which have not been produced in compliance with that requirement,

the judge may issue a warrant authorising any member of the Gardaí Síochána, together with any other persons named in the warrant and any other members of the Gardaí Síochána, at any time or times within one month after the date of the warrant, on production if so requested of the warrant, to enter the premises specified in the information (using such force as is reasonably necessary for the purpose) and to search the premises or other place specified in the warrant and—

• (i) take possession of any books or documents appearing to be such books or documents as aforesaid, or

• (ii) to take, in relation to any books or documents so appearing, any other steps which may appear necessary for preserving them and preventing interference with them.

• (2) Any books or documents of which possession is taken under this Regulation may be retained for a period of 6 months or—

• (a) if within that period there are commenced any such criminal proceedings (being proceedings to which the books or documents are relevant), until the conclusion of those proceedings, or

• (b) if within that period there is commenced an investigation by the Garda Síochána into matters relating to Regulation 108(2)(a) (and the books or documents are relevant to the investigation), until the conclusion of the investigation.

• (3) A person shall not—

• (a) obstruct or interfere with a member of the Garda Síochána acting under the authority of a warrant issued under this Regulation,

• (b) be present on the premises or at the place specified in the warrant by a member of the Garda Síochána acting under the authority of a warrant issued under this Regulation and—

• (i) fail or refuse to give the member the person’s name and address when required to do so, or

• (ii) give a name and address that is false or misleading, or

• (c) obstruct the exercise of an authority conferred by a warrant under this Regulation to take possession of any books or documents.

• (4) In this Regulation “premises” includes any building or other land and includes a vessel, aircraft or motor vehicle.

Admissibility in evidence of reports of inspectors

• (a) of the facts set out in the document without further proof, unless the contrary is shown, and

• (b) of the opinion of the inspector in relation to any matter contained in the report.

Privilege

• (a) compels the disclosure by any person of any information which the person would, in the opinion of the Court, be entitled to refuse to produce on the grounds of legal professional privilege, or

• (b) authorises the taking possession of any document containing such information which is in the person’s possession.

• (2) The publication, in pursuance of any provision of this Part, of any report information, book or document relating to inspectors appointed under this Part is privileged.

Consent to publication of information

• (a) the Bank;

• (b) a person authorised by the Governor of the Bank;

• (c) an inspector appointed under these Regulations;

• (d) the Minister;

• (e) any court of competent jurisdiction;

• (f) any other competent authority for the purposes of the Directive, Regulation (EU) No 600/2014 or Article 163 of the Capital Requirements Directive.

• (2) No information, book or document, relating to a person, which has been obtained under Regulation 105 shall, without the previous consent in writing of that person be published or disclosed, except to an appropriate authority, unless the publication or disclosure is required for all or any of the following:

• (a) with a view to the institution of, or otherwise for the purposes of, any criminal proceedings pursuant to, or arising out of, any enactments under which the Bank performs functions or any criminal proceedings for an offence entailing misconduct in connection with the management of the affairs of a person or misapplication or wrongful retainer of its property;

• (b) for the purpose of complying with any requirement, or exercising any power, imposed or conferred by these Regulations with respect to reports made by inspectors appointed thereunder by the Court or the Bank;

• (c) with a view to the institution by the Bank of proceedings for the winding-up, dissolution or bankruptcy under these Regulations of the person or otherwise for the purposes of proceedings instituted by the Bank for that purpose;

• (d) for the purposes of proceedings under Regulation 105.

Privilege

• (a) the Bank has reasonable grounds for believing that the information concerned is not privileged legal material, or

• (b) due to the manner in which, or extent to which, the information concerned is presented together with any other information, it is impossible or impractical to extract only the information concerned.

• (2) A person who refuses to produce information or give access to it, pursuant to a requirement under these Regulations, on the grounds that the information contains privileged legal material shall preserve the information and keep it in a safe and secure place and manner pending the determination of an application under paragraph (1) and shall, if the information is so determined not to be privileged legal material, produce it in accordance with such order as the Court considers appropriate.

• (3) A person shall be considered to preserve information, where the person has complied with such requirements as may be imposed by the Bank under subparagraph (a), (b), (g) or (j) of Regulation 92(4).

• (4) Where an application is made by the Bank under paragraph (1), the Court may give such interim or interlocutory directions as the Court considers appropriate including, without limiting the generality of the foregoing, directions as to the appointment of a person with suitable legal qualifications possessing the level of experience, and the independence from any interest falling to be determined between the parties concerned, that the Court considers to be appropriate for the purpose of—

• (a) examining the information, and

• (b) preparing a report for the Court with a view to assisting or facilitating the Court in the making by the Court of its determination as to whether the information is privileged legal material.

• (5) An application under paragraph (1) shall be by motion.

• (6) If the Court is satisfied that it is desirable that the whole or part of an application under paragraph (1) be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice then the Court may make an order that the application shall, in whole or part, be heard otherwise than in public.

• (7) In this Regulation, “privileged legal material” means information which, in the opinion of the Court, a person is entitled to refuse to produce on the grounds of legal professional privilege.

Obstruction, failure to cooperate etc. — offences

• (a) obstructs an authorised officer in the exercise of the powers of an authorised officer under this Chapter,

• (b) without reasonable excuse, fails to comply with a request or requirement made by such an officer under this Chapter,

• (c) without reasonable excuse, fails to cooperate with an investigation or an inspection by such an officer under this Chapter, or

• (d) gives such an officer information that the person knows or ought reasonably to know is false or misleading in a material particular,

shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.

Power of Bank to issue directions to non-regulated financial service providers

• (a) ensure the integrity of financial markets in—

• (i) the State, or

• (ii) where relevant, another Member State,

• (b) enhance investor protection in those markets, or

• (c) prevent any person from contravening or continuing to contravene a provision of these Regulations or Regulation (EU) No 600/2014,

the Bank may, subject to paragraphs (2) and (3), issue a direction in writing to any person.

• (2) A direction under paragraph (1) shall—

• (a) subject to subparagraph (b), take effect on and after such date, or the occurrence of such event, as is specified in the direction for the purpose, and

• (b) shall cease to have effect—

• (i) on such date, or the occurrence of such event, as is specified in the direction for the purpose, or

• (ii) on the expiration of the period of 12 months immediately following the day on which the direction takes effect,

whichever is the earlier.

• (3) A person may apply to the Court for, and the Court may, if it considers it appropriate to do so, grant an order setting aside or varying a direction under paragraph (1).

• (4) The Bank may, as respects a direction under this Regulation which, in its opinion, has not been complied with or is unlikely to be complied with, apply to the Court in a summary manner for such order as may be appropriate by way of enforcement of the direction and the Court may, as it thinks fit, on the hearing of the application, make or refuse to make an order providing for such relief.

• (5) An application for an order under paragraph (4) shall be by motion and the Court, when considering the motion, may make such interim or interlocutory order as it considers appropriate.

• (6) An application under paragraph (3) may not be made if the direction concerned has been the subject of an order granted under paragraph (4) (but without prejudice to the right of a person, the subject of an order granted under paragraph (4), to apply subsequently to the Court to have the order varied or discharged).

• (7) The Court may direct the hearing together of applications made under paragraphs (3) and (4) that relate to the same direction.

• (8) The Court may, if it thinks fit, vary or discharge an order made under paragraph (4).

• (9) If the Court is satisfied that it is desirable that the whole or part of proceedings relating to an application under paragraph (3) or (4) be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice then the Court may make an order that the proceedings shall, in whole or part, be heard otherwise than in public.

• (10) Without prejudice to the powers of the Court to enforce an order made under paragraph (4), a person who fails to comply with such an order shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.

• (11) The Bank may give a direction amending or revoking a direction given by it under paragraph (1) but this power may not be exercised—

• (a) if an order under paragraph (4) is for the time being in force in relation to the direction, or

• (b) to extend the period specified in the direction for which it is to have effect.

• (12) On the expiry of the period specified in a direction for which it is to have effect, the Bank may give another direction under paragraph (1) (if it considers it necessary to do so on the grounds specified in paragraph (1)), in like or different terms, to the person concerned.

• (13) The powers of the Bank under this Regulation are in addition to those conferred on it by any other enactment to give directions or impose conditions or requirements.

Chapter 3 Enforcement in relation to non-regulated financial service providers

Interpretation (Part 11, Chapter 3)

“adverse assessment” means an assessment in which the assessor has decided that the assessee is committing or has committed a prescribed contravention;

“assessee” means the person the subject of an assessment;

“assessment” means an assessment referred to in Regulation 113;

“assessor” means an assessor appointed under Regulation 113;

“prescribed contravention” means a contravention by a non-regulated financial service provider of any of the provisions set out in Regulation 119(5), (6) and (7);

“qualifying holding” means—

• (a) a direct or indirect holding of shares or other interest in a regulated financial service provider which represents 10 per cent or more of the capital or the voting rights, or

• (b) a direct or indirect holding of shares or other interest in a regulated financial service provider which represents less than 10 per cent of the capital or voting rights but which, in the opinion of the Bank, makes it possible to control or exercise a significant influence over the management of the regulated financial service provider;

“sanction” means any sanction referred to in Regulation 119(3);

“specified sanctions”, in relation to an adverse assessment, means the sanction or sanctions referred to in Regulation 113(8) that may be imposed on the assessee.

Bank may appoint assessor

• (a) whether or not the assessee is committing or has committed the contravention, and

• (b) if the assessor finds that the assessee is committing or has committed the contravention, the specified sanction or sanctions, if any, which the assessor considers is or are appropriate to be imposed on the assessee in respect of the contravention.

• (2) The Bank may appoint an assessor who is not an officer, employee or official of the Bank and any such assessor so appointed is an agent of the Bank for the purpose of performing the functions of an assessor under this Part.

• (3) The Bank shall provide the assessor with such administrative services (including technical and legal advice) as the Bank considers necessary to enable the assessor to perform the assessor’s functions.

• (4) The assessor shall, as soon as is practicable after the assessor’s appointment as an assessor, give notice of the appointment to the assessee.

• (5) The notice under paragraph (4) given to the assessee by the assessor shall contain—

• (a) a statement that the assessor is appointed by the Bank under this Regulation,

• (b) a statement in summary form of the grounds for conducting the assessment,

• (c) a statement that, within a reasonable time specified by the assessor in the notice, the assessee may—

• (i) make submissions in writing to the assessor, and

• (ii) request the assessor to be permitted to make oral submissions about the matters to which the notice relates, and

• (d) a statement that the assessor shall conduct the assessment even if no submissions referred to in subparagraph (c) are made.

• (6) The assessor shall—

• (a) consider any submissions referred to in paragraph (5)(c) made by the assessee, and

• (b) conduct such investigations relating to the assessment as the assessor considers appropriate before issuing the assessment.

• (7) The assessor shall issue the assessment to the Bank when the assessment is made.

• (8) Where the assessor decides that a prescribed contravention is being committed or has been committed, the assessor shall ensure that the assessment includes—

• (a) a statement of the grounds upon which the assessor made the assessment that the assessee is committing or has committed the contravention,

• (b) a statement in summary form of the evidence upon which the assessment is based, and

• (c) a statement of the sanction or sanctions, if any, which the assessor considers is or are appropriate to be imposed on the assessee in respect of the contravention.

• (9) The appointment of an assessor may be for a specified or unspecified period.

• (10) Subject to Regulation 118 and 120(2), the assessment shall constitute the decision of the Bank, and references in this Part to an adverse assessment shall be construed accordingly.

Revocation of appointment of assessor

• (2) The assessor (including a person proposed to be appointed as an assessor) shall—

• (a) disclose to the Bank any material interest that the assessor may have in any matter that may arise during the assessment,

• (b) disclose to the Bank any actual or potential conflict of interest that the assessor may have in conducting an assessment,

• (c) not use any inside information obtained during an assessment for any purpose other than the performance of the assessor’s functions under this Part,

• (d) not engage in misconduct during the assessment,

• (e) perform the assessor’s functions in accordance with the procedures and requirements set out in this Part, and

• (f) issue an assessment that is not contrary to law.

Power to require witnesses to appear and give evidence

• (a) appear before the assessor to give evidence (including evidence on oath),

• (b) produce documents specified in the notice that are in the person’s custody or control, or

• (c) for the purposes of subparagraph (a) or (b), attend before the assessor from day to day unless excused from attendance or released from further attendance by the assessor.

• (2) The assessor may administer oaths for the purposes of the evidence referred to in paragraph (1)(a).

• (3) A witness at a hearing before the assessor has the same liabilities, privileges and immunities as a witness before the Court.

• (4) Where a person (in this paragraph referred to as “person concerned”)—

• (a) fails to comply with a notice under paragraph (1),

• (b) threatens or insults the assessor or any witness or person required to attend before the assessor,

• (c) interrupts the proceedings of, or does not behave in an appropriate manner before, the assessor,

• (d) obstructs or attempts to obstruct the assessor,

• (e) discloses, or authorises the disclosure of, evidence given before the assessor or any of the contents of a document produced to the assessor that the assessor has instructed not to be published, or

• (f) does anything else that, if the assessor were a court of law having power to commit for contempt, would be contempt for that court,

then—

• (i) the assessor may apply to the Court for an order requiring the person concerned to—

• (I) comply with the notice under paragraph (1), or

• (II) discontinue or not repeat the behaviour falling within any of the provisions of subparagraphs (b) to (f), or behaviour of any similar kind,

and

• (ii) the Court, if satisfied that there is no reasonable excuse for the failure to comply with the notice under paragraph (1) or for the behaviour concerned, as the case may be, may grant the order and such other orders as it considers appropriate to ensure that the person concerned cooperates with the assessor.

Referral to the Court on a question of law

• (2) Where a question of law is referred under paragraph (1)—

• (a) the assessor shall send to the Court all documents before the assessor that are relevant to the matter in question, and

• (b) at the end of the proceedings in the Court in relation to the reference, the Court shall cause the documents to be returned to the assessor.

Assessee to be issued copy of any adverse assessment, etc

• (a) issue the assessee with a copy of the adverse assessment (or, as the Bank thinks fit, so much of the adverse assessment as constitutes the statements referred to in Regulation 113(8)), and

• (b) advise the assessee that—

• (i) the assessee may appeal against the adverse assessment to the Court under Regulation 118, and

• (ii) the Bank may apply to the Court under Regulation 122 for an order confirming the adverse assessment (including the specified sanctions).

• (2) Where the assessment of the assessor is that the assessee is neither committing nor has committed a prescribed contravention, the Bank shall issue the assessee with a statement to that effect.

Right of appeal against adverse assessment (including specified sanctions)

• (2) If the Court is satisfied that it is desirable that the whole or part of proceedings relating to an appeal under paragraph (1) be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice then the Court may make an order that the proceedings shall, in whole or part, be heard otherwise than in public.

• (3) The Court may, pending the hearing and determination of an appeal under paragraph (1), make such interim or interlocutory orders as the Court considers necessary in the circumstances.

• (4) The Court shall determine an appeal under paragraph (1) by making—

• (a) subject to paragraph (6), an order confirming, varying or setting aside the adverse assessment (including the specified sanctions), whether in whole or in part, or

• (b) an order remitting the case to be decided again by the Bank in accordance with the directions of the Court.

• (5) The determination of the Court on the hearing of an appeal under paragraph (1) shall be final, except that a party to the appeal may apply to the Court of Appeal to review the determination on a question of law.

• (6) No variation of an adverse assessment under paragraph (4)(a) may provide for the imposition of a sanction on the assessee which is not a sanction referred to in Regulation 119(3)(a) to (h).

Chapter 4 Sanctions

• (a) where the provisions of the Act of 1942 are invoked—

• (i) following an inquiry under section 33AO of the Act of 1942, or

• (ii) in accordance with section 33AR or section 33AV of the Act of 1942, or

• (b) where an assessor has been appointed under Regulation 113(1) and an adverse assessment has been made by the assessor (being an adverse assessment that contains a statement of the kind referred to in Regulation 113(8)(c)),

in respect of any contravention by a person falling within paragraph (5), (6) or (7), and, for the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as a reference to the sanctions set out in this Regulation.

• (2) The Bank shall take all measures necessary to ensure that any such sanction is implemented.

• (3) The sanctions mentioned in paragraph (1) are—

• (a) a public statement, which indicates the person responsible for the contravention and the nature of the contravention in accordance with Regulation 126,

• (b) an order requiring a person responsible for the contravention to cease, and desist from, the conduct concerned,

• (c) in the case of an investment firm, a market operator authorised to operate an MTF or OTF, a regulated market, an APA, a CTP or an ARM, withdrawal or suspension of its authorisation under these Regulations,

• (d) in the case of an investment firm, a temporary or, for repeated serious contraventions, permanent ban against any member of the investment firm’s management body or any other natural person who is responsible for the infringement, exercising management functions in investment firms,

• (e) in the case of an investment firm, a temporary ban on the investment firm being a member of or participant in regulated markets or MTFs or any client of OTFs,

• (f) in the case of a legal person, a direction to pay to the Bank a monetary penalty not exceeding €10,000,000, or not exceeding 10% of the total annual turnover of the legal person according to the last available accounts approved by the management body and paragraph (4) supplements this subparagraph,

• (g) in the case of a natural person, a direction to pay to the Bank a monetary penalty not exceeding €5,000,000, and

• (h) a direction to pay to the Bank a monetary penalty not exceeding twice the amount of the benefit derived from the contravention where that benefit can be determined (even if that exceeds the maximum amount in subparagraph (f) or (g)).

• (4) Where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking,

• (5) Each of the following is a contravention, referred to in paragraph (1), which falls within this paragraph, namely:

• (a) a contravention of any of the following provisions of these Regulations:

• (i) Regulation 13(1)(d);

• (ii) Regulation 17;

• (iii) Regulation 20(1) to (8);

• (iv) Regulation 23;

• (v) Regulation 24;

• (vi) Regulation 25(1) to (4);

• (vii) Regulations 26 and 27;

• (viii) Regulation 28(1);

• (ix) Regulation 30;

• (x) Regulations 31 and 32(1) to (11) and (13) to (20);

• (xi) Regulation 33(1) to (16);

• (xii) Regulation 34(2) to (5);

• (xiii) Regulation 35;

• (xiv) Regulation 36;

• (xv) Regulation 37(2), (4), (5), and (11) and so much of paragraph (8) as follows subparagraph (b) of it;

• (xvi) Regulation 38(2) and (7);

• (xvii) Regulation 39(1);

• (xviii) Regulation 40(1) to (4) and (6);

• (xix) Regulation 41(2);

• (xx) Regulation 43(4) and (5), (7) and (8);

• (xxi) Regulation 45;

• (xxii) Regulation 46(1) to (2)(a) and (3);

• (xxiii) Regulations 55, 60(1) to (2)(a) and 62(1)(c);

• (xxiv) Regulations 66 to 68;

• (xxv) Regulation 69(1) and (2);

• (xxvi) Regulation 70;

• (xxvii) Regulation 72;

• (xxviii) Regulation 73(1);

• (xxix) Regulation 74(1);

• (xxx) Regulation 75(1) to (5) and (7);

• (xxxi) Regulation 76(1) to (5) and (8)(a);

• (xxxii) Regulation 77(1) to (3), (6) and (9);

• (xxxiii) Regulation 78(1) and (2);

• (xxxiv) Regulation 81(1) to (4), (15) to (16) and (18);

• (xxxv) Regulation 82;

• (xxxvi) Regulation 87;

• (xxxvii) Regulation 88;

• (xxxviii) Regulation 89;

• (xxxix) Regulation 90;

• (b) a contravention of any of the following provisions of Regulation (EU) No 600/2014:

• (i) Articles 3(1) and (3);

• (ii) the first subparagraph of Article 4(3);

• (iii) Article 6;

• (iv) the first sentence of third subparagraph of Article 7(1);

• (v) Article 8(1), (3) and, (4);

• (vi) Article 10;

• (vii) the first sentence of third subparagraph of Article 11(1) and the third subparagraph of Article 11(3);

• (viii) Article 12(1);

• (ix) Article 13(1);

• (x) Article 14(1), the first sentence of Article 14(2) and the second, third and fourth sentence of Article 14(3);

• (xi) the first subparagraph and the first and third sentences of second subparagraph of Article 15(1), Article 15(2) and the second sentence of Article 15(4);

• (xii) the second sentence of Article 17(1);

• (xiii) Article 18(1) and (2), first sentence of Article 18(4), first sentence of Article 18(5), the first subparagraph of Article 18(6), Article 18(8) and (9);

• (xiv) Article 20(1) and the first sentence of Article 20(2);

• (xv) Article 21(1), (2) and (3);

• (xvi) Article 22(2);

• (xvii) Article 23(1) and (2);

• (xviii) Article 25(1) and (2);

• (xix) the first subparagraph of Article 26(1), Article 26(2) to (5), the first subparagraph of Article 26(6), the first to fifth and eighth subparagraph of Article 26(7);

• (xx) Article 27(1);

• (xxi) Article 28(1) and the first subparagraph of Article 28(2);

• (xxii) Article 29(1) and (2);

• (xxiii) Article 30(1);

• (xxiv) Article 31(2) and (3);

• (xxv) Article 35(1), (2) and (3);

• (xxvi) Article 36(1), (2) and (3);

• (xxvii) Article 37(1) and (3);

• (xxviii) Articles 40, 41 and 42.

• (6) Each of the following is a contravention, referred to in paragraph (1), which falls within this paragraph, namely providing an investment service or performing an investment activity without the required authorisation or approval in accordance with the following provisions of these Regulations or of Regulation (EU) No 600/2014:

• (a) Regulation 5, 6, 7, 12(2), 42, 43, 44(1) to (4), 48, 53, 54, 60, 61, 62 or 83;

• (b) the third sentence of Article 7(1) or Article 11(1) of Regulation (EU) No 600/2014.

• (7) Each of the following shall be taken as a contravention and is a contravention, referred to in paragraph (1), which falls within this paragraph, namely—

• (a) a failure to cooperate with an inspector, appointed under Regulation 97 or 104, who is carrying out an investigation under Regulation 97 or 104, or

• (b) a failure to comply with a requirement made, pursuant to Regulation 95(2), by an authorised officer.

• (8) A person who contravenes any provision referred to in paragraph (5) or (6) or fails to comply with a requirement made, pursuant to Regulation 95(2), by an authorised officer shall be guilty of an offence and shall be liable, on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both.

• (9) Where an offence is committed under these Regulations by a body corporate and is proved to have been committed with the consent, connivance or approval of any person, being—

• (a) a director, manager, secretary or other officer of the body corporate, or

• (b) a person who was purporting to act in any such capacity,

that person as well as the body corporate shall be guilty of an offence and shall be liable to be proceeded against and punished as if that person were guilty of the first-mentioned offence.

• (10) A person may be charged with having committed an offence under these Regulations even if the body corporate concerned is not charged with having committed an offence under these Regulations in relation to the same matter.

• (11) Summary proceedings for an offence under these Regulations may be brought and prosecuted by the Bank.

• (12) Without prejudice to the generality of section 27 of the Interpretation Act 2005 (No. 23 of 2005), the repeal or revocation of any enactment, or part of enactment, by these Regulations—

• (a) does not affect any direction given by the Bank, or any investigation undertaken, or disciplinary or enforcement action undertaken by the Bank or any other person, in respect of any matter in existence at, or before, the time of the repeal or revocation, and

• (b) does not preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary or enforcement action by the Bank or any other person, in respect of any contravention of an enactment (including anything repealed or revoked by these Regulations) or any misconduct which may have been committed before the time of the repeal or revocation.

Power to correct assessments

• (2) Where the text of an assessment is altered under paragraph (1), the text as so altered shall be taken to be the decision of the Bank under Regulation 113(10).

• (3) In paragraph (1), “obvious error”, in relation to the text of an assessment, includes—

• (a) a clerical or typographical error,

• (b) an error arising from an accidental slip or omission, or

• (c) a defect of form.

When specified sanctions take effect

• (a) no appeal under Regulation 118 against the adverse assessment (including the specified sanctions) is lodged with the Court within the period for lodging the appeal, or

• (b) an appeal under Regulation 118 against the adverse assessment (including the specified sanctions) has been lodged with the Court within the period for lodging the appeal but is withdrawn or abandoned,

then the specified sanctions pursuant to Regulation 119(3)(a) to (h), as confirmed or varied in the order, if any, obtained under Regulation 122(2)(a), shall take effect on the date of that order or such other date as the Court may specify in that order.

• (2) Where an appeal under Regulation 118 against the adverse assessment is lodged with the Court within the period for lodging the appeal, then the specified sanctions pursuant to Regulation 119(3)(a) to (h), as confirmed or varied in the order, if any, obtained under Regulation 118(4)(a), shall take effect on the date of that order or such other date as the Court may specify in that order.

Enforcement of adverse assessment (including specified sanctions)

• (a) no appeal under Regulation 118 against the adverse assessment is lodged with the Court within the period for lodging the appeal, or

• (b) an appeal under Regulation 118 against the adverse assessment has been lodged with the Court within the period for lodging the appeal but is withdrawn or abandoned,

then the Bank may apply to the Court for an order confirming the adverse assessment (including the specified sanctions).

• (2) The Court shall determine an application under paragraph (1) by making—

• (a) an order confirming, varying or setting aside the adverse assessment (including the specified sanctions), whether in whole or in part, or

• (b) an order remitting the case to be decided again by the Bank in accordance with the directions of the Court.

• (3) The Court shall not hear an application under paragraph (1) unless—

• (a) the assessee appears at the hearing as respondent to the application, or

• (b) if the assessee does not so appear, the Court is satisfied that a copy of the application has been served on the assessee.

• (4) If the Court is satisfied that it is desirable that the whole or part of proceedings relating to an application under paragraph (1) be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice then the Court may make an order that the proceedings shall, in whole or part, be heard otherwise than in public.

• (5) The Court may, on an application under paragraph (1), make such interim or interlocutory orders as the Court considers necessary in the circumstances.

• (6) The determination of the Court on the hearing of an application under paragraph (1) shall be final, except that the Bank or the respondent, if any, may apply to the Court of Appeal to review the determination on a question of law.

• (7) For the avoidance of doubt, it is declared that no variation of an adverse assessment under paragraph (2)(a) may provide for the imposition of a sanction on the assessee that is not a sanction referred to in Regulation 119(3)(a) to (h).

Person not liable to be penalised twice for same contravention

• (a) a sanction referred to in Regulation 119(3)(f), (g) or (h) has been or is to be imposed on an assessee by virtue of an order obtained under Regulation 118(4)(a) or 122(2)(a), and

• (b) the acts that constitute the prescribed contravention to which the sanction relates also constitute an offence under a law of the State,

then the assessee shall not, in respect of those acts, be liable to be prosecuted or punished for that offence under that law.

• (2) A sanction referred to in Regulation 119(3)(f), (g) or (h) in respect of a prescribed contravention shall not be imposed on an assessee where—

• (a) the assessee has been found guilty or not guilty of having committed—

• (i) an offence under a provision of these Regulations, or

• (ii) the acts which constitute the prescribed contravention to which the sanction relates also constitute an offence under a law of the State, and

• (b) all or some of the acts constituting that offence also constitute the prescribed contravention.

Power of the Bank to resolve certain contraventions etc

• (2) An agreement entered into under paragraph (1)—

• (a) is binding on the Bank and the relevant party, and

• (b) may include terms under which the relevant party accepts the imposition of sanctions.

• (3) An agreement entered into under paragraph (1) may be enforced by the Bank or the relevant party in a court of competent jurisdiction.

False etc. information

• (a) gives the Bank a notification pursuant to a requirement under these Regulations or Regulation (EU) No 600/2014, or

• (b) gives the assessor information pursuant to a requirement made by the assessor under Chapter 3,

that the person knows is false or misleading in a material particular, or that the person does not believe to be true shall be guilty of an offence and shall be liable, upon summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both.

Publication of decisions

• (2) The publication shall include at least information on the type and nature of the contravention and the identity of the persons responsible unless the decision is one imposing measures that are of an investigatory nature.

• (3) Where the publication of the identity of the legal persons or of the personal data of the natural persons is considered by the Bank to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where publication jeopardises the stability of financial markets or an on-going investigation, the Bank shall—

• (a) defer the publication of the decision to impose the sanction or measure until the reasons for non-publication cease to exist,

• (b) publish the decision to impose the sanction or measure on an anonymous basis if such anonymous publication ensures an effective protection of the personal data concerned, or

• (c) not publish the decision to impose a sanction or measure at all in the event that the options set out in subparagraphs (a) and (b) are considered to be insufficient to ensure—

• (i) that the stability of financial markets would not be put in jeopardy, and

• (ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.

• (4) In the case of a decision to publish a sanction or measure on an anonymous basis, the publication of the relevant data may be postponed for a reasonable period of time if it is envisaged that within that period the reasons for anonymous publication shall cease to exist.

• (5) Where the decision to impose a sanction or measure is the subject of an appeal, the Bank shall also publish, immediately, on its website such information and any subsequent information on the outcome of such appeal.

• (6) Where an adverse assessment is confirmed, varied or set aside by an order of the Court under Regulation 118(4)(a) or 122(2)(a), or the case is remitted to be decided by the Bank under Regulation 118(4)(b) or 122(2)(b), the Bank shall publish on its website information relating to such orders and any subsequent decision of the Bank relating to the case.

• (7) Any decision annulling a previous decision to impose a sanction or a measure shall also be published.

• (8) The Bank shall ensure that any publication in accordance with this Regulation remains on its website for a period of at least five years after its publication.

• (9) But personal data contained in the publication shall only be kept on the official website of the Bank for the period which is necessary in accordance with the Data Protection Acts 1998 and 2003.

• (10) The Bank shall inform ESMA of all sanctions imposed but not published in accordance with paragraph (3)(c) including any appeal in relation to them and the outcome of any such appeal.

• (11) The Bank shall inform itself of the final judgment in relation to any criminal penalty imposed for any contravention of these Regulations or Regulation (EU) No 600/2014, and it shall submit the information relating to the final judgment to ESMA.

• (12) The Bank shall provide ESMA annually with aggregated information regarding all sanctions and measures imposed in accordance with these Regulations or Regulation (EU) No 600/2014 (not including measures of an investigatory nature).

• (13) The Bank shall provide ESMA annually with anonymised and aggregated data regarding all criminal investigations undertaken and criminal penalties imposed in relation to contraventions of these Regulations or Regulation (EU) No 600/2014.

• (14) Where the Bank has disclosed an administrative measure, sanction or criminal penalty to the public, it shall, at the same time, report that fact to ESMA.

Exercise of supervisory powers and powers to impose sanctions

• (a) the gravity and the duration of the contravention,

• (b) the degree of responsibility of the person responsible for the contravention,

• (c) the financial strength of the responsible person, as indicated in particular by the total turnover of the person (in the case of a legal person) or the annual income and net assets of a natural person,

• (d) the importance of profits gained or losses avoided by the responsible person, in so far as they can be determined,

• (e) the losses for third parties caused by the contravention, in so far as they can be determined,

• (f) the level of cooperation of the responsible person with the Bank, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person, and

• (g) previous contraventions by the responsible person.

Reporting of infringements

• (2) These mechanisms shall include at least—

• (a) specific procedures for the receipt of reports on potential or actual contraventions and their follow-up, including the establishment of secure communication channels for such reports,

• (b) appropriate protection for employees of a financial institution who report contraventions committed within the financial institution at least against retaliation, discrimination or other types of unfair treatment, and

• (c) protection of the identity and personal data of both the person who reports a contravention and the natural person who is allegedly responsible for a contravention, at all stages of the procedures unless such disclosure is required in the context of further investigation or subsequent administrative or judicial proceedings in accordance with the Data Protection Acts 1988 and 2003.

• (3) All investment firms, market operators, data reporting services providers, credit institutions in relation to investment services or activities and ancillary services and branches of third-country firms shall have in place appropriate procedures for their employees to report potential or actual contraventions of these Regulations or Regulation (EU) No 600/2014 internally through a specific, independent and autonomous channel.

• (4) The procedures referred to in paragraph (3) shall include the following:

• (a) appropriate protection for employees of institutions who report potential or actual contraventions committed within the institution against retaliation, discrimination or other types of unfair treatment, at a minimum;

• (b) protection of personal data concerning both the person who reports the potential or actual contravention (the “reporter”) and the natural person who is allegedly responsible for a contravention (the “alleged defaulter”) in accordance with the Data Protection Acts 1988 and 2003;

• (c) protection of the identity of both the reporter and the alleged defaulter at all stages of the procedures unless such disclosure is required by law in the context of further investigation or subsequent administrative or judicial proceedings.

• (5) The Bank shall cooperate and, where permitted by law, exchange information with the Workplace Relations Commission and any other relevant authority for the purpose of protecting employees who are either—

• (a) reporting persons, or

• (b) reported persons,

against retaliation, discrimination or other unfair treatment, arising due to or in connection with reporting of contraventions of these Regulations or Regulation (EU) 600/2014.

• (6) The Bank shall—

• (a) refer reporting persons who are employees to the Workplace Relations Commission with a view to ensuring such persons have access to comprehensive information and advice on the remedies and procedures available to protect them against unfair treatment, including on the procedures for claiming pecuniary compensation, and

• (b) assist a reporting person who is an employee in any appearance before the Workplace Relations Commission, the Labour Court or any other relevant authority, including by certifying that the person is a reporting person under these Regulations.

Right of appeal

• (2) A decision imposing a measure, condition, requirement or sanction on a person, or to give a direction to a person, or to refuse to grant an application for authorisation to a person, under these Regulations or Regulation (EU) No 600/2014 is an appealable decision for the purpose of Part VIIA of the Act of 1942.

• (3) The failure to make a decision in respect of an application for an authorisation under any provision of these Regulations within 6 months after the submission of the application in a case where the application contains all the information required under these Regulations or Regulation (EU) No 600/2014 is an appealable decision for the purpose of Part VIIA of the Act of 1942.

Relations with auditors

• (a) constitute a material contravention of these Regulations or of any condition, requirement, code, guideline, notice or direction under these Regulations governing authorisation or which specifically govern the pursuit of the activities of investment firms,

• (b) affect the continuous functioning of the investment firm, or

• (c) lead to the auditor’s refusal to certify the accounts or to the expression of reservations.

• (2) A disclosure of any fact or decision in good faith pursuant to paragraph (1) does not constitute a contravention of any contractual or legal restriction on disclosure of information and the person or persons making the disclosure are not, because of the disclosure in good faith, liable in any way or to any person.

Amendment of Act of 1942

• (a) in section 2(2A), by—

• (i) substituting, in paragraph (ak), “29 June 2016;” for “29 June 2016; and”,

• (ii) substituting, in paragraph (al), “23 July 2014; and” for “23 July 2014.”, and

• (iii) inserting, after paragraph (al), the following:

• “(am) each of the acts adopted by an institution of the European Union specified in Schedule 9 (inserted by the European Union (Markets in Financial Instruments) Regulations 2017).”,

• (b) in section 33AK(10), in the definition of “supervisory EU legal acts”, by—

• (i) substituting, in paragraph (x), “Regulation (EU) No 236/2012,” for “Regulation (EU) No 236/2012, and”,

• (ii) substituting, in paragraph (y), “features, and” for “features.”, and

• (iii) inserting, after paragraph (y), the following paragraphs:

• “(z) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014, and

• (aa) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.”,

• (c) in section 33BC, by inserting after subsection (8) the following:

• “(9) This section does not apply where Regulation 126 of the European Union (Markets in Financial Instruments) Regulations 2017 applies.”,

• (d) in section 33AN—

• (i) in the definition of “designated enactment”, by substituting “, Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 or Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 but (in relation to the last-mentioned Regulation) wherever and only in so far as it imposes a requirement on a person who is not a regulated financial service provider;” for “or Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014;”, and

• (ii) in the definition of “designated statutory instrument”, by substituting “, the European Union (European Markets Infrastructure) Regulations 2014 ( S.I. No. 443 of 2014 ) or the European Union (Markets in Financial Instruments) Regulations 2017 but (in relation to the last-mentioned Regulation) wherever and only in so far as they impose a requirement on a person who is not a regulated financial service provider;” for “or the European Union (European Markets Infrastructure) Regulations 2014 ( S.I. No. 443 of 2014 );”,

• (e) in Part 2 of Schedule 2, by inserting the following item at the end—

“67	S.I. No. — of 2017	European Union (Markets in Financial Instruments) Regulations 2017	The whole instrument”.

, and

• (f) by inserting after Schedule 8 the following:

“Schedule 9

Acts adopted by an Institution of the European Union Referred to in Section 2(2A)(am)

• (1) Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014;

• (2) Commission Delegated Directive (EU) 2017/593;

• (3) Commission Delegated Regulation (EU) 2017/565;

• (4) Commission Delegated Regulation (EU) 2017/567;

• (5) Commission Delegated Regulation (EU) 2017/587;

• (6) Commission Delegated Regulation (EU) 2017/583;

• (7) Commission Delegated Regulation (EU) 2017/577;

• (8) Commission Delegated Regulation (EU) 2017/579;

• (9) Commission Delegated Regulation (EU) 2017/589;

• (10) Commission Delegated Regulation (EU) 2017/584;

• (11) Commission Delegated Regulation (EU) 2017/578;

• (12) Commission Delegated Regulation (EU) 2017/566;

• (13) Commission Delegated Regulation (EU) 2017/573;

• (14) Commission Delegated Regulation (EU) 2017/588;

• (15) Commission Delegated Regulation (EU) 2017/571;

• (16) Commission Delegated Regulation (EU) 2017/572;

• (17) Commission Delegated Regulation (EU) 2017/581;

• (18) Commission Delegated Regulation (EU) 2016/2021;

• (19) Commission Delegated Regulation (EU) 2017/568;

• (20) Commission Delegated Regulation (EU) 2017/569;

• (21) Commission Delegated Regulation (EU) 2017/592;

• (22) Commission Delegated Regulation (EU) 2017/591;

• (23) Commission Delegated Regulation (EU) 2017/590;

• (24) Commission Delegated Regulation (EU) 2017/585;

• (25) Commission Delegated Regulation (EU) 2017/580;

• (26) Commission Delegated Regulation (EU) 2017/574;

• (27) Commission Delegated Regulation (EU) 2017/582;

• (28) Commission Delegated Regulation (EU) 2017/575;

• (29) Commission Delegated Regulation (EU) 2017/576;

• (30) Commission Delegated Regulation (EU) 2016/2022;

• (31) Commission Implementing Regulation (EU) 2016/824;

• (32) Commission Implementing Regulation (EU) 2017/1005;

• (33) Commission Implementing Regulation (EU) 2017/1110;

• (34) Commission Implementing Regulation (EU) 2017/1093;

• (35) Commission Implementing Regulation (EU) 2017/953;

• (36) Commission Implementing Regulation (EU) 2017/1111;

• (37) Commission Implementing Regulation (EU) 2017/981;

• (38) Commission Implementing Regulation (EU) 2017/980.”.

PART 12 COOPERATION BETWEEN COMPETENT AUTHORITIES AND WITH ESMA

Obligation to cooperate

• (a) carrying out its duties under these Regulations or under Regulation (EU) No 600/2014 (as well as for the purpose of each other such competent authority carrying out its duties under the law of the Member State concerned that gives effect to the Directive or its duties under Regulation (EU) No 600/2014), or

• (b) making use of their powers, whether contained in these Regulations or Regulation (EU) No 600/2014 or the Central Bank Acts 1942 to 2015.

• (2) The Bank shall render assistance to competent authorities of the other Member States, in particular by exchanging information and cooperating in any investigation or in any supervisory activities.

• (3) The Bank shall cooperate with the competent authorities of other Member States with respect to facilitating the recovery of fines or penalties.

• (4) Where the operations of a trading venue authorised in the State has established arrangements in another Member State which have become of substantial importance for the functioning of the securities markets and the protection of the investors in the other Member State, the Bank shall establish proportionate cooperation arrangements with the national competent authority of the other Member State.

• (5) The Bank shall ensure that it has the necessary administrative and organisational measures in place to facilitate cooperation and assistance under this Regulation.