(1) The restrictions referred to in Article 107(1) of the Directive shall apply to all persons employed or formerly employed by the Irish Stock Exchange in the performance of its functions as competent authority.

(2) Any person who fails to comply with paragraph (1) or who publishes any information required to be published by the Directive which is false or misleading in a material respect knowing the information to be so false or misleading or being reckless as to whether it is so false or misleading shall be guilty of an offence.

(3) A person guilty of an offence under paragraph (2) shall be liable on summary conviction to a fine not exceeding €5,000.

(4) Where an offence under paragraph (2) is committed by a body corporate and is proved to have been committed with the consent, connivance or approval of or to have been attributable to the wilful neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate or 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 is liable to be proceeded against and punished as if he or she was guilty of the first-mentioned offence

(5) Proceedings in relation to an offence under paragraph (2) may be brought and prosecuted by the Director of Public Prosecutions or the Director of Corporate Enforcement.