(1) The Irish Stock Exchange shall be the competent authority for admission of securities to its Official List for the purposes of the Directive and shall have all the powers required to be conferred on, or which the State is permitted to confer on, a competent authority by the Directive.

(2) The Irish Stock Exchange may arrange for the discharge of its functions as competent authority by any committee, sub-committee, officer or employee of the Irish Stock Exchange and nothing in this Regulation shall prevent the Irish Stock Exchange from being assisted in, or advised on, the discharge of these functions by any committee, sub-committee, officer or employee of the Council.