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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Published date: 15 February 2007

European Communities (Markets in Financial Instruments) Regulations, 2007 [S.I. No. 60 of 2007]

References to, or to any provision of, these Regulations in any enactment have effect on and after 3 January 2018 as references to the corresponding provision of, or to, the European Union (Markets in Financial Instruments) Regulations 2017 (MiFID II) [S.I. No. 375 of 2017] or Regulation (EU) No 600/2014.

References to terms as defined in these Regulations in any enactment have effect on and after 3 January 2018 as references to the equivalent terms defined in the European Union (Markets in Financial Instruments) Regulations 2017 (MiFID II) [S.I. No. 375 of 2017] or Regulation (EU) No 600/2014.

Comparing proposed amendment...
Introductory Text
Part 1 Preliminary and General Provisions (reg. 1)
Revoked
Regulation 1 Citation and commencement
Part 2 Definitions and Scope (regs. 2-5)
Revoked
Regulation 2 Object and scope of these Regulations
Revoked
Regulation 3 Interpretation
Revoked
Regulation 3A Determination of voting rights for certain purposes
Revoked
Regulation 4 Competent Authority
Amended
Regulation 5 Exemptions
Part 3 Transitional (reg. 6)
Revoked
Regulation 6 Existing regulation
Part 4 Authorisation of Investment Firms (regs. 7-28)
Revoked
Regulation 7 Requirement for authorisation
Revoked
Regulation 8 When investment firm may be regarded as operating in the State
Revoked
Regulation 9 Bank to establish and maintain register of investment firms, etc
Revoked
Regulation 10 Requirements of investment firm authorisations
Revoked
Regulation 11 Application to Bank for an authorisation to operate as an investment firm
Revoked
Regulation 12 Prerequisites relating to qualifying holdings in investment firms
Revoked
Regulation 13 Prerequisites to granting authorisations for investment firms
Revoked
Regulation 14 Bank may obtain further information from applicant by request, inquiry or investigation
Revoked
Regulation 15 Time frame for granting and refusing applications for authorisations for investment firms
Revoked
Regulation 16 Investment firms - capital, management, structure, control
Revoked
Regulation 17 Unincorporated investment firms special provisions
Revoked
Regulation 18 Investment firms, dividing responsibility between their home and host Member States
Revoked
Regulation 19 Prohibition against false or misleading application for investment firm authorisation
Revoked
Regulation 20 Scope of authorisation
Revoked
Regulation 21 Withdrawal of authorisations for investment firms
Revoked
Regulation 22 Court may revoke authorisation on application by Bank
Revoked
Regulation 23 Bank to give notice of proposed withdrawal or revocation of authorisation
Revoked
Regulation 24 Publication of withdrawal or revocation of authorisation
Revoked
Regulation 25 Definitions for Regulations 25 to 28
Revoked
Regulation 26 Continued responsibilities of former authorised investment firms
Revoked
Regulation 27 Bank supervision of certain activities of former authorised investment firms
Revoked
Regulation 28 Certain obligations of person responsible during firm's termination process
Part 5 Regulation and Supervision of Investment Firms (regs. 29-42)
Revoked
Regulation 29 Persons who effectively direct the business
Revoked
Regulation 30 Shareholders and members with qualifying holdings
Revoked
Regulation 31 Membership of an authorised Investor Compensation Scheme
Revoked
Regulation 32 Initial capital endowment
Revoked
Regulation 33 Organisational requirements
Revoked
Regulation 34 Further business procedures, internal control mechanisms and reporting, etc
Revoked
Regulation 35 Further monitoring and evaluating systems, control mechanisms and the like
Revoked
Regulation 36 Risk management function
Revoked
Regulation 37 Internal audit function, supervisory function and senior management
Revoked
Regulation 38 Complaint procedures
Revoked
Regulation 39 Personal transaction procedures
Revoked
Regulation 40 Retention of records
Revoked
Regulation 41 Trading process and finalisation of transactions in an MTF
Revoked
Regulation 42 Relations with third countries
Part 6 regulated markets (regs. 43-71)
Revoked
Regulation 43 Authorisation and applicable law
Revoked
Regulation 44 Trading under regulated markets subject to Irish law
Revoked
Regulation 45 Market operator's responsibility for establishing regulated market
Revoked
Regulation 46 Regular review by Bank of market operators and regulated markets
Revoked
Regulation 47 Application to Bank for an authorisation to operate a regulated market
Revoked
Regulation 48 Prerequisites to granting authorisations for regulated markets
Revoked
Regulation 49 Bank may obtain further information from applicant by request, inquiry or investigation
Revoked
Regulation 50 Time frame for granting or refusing applications for authorisations for regulated markets
Revoked
Regulation 51 Regulated markets management, structure, control
Revoked
Regulation 52 Prohibition against false or misleading application to operate regulated market
Revoked
Regulation 53 Withdrawal of authorisations for regulated markets
Revoked
Regulation 54 Bank may apply to Court for order revoking authorisation
Revoked
Regulation 55 Bank to give notice of proposed withdrawal or revocation of authorisation
Revoked
Regulation 56 Publication of withdrawal or revocation of authorisation
Revoked
Regulation 57 Definitions for Regulations 57 to 60
Revoked
Regulation 58 Continued responsibilities of former market operators
Revoked
Regulation 59 Bank supervision of certain activities of former market operators
Revoked
Regulation 60 Certain obligations of former market operators during operator's termination process
Revoked
Regulation 61 Requirements for the management and operation of the regulated market
Revoked
Regulation 62 Requirements relating to persons exercising significant influence over the management of the regulated market
Revoked
Regulation 63 Organisational requirements
Revoked
Regulation 64 Admission of financial instruments to trading
Revoked
Regulation 65 Suspension and removal of instruments from trading
Revoked
Regulation 66 Access to the regulated market
Revoked
Regulation 67 Monitoring of compliance with the rules of the regulated market and with other legal obligations
Revoked
Regulation 68 Pre-trade transparency requirements for regulated markets
Revoked
Regulation 69 Post-trade transparency requirements for regulated markets
Revoked
Regulation 70 Provisions regarding central counterparty and clearing and settlement arrangements
Revoked
Regulation 71 List of regulated markets
Part 7 Operating Conditions for Investment Firms (regs. 72-111)
Revoked
Regulation 72 Review of conditions for initial authorisation
Revoked
Regulation 73 General obligation in respect of on-going supervision
Revoked
Regulation 74 Conflicts of Interest
Revoked
Regulation 75 Conflicts of interest continued
Revoked
Regulation 76 Conduct of business obligations when providing investment services to clients
Revoked
Regulation 77 Provision of certain types of information by investment firms to clients
Revoked
Regulation 78 Certain conduct not regarded as in client's best interest
Revoked
Regulation 79 Bank may impose additional requirements in exceptional cases
Revoked
Regulation 80 Information for clients and potential clients
Revoked
Regulation 81 Information for retail clients, professional clients and eligible counterparties
Revoked
Regulation 82 Providing certain general information for clients
Revoked
Regulation 83 Portfolio management
Revoked
Regulation 84 Information about nature and risks of financial instruments
Revoked
Regulation 85 Information about financial instrument subject to public offering
Revoked
Regulation 86 Information about financial instrument subject to public offering
Revoked
Regulation 87 Information about financial instrument with guarantee by third party
Revoked
Regulation 88 Information about financial instrument belonging to retail clients
Revoked
Regulation 89 Accounts subject to another jurisdiction
Revoked
Regulation 90 Accounts subject to investment firm security interest
Revoked
Regulation 91 When investment firm enters into certain security financing transactions
Revoked
Regulation 92 Information on costs and charges
Revoked
Regulation 93 Collective investment undertakings
Revoked
Regulation 94 Assessment of suitability and appropriateness
Revoked
Regulation 95 Non-complex instruments
Revoked
Regulation 96 Reporting to clients
Revoked
Regulation 97 Best execution
Revoked
Regulation 98 Investment firm to act in clients' best interests
Revoked
Regulation 99 Conduct of business obligations in more limited circumstances
Revoked
Regulation 100 Duty of investment firm to record rights and obligations
Revoked
Regulation 101 Duty of investment firm to report to clients about transactions, services and costs
Revoked
Regulation 102 Regulations 76 to 101 inapplicable to specific financial products otherwise regulated
Revoked
Regulation 103 Provision of services though the medium of another firm
Revoked
Regulation 104 Critical and important operational functions
Revoked
Regulation 105 Investment firm's responsibilities respecting outsourcing to service provider
Revoked
Regulation 106 Obligation to execute orders on terms most favourable to the client
Revoked
Regulation 107 Client order handling by investment firms
Revoked
Regulation 108 Client order handling rules
Revoked
Regulation 109 Obligations of investment firms when appointing tied agents
Revoked
Regulation 110 Public registry of tied agents to be maintained by Bank
Revoked
Regulation 111 Transactions executed with eligible counterparties
Part 8 Market Transparency and Integrity (regs. 112-121)
Revoked
Regulation 112 Obligation to uphold integrity of markets, report transactions and maintain records
Revoked
Regulation 113 Monitoring of compliance with the rules of the MTF and with other legal obligations
Revoked
Regulation 114 Obligation for investment firms to make public firm quotes
Revoked
Regulation 115 Bank to determine classes to which particular shares belong
Revoked
Regulation 116 Further duties of systematic internalisers respecting their quotes
Revoked
Regulation 117 Bank to monitor for compliance
Revoked
Regulation 118 Business risk-reductions measures available to system internalisers
Revoked
Regulation 119 Post-trade disclosure by investment firms
Revoked
Regulation 120 Pre-trade transparency requirements for MTFs
Revoked
Regulation 121 Post-trade transparency requirements for MTFs
Revoked
Regulation 121A Determination of liquid shares
Revoked
Regulation 121B Units in collective investment undertakings
Part 9 Cross Border Activities (regs. 122-143)
Revoked
Regulation 122 Applicability to provision of ancillary services
Revoked
Regulation 123 Freedom of investment firms from other Member States to provide services in State
Revoked
Regulation 124 Investment firms and market operators providing services in other Member States
Revoked
Regulation 125 Investment firms authorised in other Member States establishing branches in Ireland
Revoked
Regulation 126 Application of this Part to investment firms with branches in the State
Revoked
Regulation 127 Authorised investment firms establishing branches in other Member States
Revoked
Regulation 128 Access to regulated markets
Revoked
Regulation 129 Access to central counterparty, clearing and settlement facilities and right to designate settlement system
Revoked
Regulation 130 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
Revoked
Regulation 131 Delegation by the Bank
Revoked
Regulation 132 Obligation to assist and cooperate with other Member States
Revoked
Regulation 133 Reciprocal duties of competent authorities respecting misconduct by regulated entities in other Member States
Revoked
Regulation 134 Cooperation in supervisory activities, on-the-spot verifications or in investigations
Revoked
Regulation 135 Exchange of information between competent authorities
Revoked
Regulation 135A Binding mediation
Revoked
Regulation 136 Refusal to cooperate
Revoked
Regulation 137 Inter-authority consultation before authorisation
Revoked
Regulation 138 Powers for host Member States
Revoked
Regulation 139 Precautionary measures by Bank respecting misconduct by investment firms from other Member States
Revoked
Regulation 140 Further precautionary measures: misconduct of investment firm with branch in State
Revoked
Regulation 141 Further precautionary measures: misconduct of market operator or MTF in the State
Revoked
Regulation 141A Co-operation and exchange of information with ESMA
Revoked
Regulation 142 Sanctions and restrictions to be justified and communicated
Revoked
Regulation 143 Exchange of information with third countries
Part 10 Auditors (reg. 144)
Revoked
Regulation 144 Relations with auditors
Part 11 Regulation and Supervision (regs. 145-163)
Revoked
Regulation 145 Imposition of conditions or requirements
Revoked
Regulation 146 Further to Regulation 145
Revoked
Regulation 147 Directions by the Bank
Revoked
Regulation 148 Further to Regulation 147
Revoked
Regulation 149 Bank may apply to Court for orders confirming directions
Revoked
Regulation 150 Winding-up on application to Court
Revoked
Regulation 151 Definition of "specified" for Regulation 152
Revoked
Regulation 152 Restrictions on advertising
Revoked
Regulation 153 Consequences of advertising contrary to Regulations
Revoked
Regulation 154 Miscellaneous requirements respecting advertising
Revoked
Regulation 155 Requirements respecting investment research by investment firms
Revoked
Regulation 156 Exemption from restrictions on advertising
Revoked
Regulation 157 Liquidators receivers, administrators, examiners, official assignees or creditors
Revoked
Regulation 158 Application to the Court
Revoked
Regulation 159 Prohibition against misappropriation
Revoked
Regulation 160 Safeguarding clients' rights relative to financial instruments
Revoked
Regulation 161 Deposit of financial instruments and funds by investment firms
Revoked
Regulation 162 Securities financing transactions of investment firms
Revoked
Regulation 163 Warning notices
Part 12 Enforcement (regs. 164-177)
Revoked
Regulation 164 Authorised Officers
Revoked
Regulation 165 Powers of authorised officers
Revoked
Regulation 166 Appointment of inspector by Court
Revoked
Regulation 167 Power of inspector to extend investigation
Revoked
Regulation 168 Direction to inspector by Court
Revoked
Regulation 169 Powers of inspection
Revoked
Regulation 170 Expenses of and fees relating to an investigation
Revoked
Regulation 171 Inspectors' reports and proceedings thereon
Revoked
Regulation 172 Powers of Court following consideration of reports
Revoked
Regulation 173 Appointment of inspector by the Bank
Revoked
Regulation 174 Search and seizure
Revoked
Regulation 175 Admissibility in evidence of reports of inspectors
Revoked
Regulation 176 Privilege
Revoked
Regulation 177 Consent to publication of information
Part 13 Acquisition and Disposal of Certain Interests in Investment Firms and Market Operators of Regulated Markets (regs. 178-187C)
Revoked
Regulation 178 Interpretation and effect: Part 13
Revoked
Regulation 179 Restrictions on acquiring and disposing of qualifying holdings in investment firms and market operators of regulated markets
Revoked
Regulation 180 Investment firms and market operators of regulated markets to provide information on certain acquisitions and disposals
Revoked
Regulation 181 Period for assessment of proposed acquisition
Revoked
Regulation 182 Assessment of proposed acquisitions
Revoked
Regulation 183 Bank to cooperate with competent authorities of other Member States in certain cases
Revoked
Regulation 184 Bank may fix period for completion of acquisition etc
Revoked
Regulation 184A Notice of Bank's decision
Revoked
Regulation 185 Bank may oppose certain acquisitions
Revoked
Regulation 186 Circumstances in which proposed acquisition not to be completed
Revoked
Regulation 187 Effect of section 201 of the Companies Act 1963
Revoked
Regulation 187A Investment firms and market operators of regulated markets to provide information about shareholdings, etc
Revoked
Regulation 187B Offence of providing false or misleading information, etc
Revoked
Regulation 187C Powers of court in relation to certain persons with qualifying holdings
Part 14 Offences (regs. 188-190)
Revoked
Regulation 188 Summary conviction offences
Revoked
Regulation 189 Offences by bodies corporate
Revoked
Regulation 190 Summary proceedings may be brought by Bank
Part 15 Appeals and Miscellaneous (reg. 191-191A)
Revoked
Regulation 191 Rights of appeal against Bank decisions
Revoked
Regulation 191A Reporting to ESMA by Bank of its decisions
Part 16 Repeals, etc. (regs. 192-194)
Deleted
Regulation 192 Amendment of section 33AK(10) of Central Bank Act 1942
Deleted
Regulation 193 Amendment to Schedule 2 of Central Bank Act 1942
Revoked
Regulation 194 Repeal of section 12 of Investment Intermediaries Act 1995
Schedule 1
Revoked
Schedule 1, Part 1 Investment Services
Revoked
Schedule 1, Part 2 Ancillary Services
Revoked
Schedule 1, Part 3 Financial Instruments
Revoked
Schedule 2
Given under