Table of Contents
European Communities (Markets in Financial Instruments) Regulations, 2007 [S.I. No. 60 of 2007]Introductory TextPart 1 Preliminary and General Provisions (reg. 1)Regulation 1 Citation and commencementPart 2 Definitions and Scope (regs. 2-5)Regulation 2 Object and scope of these RegulationsRegulation 3 InterpretationRegulation 3A Determination of voting rights for certain purposesRegulation 4 Competent AuthorityRegulation 5 ExemptionsPart 3 Transitional (reg. 6)Regulation 6 Existing regulationPart 4 Authorisation of Investment Firms (regs. 7-28)Regulation 7 Requirement for authorisationRegulation 8 When investment firm may be regarded as operating in the StateRegulation 9 Bank to establish and maintain register of investment firms, etcRegulation 10 Requirements of investment firm authorisationsRegulation 11 Application to Bank for an authorisation to operate as an investment firmRegulation 12 Prerequisites relating to qualifying holdings in investment firmsRegulation 13 Prerequisites to granting authorisations for investment firmsRegulation 14 Bank may obtain further information from applicant by request, inquiry or investigationRegulation 15 Time frame for granting and refusing applications for authorisations for investment firmsRegulation 16 Investment firms - capital, management, structure, controlRegulation 17 Unincorporated investment firms special provisionsRegulation 18 Investment firms, dividing responsibility between their home and host Member StatesRegulation 19 Prohibition against false or misleading application for investment firm authorisationRegulation 20 Scope of authorisationRegulation 21 Withdrawal of authorisations for investment firmsRegulation 22 Court may revoke authorisation on application by BankRegulation 23 Bank to give notice of proposed withdrawal or revocation of authorisationRegulation 24 Publication of withdrawal or revocation of authorisationRegulation 25 Definitions for Regulations 25 to 28Regulation 26 Continued responsibilities of former authorised investment firmsRegulation 27 Bank supervision of certain activities of former authorised investment firmsRegulation 28 Certain obligations of person responsible during firm's termination processPart 5 Regulation and Supervision of Investment Firms (regs. 29-42)Regulation 29 Persons who effectively direct the businessRegulation 30 Shareholders and members with qualifying holdingsRegulation 31 Membership of an authorised Investor Compensation SchemeRegulation 32 Initial capital endowmentRegulation 33 Organisational requirementsRegulation 34 Further business procedures, internal control mechanisms and reporting, etcRegulation 35 Further monitoring and evaluating systems, control mechanisms and the likeRegulation 36 Risk management functionRegulation 37 Internal audit function, supervisory function and senior managementRegulation 38 Complaint proceduresRegulation 39 Personal transaction proceduresRegulation 40 Retention of recordsRegulation 41 Trading process and finalisation of transactions in an MTFRegulation 42 Relations with third countriesPart 6 regulated markets (regs. 43-71)Regulation 43 Authorisation and applicable lawRegulation 44 Trading under regulated markets subject to Irish lawRegulation 45 Market operator's responsibility for establishing regulated marketRegulation 46 Regular review by Bank of market operators and regulated marketsRegulation 47 Application to Bank for an authorisation to operate a regulated marketRegulation 48 Prerequisites to granting authorisations for regulated marketsRegulation 49 Bank may obtain further information from applicant by request, inquiry or investigationRegulation 50 Time frame for granting or refusing applications for authorisations for regulated marketsRegulation 51 Regulated markets management, structure, controlRegulation 52 Prohibition against false or misleading application to operate regulated marketRegulation 53 Withdrawal of authorisations for regulated marketsRegulation 54 Bank may apply to Court for order revoking authorisationRegulation 55 Bank to give notice of proposed withdrawal or revocation of authorisationRegulation 56 Publication of withdrawal or revocation of authorisationRegulation 57 Definitions for Regulations 57 to 60Regulation 58 Continued responsibilities of former market operatorsRegulation 59 Bank supervision of certain activities of former market operatorsRegulation 60 Certain obligations of former market operators during operator's termination processRegulation 61 Requirements for the management and operation of the regulated marketRegulation 62 Requirements relating to persons exercising significant influence over the management of the regulated marketRegulation 63 Organisational requirementsRegulation 64 Admission of financial instruments to tradingRegulation 65 Suspension and removal of instruments from tradingRegulation 66 Access to the regulated marketRegulation 67 Monitoring of compliance with the rules of the regulated market and with other legal obligationsRegulation 68 Pre-trade transparency requirements for regulated marketsRegulation 69 Post-trade transparency requirements for regulated marketsRegulation 70 Provisions regarding central counterparty and clearing and settlement arrangementsRegulation 71 List of regulated marketsPart 7 Operating Conditions for Investment Firms (regs. 72-111)Regulation 72 Review of conditions for initial authorisationRegulation 73 General obligation in respect of on-going supervisionRegulation 74 Conflicts of InterestRegulation 75 Conflicts of interest continuedRegulation 76 Conduct of business obligations when providing investment services to clientsRegulation 77 Provision of certain types of information by investment firms to clientsRegulation 78 Certain conduct not regarded as in client's best interestRegulation 79 Bank may impose additional requirements in exceptional casesRegulation 80 Information for clients and potential clientsRegulation 81 Information for retail clients, professional clients and eligible counterpartiesRegulation 82 Providing certain general information for clientsRegulation 83 Portfolio managementRegulation 84 Information about nature and risks of financial instrumentsRegulation 85 Information about financial instrument subject to public offeringRegulation 86 Information about financial instrument subject to public offeringRegulation 87 Information about financial instrument with guarantee by third partyRegulation 88 Information about financial instrument belonging to retail clientsRegulation 89 Accounts subject to another jurisdictionRegulation 90 Accounts subject to investment firm security interestRegulation 91 When investment firm enters into certain security financing transactionsRegulation 92 Information on costs and chargesRegulation 93 Collective investment undertakingsRegulation 94 Assessment of suitability and appropriatenessRegulation 95 Non-complex instrumentsRegulation 96 Reporting to clientsRegulation 97 Best executionRegulation 98 Investment firm to act in clients' best interestsRegulation 99 Conduct of business obligations in more limited circumstancesRegulation 100 Duty of investment firm to record rights and obligationsRegulation 101 Duty of investment firm to report to clients about transactions, services and costsRegulation 102 Regulations 76 to 101 inapplicable to specific financial products otherwise regulatedRegulation 103 Provision of services though the medium of another firmRegulation 104 Critical and important operational functionsRegulation 105 Investment firm's responsibilities respecting outsourcing to service providerRegulation 106 Obligation to execute orders on terms most favourable to the clientRegulation 107 Client order handling by investment firmsRegulation 108 Client order handling rulesRegulation 109 Obligations of investment firms when appointing tied agentsRegulation 110 Public registry of tied agents to be maintained by BankRegulation 111 Transactions executed with eligible counterpartiesPart 8 Market Transparency and Integrity (regs. 112-121)Regulation 112 Obligation to uphold integrity of markets, report transactions and maintain recordsRegulation 113 Monitoring of compliance with the rules of the MTF and with other legal obligationsRegulation 114 Obligation for investment firms to make public firm quotesRegulation 115 Bank to determine classes to which particular shares belongRegulation 116 Further duties of systematic internalisers respecting their quotesRegulation 117 Bank to monitor for complianceRegulation 118 Business risk-reductions measures available to system internalisersRegulation 119 Post-trade disclosure by investment firmsRegulation 120 Pre-trade transparency requirements for MTFsRegulation 121 Post-trade transparency requirements for MTFsRegulation 121A Determination of liquid sharesRegulation 121B Units in collective investment undertakingsPart 9 Cross Border Activities (regs. 122-143)Regulation 122 Applicability to provision of ancillary servicesRegulation 123 Freedom of investment firms from other Member States to provide services in StateRegulation 124 Investment firms and market operators providing services in other Member StatesRegulation 125 Investment firms authorised in other Member States establishing branches in IrelandRegulation 126 Application of this Part to investment firms with branches in the StateRegulation 127 Authorised investment firms establishing branches in other Member StatesRegulation 128 Access to regulated marketsRegulation 129 Access to central counterparty, clearing and settlement facilities and right to designate settlement systemRegulation 130 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFsRegulation 131 Delegation by the BankRegulation 132 Obligation to assist and cooperate with other Member StatesRegulation 133 Reciprocal duties of competent authorities respecting misconduct by regulated entities in other Member StatesRegulation 134 Cooperation in supervisory activities, on-the-spot verifications or in investigationsRegulation 135 Exchange of information between competent authoritiesRegulation 135A Binding mediationRegulation 136 Refusal to cooperateRegulation 137 Inter-authority consultation before authorisationRegulation 138 Powers for host Member StatesRegulation 139 Precautionary measures by Bank respecting misconduct by investment firms from other Member StatesRegulation 140 Further precautionary measures: misconduct of investment firm with branch in StateRegulation 141 Further precautionary measures: misconduct of market operator or MTF in the StateRegulation 141A Co-operation and exchange of information with ESMARegulation 142 Sanctions and restrictions to be justified and communicatedRegulation 143 Exchange of information with third countriesPart 10 Auditors (reg. 144)Regulation 144 Relations with auditorsPart 11 Regulation and Supervision (regs. 145-163)Regulation 145 Imposition of conditions or requirementsRegulation 146 Further to Regulation 145Regulation 147 Directions by the BankRegulation 148 Further to Regulation 147Regulation 149 Bank may apply to Court for orders confirming directionsRegulation 150 Winding-up on application to CourtRegulation 151 Definition of "specified" for Regulation 152Regulation 152 Restrictions on advertisingRegulation 153 Consequences of advertising contrary to RegulationsRegulation 154 Miscellaneous requirements respecting advertisingRegulation 155 Requirements respecting investment research by investment firmsRegulation 156 Exemption from restrictions on advertisingRegulation 157 Liquidators receivers, administrators, examiners, official assignees or creditorsRegulation 158 Application to the CourtRegulation 159 Prohibition against misappropriationRegulation 160 Safeguarding clients' rights relative to financial instrumentsRegulation 161 Deposit of financial instruments and funds by investment firmsRegulation 162 Securities financing transactions of investment firmsRegulation 163 Warning noticesPart 12 Enforcement (regs. 164-177)Regulation 164 Authorised OfficersRegulation 165 Powers of authorised officersRegulation 166 Appointment of inspector by CourtRegulation 167 Power of inspector to extend investigationRegulation 168 Direction to inspector by CourtRegulation 169 Powers of inspectionRegulation 170 Expenses of and fees relating to an investigationRegulation 171 Inspectors' reports and proceedings thereonRegulation 172 Powers of Court following consideration of reportsRegulation 173 Appointment of inspector by the BankRegulation 174 Search and seizureRegulation 175 Admissibility in evidence of reports of inspectorsRegulation 176 PrivilegeRegulation 177 Consent to publication of informationPart 13 Acquisition and Disposal of Certain Interests in Investment Firms and Market Operators of Regulated Markets (regs. 178-187C)Regulation 178 Interpretation and effect: Part 13Regulation 179 Restrictions on acquiring and disposing of qualifying holdings in investment firms and market operators of regulated marketsRegulation 180 Investment firms and market operators of regulated markets to provide information on certain acquisitions and disposalsRegulation 181 Period for assessment of proposed acquisitionRegulation 182 Assessment of proposed acquisitionsRegulation 183 Bank to cooperate with competent authorities of other Member States in certain casesRegulation 184 Bank may fix period for completion of acquisition etcRegulation 184A Notice of Bank's decisionRegulation 185 Bank may oppose certain acquisitionsRegulation 186 Circumstances in which proposed acquisition not to be completedRegulation 187 Effect of section 201 of the Companies Act 1963Regulation 187A Investment firms and market operators of regulated markets to provide information about shareholdings, etcRegulation 187B Offence of providing false or misleading information, etcRegulation 187C Powers of court in relation to certain persons with qualifying holdingsPart 14 Offences (regs. 188-190)Regulation 188 Summary conviction offencesRegulation 189 Offences by bodies corporateRegulation 190 Summary proceedings may be brought by BankPart 15 Appeals and Miscellaneous (reg. 191-191A)Regulation 191 Rights of appeal against Bank decisionsRegulation 191A Reporting to ESMA by Bank of its decisionsPart 16 Repeals, etc. (regs. 192-194)Regulation 192 Amendment of section 33AK(10) of Central Bank Act 1942Regulation 193 Amendment to Schedule 2 of Central Bank Act 1942Regulation 194 Repeal of section 12 of Investment Intermediaries Act 1995Schedule 1Schedule 1, Part 1 Investment ServicesSchedule 1, Part 2 Ancillary ServicesSchedule 1, Part 3 Financial InstrumentsSchedule 2Given under
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Given under
GIVEN under my Official Seal,
15 February 2007.
BRIAN COWEN
Minister for Finance.