Markets in Financial Instruments and Miscellaneous Provisions Act 2007

Penalties for conviction on indictment of Irish investment services law.

5.— (1) In this section, “ the Regulations ” means the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ).

(2) A person is guilty of an offence if the person—

(a) fails to discharge a duty to which the person is subject under Regulation 40(1), 109(6) or 112(1) of the Regulations, or

(b) contravenes Regulation 7(1), 19, 52, 152(1), 159, 165(15), 165(16), 165(17), or 185(2) of the Regulations.

(3) A person guilty of an offence under subsection (2) is liable on conviction on indictment to a fine not exceeding €10,000,000 or imprisonment for a term not exceeding 10 years or both.

(4) This section is without prejudice to—

(a) any penalty provided by Irish investment services law in respect of a summary conviction for an offence, and

(b) the ability to bring and prosecute summary proceedings for any offence under Irish investment services law.

(5) This section comes into operation on 1 November 2007.