Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009

Amendment of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007.

12.— The Markets in Financial Instruments and Miscellaneous Provisions Act 2007 is amended by inserting after section 6—

“Regulations in relation to transparency in trading in certain financial instruments.

6A.— (1) In this section ‘financial instruments’ has the same meaning as in the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ).

(2) For the purposes of ensuring that trading in financial instruments in the State is and remains fair, orderly and transparent, or where the Minister considers it necessary or expedient to do so to advance the objectives of a Directive of the European Communities relating to the oversight of financial markets and trading in financial instruments (or of a law of the State giving effect to such a Directive), the Minister may, after consulting the Bank, make regulations requiring persons (or persons of specified classes) who have entered into transactions in specified financial instruments or classes of financial instruments to disclose to the Bank or the public (or both) such information as may be specified in the regulations.

(3) Regulations under subsection (2)—

(a) may provide for the method of disclosure and the form in which the disclosure is to be made, and

(b) may make such incidental, supplementary or consequential provision as the Minister considers necessary or expedient for the purposes of the regulations, including provisions creating offences (but only providing penalties in respect of summary convictions for such offences).

(4) Every regulation made under subsection (2) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done under the regulation.”.