S.I. No. 203/2021 - European Union (Markets in Financial Instruments) (Amendment) Regulations 2021


Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 30th April, 2021.

I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972), and for the purpose of giving further effect to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 20141 as amended by Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 20202 , hereby make the following regulations:

1. (1) These Regulations may be cited as the European Union (Markets in Financial Instruments) (Amendment) Regulations 2021.

(2) These Regulations shall come into operation on 10 November 2021.

2. Regulation 4 of the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017) is amended in paragraph (1) –

(a) by the substitution of the following subparagraph for subparagraph (t):

“(t) branches of third country firms established in the State, save as otherwise provided for in Regulation 48;”, and

(b) by the insertion of the following subparagraph after subparagraph (t):

“(u) crowdfunding service providers as defined in point (e) of Article 2(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council.”.

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GIVEN under my Official Seal,

28 April, 2021.

PASCHAL DONOHOE,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations give effect to Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments.

Directive (EU) 2020/1504 provides that the Markets in Financial Instruments Directive (Directive 2014/65/EU or MiFID II) does not apply to crowdfunding service providers as defined in the Crowdfunding Regulation (Regulation (EU) 2020/1503).

1 OJ No. L 173, 12.6.2014, p. 349.

2 OJ No. L 347, 20.10.2020, p. 50.