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). | ||
