Companies Act 2014

1369.

Civil liability for certain breaches of Irish market abuse law

1369. (1) If a person contravenes F794[Article 14 of the Market Abuse Regulation] the person shall be liable—

(a) to compensate any other party to the transaction concerned who was not in possession of the relevant information for any loss sustained by that party by reason of any difference between the price at which the financial instruments concerned were acquired or disposed of and the price at which they would have been likely to have been acquired or disposed of in such a transaction at the time when the first-mentioned transaction took place if that information had been generally available; and

(b) to account to the body corporate or other legal entity which issued the financial instruments concerned for any profit accruing to the first-mentioned person from acquiring or disposing of those instruments.

(2) If a person contravenes F794[Article 15 of the Market Abuse Regulation] the person shall be liable—

(a) to compensate any other party who acquired or disposed of financial instruments by reason of the contravention; and

(b) to account to the body corporate or other legal entity which issued the financial instruments concerned for any profit accruing to the first-mentioned person from acquiring or disposing of those instruments.

(3) Subsections (1) and (2) are without prejudice to any other cause of action which may lie against the person for contravening the provision concerned.

(4) An action under subsection (1) or (2) shall not be commenced more than 2 years after the date of the contravention concerned.

Annotations

Amendments:

F794

Substituted (26.10.2016) by Finance (Certain European Union and Intergovernmental Obligations) Act 2016 (13/2016), s. 8(d), commenced on enactment.