C2

Application of section restricted by Companies Act 2014 (38/2014), s. 1368, as substituted (26.10.2016) by Finance (Certain European Union and Intergovernmental Obligations) Act 2016 (13/2016), s. 8(c), commenced on enactment.

Conviction on indictment of offences under Irish market abuse law: penalties

[1368. (1) In this section ‘offence created by Irish market abuse law’ means an offence created by regulations falling within paragraph (a) of the definition of ‘Irish market abuse law’ in section 1365(1).

(2) A person who is guilty of an offence created by Irish market abuse law (being an offence expressed by that law to be an offence to which this section applies) shall—

(a) without prejudice to any penalties provided by that law in respect of a summary conviction for the offence, and

(b) notwithstanding section 3 (3) of the European Communities Act 1972 ,

be liable, on conviction on indictment, to a fine not exceeding €10,000,000 or imprisonment for a term not exceeding 10 years or both.]

C3

Transitional provision for application of section made (1.06.2002) by European Communities and Swiss Confederation Act 2001 (41/2001), s. 3, S.I. No. 195 of 2002.

Adaptations to take account of Agreements.

3.—(1) Without prejudice to the future exercise of the powers conferred by section 3 of the Act of 1972, any regulations made under the said section 3 which are in force immediately before the coming into operation of section 2 of this Act, and any enactment, or instrument made under an enactment, which implements obligations of the State under the treaties governing the European Communities, shall, as far as practicable, be construed as if, on the coming into operation of section 2 of this Act, they were adapted as required by or under the Agreements.

(2) Without prejudice to the generality of subsection (1) of this section, in any regulations made under section 3 of the Act of 1972, and in any enactment, or instrument made under an enactment, any reference to the Member States of the European Communities or to any person who is affected by the treaties governing those Communities shall, in so far as may be necessary to give effect to the obligations of the State pursuant to the Agreements, be construed as including a reference to the Swiss Confederation and any person who is affected by the Agreements.

C4

Transitional provision for application of section made (20.07.1993) by European Communities (Amendment) Act 1993 (25/1993), s. 4, commenced on enactment.

Adaptations to take account of EEA Agreement.

4.—(1) Without prejudice to the future exercise of the powers conferred by section 3 of the Act of 1972, any regulations made under the said section 3 which are in force immediately before the coming into operation of section 3 of this Act, and any enactment, or instrument made under an enactment, which implements obligations of the State under the treaties governing the European Communities, shall, as far as practicable, be construed as if, on the coming into operation of section 3 of this Act, they were adapted as required by or under the EEA Agreement.

(2) Without prejudice to the generality of subsection (1) of this section, in any regulations made under section 3 of the Act of 1972, and in any enactment, or instrument made under an enactment, any reference to the Member States of the European Communities or to any person who is affected by the treaties governing those Communities shall, in so far as may be necessary to give effect to the obligations of the State pursuant to the EEA Agreement, be construed as including a reference to those States (not being Member States of the said Communities) which are contracting parties to the EEA Agreement and any person who is affected by the EEA Agreement.

C5

Regulations made under section confirmed (20.07.1993) by European Communities (Amendment) Act 1993 (25/1993), s. 5, commenced on enactment.

Regulations under Act of 1972.

5.—(1) Without prejudice to the future exercise of the powers conferred by section 3 of the Act of 1972, all regulations made under section 3 of the Act of 1972 prior to the passing of this Act are hereby confirmed as on and from the date upon which they purported to come into operation.

(2) Subsection (1) of this section shall operate to confirm regulations or any provision of any regulation to the extent only that such confirmation is in accordance with the Constitution.

(3) Nothing in subsection (1) or (2) of this section shall be construed to mean that but for this Act, any regulations or provision of regulations would for any reason be invalid having regard to the provisions of the Constitution or otherwise.

(4) Notwithstanding section 10(4) of the Petty Sessions (Ireland) Act, 1851, proceedings in respect of offences committed after the passing of this Act under regulations (whether made before or after such passing) under the Act of 1972 may be instituted at any time within two years from the date of the commission of the offence.

(5) Subsection (1) of this section shall apply to all regulations made under section 3 of the Act of 1972 prior to the passing of this Act subject to any adaptation, amendment or revocation thereof whether by regulations made under the said section 3 or by any Act of the Oireachtas or instrument thereunder.