Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697805501935.pdf (Ireland)
___________ An Bille um Margaí in Ionstraimí Airgeadais, 2018 Markets In Financial Instruments Bill 2018 ___________ Meabhrán Mínitheach Explanatory Memorandum ___________ ____________ AN BILLE UM MARGAÍ IN IONSTRAIMÍ AIRGEADAIS, 2018 MARKETS IN FINANCIAL INSTRUMENTS BILL 2018 ____________ EXPLANATORY MEMORANDUM ____________ Purpose of the Bill While the Markets in Financial Instruments Directive (MiFID) II was transposed by S.I.

(S.I.

No.
(S.I.

No.

375 of 2017) on 10th of August 2017, some complementary measures (for instance, to provide for significant penalties on foot of conviction on indictment) require primary legislation.

The Bill is also being availed of to make two specific technical amendments to the Credit Reporting Act 2013 and to the Financial Services and Pensions Ombudsman Act 2017, respectively.

Provisions of the Bill Section 1 – Short title.

Section 1 is a standard section setting out the short title of the Act.
Section 2 – Expenses.

Section 2 is a standard provision that provides the authority for any expenses incurred by the Minister in the administration of the Act to be met out of funds provided by the Oireachtas.

Section 3 – Repeal.

Section 3 repeals Section 5 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007.

Section 4 – Definition.

Section 4 defines a term used in the Bill.

Section 5 – Regulations concerning markets in financial instruments: provision of indictable offences.
Section 5 defines Markets in Financial Instruments regulations and provides that a person guilty of an offence under certain provisions of these regulations (such as operating without authorisation) is liable on conviction on indictment to a maximum penalty of €10 million and/or imprisonment for ten years.

Section 6 – Fees in respect of performance by Central Bank of Ireland of certain functions.
Section 6 allows the Central Bank (with the permission of the Minister for Finance and having conducted appropriate consultations) to charge fees in respect of its functions under the European Union (Markets in Financial Instruments) Regulations 2017.

1 Section 7 – Amendments of Schedule 2 to Act of 1942.

Section 7 amends Schedule 2 of the Central Bank Act 1942 in order to ensure that the Central Bank’s powers will cover the Markets in Financial Instruments Act 2018.
Section 8 – Amendment of section 2 of Credit Reporting Act 2013.

Section 8 proposes to amend paragraph (f) of the definition of “credit” so as to provide that it would apply to “trade credit” only as newly defined.

Section 9 – Amendment of definition of “long-term financial service” in Financial Services and Pensions Ombudsman Act 2017.
Section 9 amends Section 2(1) of the Financial Services and Pensions Ombudsman Act 2017 by expanding the definition of “long-term financial service” to include life assurance products to which the European Union (Insurance and Reinsurance) Regulations 2015 apply.

An Roinn Airgeadais, Aibreán, 2018.

Wt.

—.

340.

4/18.

Essentra.

(71736).

Gr.

30-15.

2