The Market Abuse (Directive 2003/6/EC) Regulations 2005 (‘the Regulations’) provide the Central Bank of Ireland with the power to impose sanctions for prescribed contraventions of legislation or regulatory rules.
Contravention, examination and possible inquiry
If the Central Bank of Ireland has reasonable cause to suspect that a person has committed or is committing a 'prescribed contravention', it may conduct an examination into the issue.
Throughout the examination stage, the Central Bank of Ireland will obtain information about the suspected prescribed contravention.
Settlement and Resolution
The legislation provides that, at any time up to the conclusion of an examination, the Central Bank of Ireland may enter into a binding settlement agreement with a person to resolve the matter. Where a person enters into such an agreement early in the pursuit of a sanctions case, the terms of the settlement will reflect the savings in time, resources and money that would result.
The Central Bank of Ireland will not hesitate to use sanctions where appropriate.
Panel of Assessors
Pursuant to the provisions of Regulation 35 of the Regulations, the Central Bank of Ireland has appointed the following Panel of Assessors:
The Hon. Mr Justice Ronan Keane
The Hon. Mr Justice Joseph Finnegan
The Hon. Mr Justice Bryan McMahon
Ms Helen Collins
Mr Seamus Woulfe SC
Mr Eoin McCullough SC
Where the Central Bank of Ireland has reason to suspect that a prescribed contravention is being committed or has been committed it may appoint one or more Assessors to conduct an assessment. The Assessors will decide if the prescribed contravention has occurred and determine the appropriate sanctions to be imposed.