The Central Bank of Ireland, following consultation with industry participants, has issued Market Abuse Rules under Section 34 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005.
The Market Abuse Rules set out procedural and administrative requirements and guidance in respect of the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the Regulations). Persons obliged to make disclosures or notifications to the Central Bank of Ireland under the Regulations must do so in accordance with the Market Abuse Rules. Where appropriate, the Central Bank of Ireland has also included guidance on the steps that may be taken to comply with the Regulations.
The Central Bank of Ireland may publish further rules and/or guidance in respect of the Regulations and, where it does so, notifications will be included in its Regulatory Connection publication and will be published in this section of its website.
The Central Bank of Ireland has issued Consultation Paper No. 36 entitled "Disclosure of Grants of Security over Shares", which deals with the granting of security over shares held by persons discharging managerial responsibilities within an issuer.
CESR is an independent Committee of European Securities Regulators. The role of CESR includes the improvement of co-ordination among securities regulators and to work to ensure more consistent and timely day-to-day implementation of community legislation in Member States.
As part of this role, CESR has produced three sets of guidance to the Market on the operation of the Market Abuse Directive:
As a member of CESR, in considering whether the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the Regulations) have been complied with, the Central Bank of Ireland will take into account any relevant guidance as set out in the above mentioned CESR documents, which have been incorporated into the Market Abuse Rules published by the Central Bank of Ireland.