Insider Trading Law In Ireland (Part 1).

Summary

---

Law overview

See the full content of this document

Extract

---

Insider Trading Law In Ireland (Part 1).

Legal Ground and Applicability

1.1 Please identify the legal source of the insider trading rules applicable to investors in Ireland.

The following provisions of Irish law apply to shareholders as well as officers of a company:

Part V of the Companies Act, 19901. This applies to companies listed on the Alternative Securities Market and the Irish Enterprise Exchange of the Irish Stock Exchange, so should not be of wide application;

Market Abuse (Directive 2003/6/EC) Regulations 2005 SI No. 342 of 2005, ("the Regulations");

Part 4 of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005, ("the Act");

Market Abuse Rules issued by the Financial Regulator ("the Rules");

Caselaw Where an entity is considering making an offer for a company which is listed on a relevant market, it will need to comply with the following pieces of legislation in addition to those listed at points I to IV above.

The Irish Takeover Panel Act, 1997 ("Takeover Act"),

The Irish Takeover Panel Act 1997, Takeover Rules, 2007 ("Takeover Rules");

The European Communities (Takeover Bids (Directive 2004/25/EC) Regulations 2006, ("Takeover Regulations"), and Point IX applies to listed companies and requires them to comply with the obligations of the Regulations as if it were an issuer for the purposes of the Regulations.

Listings Rules (these apply to Companies listed on the main market of the Irish Stock Exchange). Point X applies to persons discharging managerial responsibilities and would include directors of a company

Model Code in the Irish Stock Exchange Listing Rules (Appendix 1 to Chapter 6) (the "Model Code"); Point XI applies to directors of companies and those who act at the instigation of a director.

Section 30 of the Companies Act 19...

See the full content of this document

---