Enforcement procedures under MAR  

Applicable from 3 July 2016

The Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse and the European Union (Market Abuse) Regulations 2016 provide the Central Bank with the power to impose sanctions for prescribed contraventions of legislation or regulatory rules.
Contravention, examination and possible inquiry

If the Central Bank 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 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 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.

Panel of Assessors

The Central Bank 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 
  • Mr Seamus Woulfe SC
  • Mr Eoin McCullough SC

Where the Central Bank 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.