IE-2016-act-13 — Finance (Certain European Union and Intergovernmental Obligations) Act 2016

Interpretation 1. (1) In this Act— “Intergovernmental Agreement” means the Agreement on the Transfer and Mutualisation of Contributions to the Single Resolution Fund done at Brussels on 21 May 2014; “Loan Facility Agreement” means the agreement, the terms of which are set out in the Schedule , to be made between the Single Resolution Board on the one part and the State on the other part; “Minister” means Minister for Finance; “SRM Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014. (2) A word or expression that is used in any of sections 2 to 7 and— (a) is also used in the SRM Regulation has the meaning in the section concerned that it has in the SRM Regulation; or (b) is not used in the SRM Regulation but is used in the Intergovernmental Agreement, has the meaning in the section concerned that it has in the Intergovernmental Agreement. Minister may perform functions for purposes of Loan Facility Agreement 2. All such things as are necessary or expedient to be done for the purposes of the State’s performing its functions under the Loan Facility Agreement may be done by the Minister and there is conferred, by virtue of this section, on the Minister all the powers necessary in that behalf. Decisions varying terms of Loan Facility Agreement 3. The terms in writing of any decision (other than a decision referred to in section 4 (2)) to vary the terms of the Loan Facility Agreement shall be laid before each House of the Oireachtas as soon as may be after the decision is made and, if a resolution annulling the decision is passed by either such House within the next 21 days on which that House has sat after its terms have been laid before it, the decision shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder. Payments out of Central Fund 4. (1) Subject to the terms of the Loan Facility Agreement and the approval of the Minister, there may be paid out of the Central Fund or the growing produce of that Fund such sums, not exceeding, in aggregate, a sum of €1,815,000,000, as are required to enable the State to make, to the Single Resolution Board, payments provided for in the foregoing agreement. (2) Notwithstanding section 2 , no decision under the terms of the Loan Facility Agreement to vary the sum specified in subsection (1) shall be made without the prior approval of both Houses of the Oireachtas. Purpose of payments referred to in section 4 5. Payments referred to in section 4 made to the Single Resolution Board (in sections 6 and 7 (2) referred to as “loans to the Single Resolution Board”) shall only be made to meet the funding requirements of resolution schemes pursuant to the SRM Regulation and the Intergovernmental Agreement with respect to the State’s compartment for institutions authorised in the State which are the subject of a resolution action. Payments into Exchequer 6. Any moneys received from the Single Resolution Board by or on behalf of the State by way of repayment of loans to the Single Resolution Board or payment of interest on such loans, or of payment of any expenses payable to the State under the Loan Facility Agreement in connection with the foregoing, shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. Annual report by Minister to Dáil Éireann 7. (1) In addition to the obligation under the following subsections, the Minister shall, within one month from the date on which a payment of a sum under section 4 of the kind referred to therein is made to the Single Resolution Board, cause a statement of the amount of the payment to be laid before Dáil Éireann. (2) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann that includes the following information: (a) the aggregate value of loans to the Single Resolution Board made during the reporting period, (b) the aggregate amount of moneys referred to in section 6 that is received by the State during the reporting period. (3) In subsection (2) “reporting period” means— (a) each of the following periods— (i) the period from the passing of this Act to 31 December 2016, (ii) the period in any year after 2016 from 1 January to 31 December, or (b) within each period to which paragraph (a) relates, such shorter periods as the Minister may from time to time consider appropriate in the circumstances (provided the combined duration of those shorter periods is equal to the duration of the first-mentioned period in this paragraph). Amendment of Companies Act 2014 with respect to market abuse matters 8. The Companies Act 2014 is amended— (a) by the substitution of the following section for section 1365: “1365. (1) In this Chapter— ‘Commission Implementing Directive’ means Commission Implementing Directive (EU) 2015/2392 of 17 December 2015 on Regulation (EU) No. 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of that Regulation; ‘CSMA Directive’ means Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive); ‘Irish market abuse law’ means— (a) regulations for the time being in force under section 3 of the European Communities Act 1972 made for the purpose of giving— (i) full effect to provisions of the Market Abuse Regulation, or (ii) effect to provisions of the Commission Implementing Directive or the CSMA Directive, or both, (b) any other enactment (other than, save where the context otherwise admits, this Chapter) enacted for the purpose of giving— (i) full effect to provisions referred to in paragraph (a)(i) of this definition, or (ii) effect to provisions referred to in paragraph (a)(ii) of this definition, or both, (c) any measures directly applicable in the State in consequence of the Market Abuse Regulation, and (d) any supplementary and consequential measures adopted for the time being by the State in respect of the Market Abuse Regulation or either of the foregoing Directives; ‘Market Abuse Regulation’ means Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC; ‘Minister’ means the Minister for Finance. (2) A word or expression that is used in this Chapter and is also used in the Market Abuse Regulation, the Commission Implementing Directive or the CSMA Directive shall have, in this Chapter, the same meaning as it has in that Regulation or either of those Directives, unless— (a) the contrary intention appears, or (b) Irish market abuse law provides otherwise.”, (b) by the deletion of sections 1366 and 1367, (c) by the substitution of the following section for section 1368: “1368. (1) In this section ‘offence created by Irish market abuse law’ means an offence created by regulations falling within paragraph (a) of the definition of ‘Irish market abuse law’ in section 1365(1). (2) A person who is guilty of an offence created by Irish market abuse law (being an offence expressed by that law to be an offence to which this section applies) shall— (a) without prejudice to any penalties provided by that law in respect of a summary conviction for the offence, and (b) notwithstanding section 3 (3) of the European Communities Act 1972 , be liable, on conviction on indictment, to a fine not exceeding €10,000,000 or imprisonment for a term not exceeding 10 years or both.”, (d) in section 1369— (i) in subsection (1) by the substitution of “Article 14 of the Market Abuse Regulation” for “a provision of Irish market abuse law (being a provision the purpose of which is expressed by that law to be for the implementation of Article 2, 3 or 4 of the 2003 Market Abuse Directive)”, and (ii) in subsection (2) by the substitution of “Article 15 of the Market Abuse Regulation” for “a provision of Irish market abuse law (being a provision the purpose of which is expressed by that law to be for the implementation of Article 5 of the 2003 Market Abuse Directive)”, (e) in section 1370— (i) in subsection (5) by the substitution of “the Market Abuse Regulation, the Commission Implementing Directive or the CSMA Directive” for “the Market Abuse Directive or the supplemental Directives”, and (ii) by the deletion of subsections (3) and (8), (f) in section 1371(1) by the substitution of “Market Abuse Regulation” for “2003 Market Abuse Directive”, and (g) in paragraph 5(1) of Schedule 6 by— (i) the substitution of “section 1355 or” for “section 1355, 1367 or”, (ii) the deletion of clause (b), and (iii) the substitution of “section 1354 or” for “section 1354, 1366 or”. Expenses 9. The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas. Short title 10. This Act may be cited as the Finance (Certain European Union and Intergovernmental Obligations) Act 2016.