(1)(a), (b), (c) or (e), Article 11

(2)or

(3), 12, 13, 14, 15, 16, 21, 23, 24, 25, 26, 27, 28, 29 or 34 of the Benchmarks Regulation, €500,000, (ii)

(1)(d) or

(4)of the Benchmarks Regulation, €100,000, (h) subject to Regulation 25

(2), where the assessee is a legal person, a direction to pay to the Bank a monetary penalty not exceeding— (i)

(1)(a), (b), (c) or (e), 11

(2)or

(3), 12, 13, 14, 15, 16, 21, 23, 24, 25, 26, 27, 28, 29 or 34 of the Benchmarks Regulation, €1,000,000 or 10 per cent of the total annual turnover of the legal person according to the last available accounts approved by the management body, (ii)

(1)(d) or

(4)of the Benchmarks Regulation, €250,000 or 2 per cent of the total annual turnover of the legal person according to the last available accounts approved by the management body.

(4)For the purposes of paragraph

(3)(h)(

1. i)and (ii)— (
2. a)where a body corporate is a parent undertaking or a subsidiary undertaking which is required to prepare consolidated financial statements pursuant to Directive 2013/34/EU, the relevant total annual turnover shall be— (
3. i)the total annual turnover, or (
4. ii)the corresponding type of income in accordance with— (I) in the case of a bank, Council Directive 86/635/EEC, and (II) in the case of an insurance company, Council Directive 91/674/EEC, according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking, or (
5. b)where the person is an association, the relevant total annual turnover shall be 10 per cent of the annual turnover of its members.

(5)Each of the following is a contravention, referred to in paragraph

(1), which falls within this paragraph, namely a contravention of Article 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 21, 23, 24, 25, 26, 27, 28, 29 or 34 of the Benchmarks Regulation.

(6)In this Regulation— “Directive 2013/34/EU” means Directive 2013/34/EU of the European Parliament and of the Council of 26 June 20134 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC; “Directive 86/635/EEC” means Council Directive 86/635/EEC of 8 December 19865 on the annual accounts and consolidated accounts of banks and other financial institutions; “Directive 91/674/EEC” means Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings6 . Exercise of supervisory powers and imposition of sanctions 20.The assessor, when determining the appropriate sanction or sanctions under Regulation 13

(8)(c), or the Bank, when determining the type and level of sanction or sanctions to be imposed under Regulation 19, in respect of a prescribed contravention, shall take into account all relevant circumstances, including, where appropriate— (

1. a)the gravity and duration of the contravention, (
2. b)the criticality of the benchmark to financial stability and the real economy, (
3. c)the degree of responsibility of the person responsible for the contravention, (
4. d)the financial strength of the person responsible for the contravention, as indicated in particular by the total turnover of the person (in the case of a legal person) or the annual income and net assets of a natural person, (
5. e)the level of the profits gained or losses avoided by the person responsible for the contravention, insofar as they can be determined, (
6. f)the level of cooperation of the person responsible for the contravention with the assessor or the Bank, as the case may be, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person, (
7. g)previous contraventions by the person responsible for the contravention, and (
8. h)measures taken by the person responsible for the contravention to prevent its repetition. Power to correct assessments 21.

(1)Where the assessor or the Bank is satisfied that there is an obvious error in the text of an assessment, the assessor or the Bank, as the case may be, may alter the text of the assessment to remove the error.

(2)Where the text of an assessment is altered under paragraph

(1), the text as so altered shall be taken to be the decision of the Bank under Regulation 13

(10).

(3)In paragraph

(1), “obvious error”, in relation to the text of an assessment, includes— (

1. a)a clerical or typographical error, (
2. b)an error arising from an accidental slip or omission, or (
3. c)a defect of form. When specified sanctions take effect 22.

(1)Where— (

1. a)no appeal under Regulation 18 against the adverse assessment (including the specified sanctions) is lodged with the Court within the period for lodging the appeal, or (
2. b)an appeal under Regulation 18 against the adverse assessment (including the specified sanctions) has been lodged with the Court within the period for lodging the appeal but is withdrawn or abandoned, then the specified sanctions pursuant to Regulation 19

(3)(a) to (h), as confirmed or varied in the order, if any, obtained under Regulation 23

(2)(a), shall take effect on the date of that order or such other date as the Court may specify in that order.

(2)Where an appeal under Regulation 18 against the adverse assessment is lodged with the Court within the period for lodging the appeal, then the specified sanctions pursuant to Regulation 19

(3)(a) to (h), as confirmed or varied in the order, if any, obtained under Regulation 18

(4)(a), shall take effect on the date of that order or such other date as the Court may specify in that order. Enforcement of adverse assessment (including specified sanctions) 23.

(1)Where— (

1. a)no appeal under Regulation 18 against the adverse assessment is lodged with the Court within the period for lodging the appeal, or (
2. b)an appeal under Regulation 18 against the adverse assessment has been lodged with the Court within the period for lodging the appeal but is withdrawn or abandoned, then the Bank may apply to the Court for an order confirming the adverse assessment (including the specified sanctions).

(2)The Court shall determine an application under paragraph

(1)by making— (

1. a)an order confirming, varying or setting aside the adverse assessment (including the specified sanctions), whether in whole or in part, or (
2. b)an order remitting the case to be decided again by the Bank in accordance with the directions of the Court.

(3)The Court shall not hear an application under paragraph

(1)unless— (

1. a)the assessee appears at the hearing as respondent to the application, or (
2. b)if the assessee does not so appear, the Court is satisfied that a copy of the application has been served on the assessee.

(4)If the Court is satisfied that it is desirable that the whole or part of proceedings relating to an application under paragraph

(1)be heard otherwise than in public because of the nature or the circumstances of the case or having regard to the interests of justice then the Court may make an order that the proceedings shall, in whole or part, be heard otherwise than in public.

(5)The Court may, on an application under paragraph

(1), make such interim or interlocutory orders as the Court considers necessary in the circumstances.

(6)The determination of the Court on the hearing of an application under paragraph

(1)shall be final, except that the Bank or the respondent, if any, may apply to the Court of Appeal to review the determination on a question of law.

(7)For the avoidance of doubt, it is declared that no variation of an adverse assessment under paragraph

(2)(a) may provide for the imposition of a sanction on the assessee that is not a sanction referred to in Regulation 19

(3)(

1. a)to (
2. h). Publication of decisions 24.

(1)Subject to paragraph

(5), the Bank shall publish any decision imposing a sanction or other measure for a contravention of the Benchmarks Regulation on its website without undue delay after the person on whom the sanction was imposed has been informed of that decision.

(2)The publication under paragraph

(1)shall include at least information on the type and nature of the contravention and the identity of the person on whom the sanction or measure has been imposed unless the decision is one imposing measures that are investigatory in nature.

(3)Where the decision to impose a sanction or other measure is subject to an appeal, the Bank shall also publish immediately on its website such information and any subsequent information on the outcome of such appeal.

(4)The Bank shall publish on its website any decisions annulling a previous decision to impose a sanction or a measure.

(5)Where the publication of the identity of a legal person or the personal data of a natural person is considered by the Bank to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where publication jeopardises an ongoing investigation or the stability of financial markets, the Bank shall— (

1. a)defer publication of the decision to impose the sanction or measure until the reasons for non-publication cease to exist, (
2. b)publish the decision to impose the sanction or measure on an anonymous basis, provided such anonymous publication ensures the effective protection of the personal data concerned, or (
3. c)not publish the decision to impose the sanction or measure at all where the Bank is of the opinion that the options set out in subparagraphs (
4. a)and (
5. b)are insufficient to ensure— (
6. i)that the stability of financial markets would not be jeopardised, and (
7. ii)the proportionality of the publication of the decision where the sanctions or other measures concerned are deemed to be of a minor nature.

(6)Where the Bank decides to publish a decision to impose a sanction or other measure on an anonymous basis in accordance with paragraph

(5)(b), it may postpone the publication of the relevant data for a reasonable period where it is foreseeable that the reasons for anonymous publication will cease to exist during that period.

(7)Where an adverse assessment is confirmed, varied or set aside by an order of the Court under Regulation 18

(4)(a) or 23

(2)(a), or the case is remitted to be decided by the Bank under Regulation 18

(4)(b) or 23

(2)(b), the Bank shall publish on its website information relating to such orders and any subsequent decision of the Bank relating to the case.

(8)The Bank shall ensure that a decision published in accordance with this Regulation shall remain accessible on its website for a period of not less than 5 years after its publication, provided that any personal data contained in such publication shall be kept on the website for such period as is necessary in accordance with the Data Protection Acts 1988 and 2003.

(9)The Bank shall inform ESMA of all sanctions or measures imposed but not published in accordance with paragraph

(5)(c), including any appeal in relation thereto and the outcome of any such appeal. Person not liable to be penalised twice for same contravention 25.

(1)Where— (a) a sanction referred to in Regulation 19

(3)(f), (

1. g)or (
2. h)has been or is to be imposed on an assessee by virtue of an order obtained under Regulation 18

(4)(a) or 23

(2)(a), and (b) the acts that constitute the prescribed contravention to which the sanction relates also constitute an offence under a law of the State, then the assessee shall not, in respect of those acts, be liable to be prosecuted or punished for that offence under that law.

(2)A sanction referred to in Regulation 19

(3)(f), (

1. g)or (
2. h)in respect of a prescribed contravention shall not be imposed on an assessee where— (
3. a)the assessee has been found guilty or not guilty of having committed an offence under a provision of these Regulations, and (
4. b)all or some of the acts constituting that offence also constitute the prescribed contravention. Power of the Bank to resolve certain contraventions etc. 26.

(1)Where the Bank has reason to suspect that a person (in this Regulation referred to as the “relevant party”) is committing or has committed a prescribed contravention, it may enter into an agreement in writing with the relevant party to resolve the matter (including at any time before an assessment, if any, has been issued in respect of the relevant party).

(2)An agreement entered into under paragraph

(1)— (

1. a)is binding on the Bank and the relevant party, and (
2. b)may include terms under which the relevant party accepts the imposition of sanctions.

(3)An agreement entered into under paragraph

(1)may be enforced by the Bank or the relevant party in a court of competent jurisdiction. Amendment of Act of 1942 27.The Act of 1942 is amended— (

1. a)in section 2(2A), by inserting the following paragraph: “(ar)Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 20167 .”, (
2. b)in section 33AK

(10), in the definition of “supervisory EU legal acts”, by inserting the following subparagraph: “(ac)Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 20168 ;”, (c) in section 33AN— (i) in subsection

(1)— (I) by inserting the following definition: “ ‘Benchmarks Regulation’ means Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 20169 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014;”, (II) in the definition of “designated enactment”, by inserting “ the Benchmarks Regulation but (in relation to the Benchmarks Regulation) wherever and only in so far as it imposes a requirement on a person who is not a regulated financial service provider,” before “Regulation (EU) No 596/2014”, and (III) in the definition of “designated statutory instrument”, by inserting “the European Union (Indices used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 ( S.I. No. 644 of 2017 ) but (in relation to the European Union (Indices used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017) wherever and only in so far as they impose a requirement on a person who is not a regulated financial service provider,” before “the European Union (European Markets Infrastructure) Regulations 2014”, and (ii) by inserting the following subsection: “

(5)In this Part prescribed contravention means, in respect of the Benchmarks Regulation, a contravention of Article 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 21, 23, 24, 25, 26, 27, 28, 29 or 34 of that Regulation.”, (d) in section 33BC by inserting the following subsection: “

(13)This section does not apply where Regulation 24 of the European Union (Indices used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 ( S.I. No. 644 of 2017 ) applies.”, and (e) in Part 2 of Schedule 2 by inserting the following item after the last item: “ 70. S.I. No. 644 of 2017 European Union (Indices used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 The whole instrument ”. PART 3 Offences Offence — obstruction of authorised officer in exercise of officer’s powers 28.

(1)A person who— (

1. a)obstructs or interferes with an authorised officer in the exercise of the powers conferred under these Regulations, or (
2. b)without reasonable excuse, refuses or fails to comply with a request or requirement of an authorised officer made under a power conferred by these Regulations, shall be guilty of an offence and shall be liable, on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both. Offence — false, etc. information 29. A person who, in purported compliance with a requirement imposed on such person under the Benchmarks Regulation or these Regulations, gives to the Bank information that the person knows to be false or misleading in a material particular, or that the person does not believe to be true shall be guilty of an offence and shall be liable, on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both. Prosecution of offences 30. Summary proceedings for an offence under these Regulations may be brought and prosecuted by the Bank. Offence by body corporate 31.

(1)Where an offence is committed under these Regulations by a body corporate and is proved to have been committed with the consent, connivance or approval of any person, being— (

1. a)a director, manager, secretary or other officer of the body corporate, or (
2. b)a person who was purporting to act in any such capacity, that person as well as the body corporate shall be guilty of an offence and shall be liable to be proceeded against and punished as if that person were guilty of the first-mentioned offence.

(2)A person may be charged with having committed an offence under these Regulations even if the body corporate concerned is not charged with having committed an offence under these Regulations in relation to the same matter. GIVEN under my Official Seal, 22 December 2017. PASCHAL DONOHOE, Minister for Finance. 1 OJ L171, 29.6.2016, p. 1 2 OJ L171, 29.6.2016, p. 1 3 OJ L331, 15.12.2010, p. 34 4 OJ L182, 29.6.2013, p. 19 5 OJ L372, 31.12.1986, p. 1 6 OJ L374, 31.12.1991, p. 7 7 OJ, No L171, 29.6.2016, p. 1 8 OJ, No L171, 29.6.2016, p. 1 9 OJ No. L171, 29.6.2016, p. 1 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais