rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile Statutory InstrumentsIonstraimí Reachtúla 2025 S.I. No. 41/2025 - European Union (European Green Bonds Standards and Disclosures) Regulations 2025 S.I. No. 41/2025 - European Union (European Green Bonds Standards and Disclosures) Regulations 2025 AmendmentsLeasuithe Download PDF Íoslódáil PDF Notice of the making of this Statutory Instrument was published in “Iris Oifigiúil” of 25th February,
these Regulations, a failure to comply with that provision, and also includes – (
procuring a person to commit a contravention, (c) inducing,
attempting to induce, a person (whether by threats
promises
otherwise) to commit a contravention, (d) being (directly
indirectly) knowingly concerned in,
a party to, a contravention, and (e) conspiring with others to commit a contravention, and “contravene” shall be construed accordingly; “Court” means the High Court; “enactment” has the same meaning as it has in the Interpretation Act 2005 (No. 23 of 2005); “EuGB Regulation” means Regulation (EU) 2023/2631 of the European Parliament and the Council of 22 November 20231 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds, as amended by Article 19 of Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 20232 amending certain Regulations as regards the establishment and functioning of the European single access point; “Member State” means a state, other than the State, which is a member of the European Union and where relevant includes a state, other than a member of the European Union, which is a party to the agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by all subsequent amendments to that agreement.
expression that is used in these Regulations and is also used in the EuGB Regulation has, unless the context otherwise requires, the same meaning in these Regulations as it has in the EuGB Regulation. PART 2 POWERS OF BANK Powers of Bank 3.
to include in those factsheets the information referred to in Annex I to the EuGB Regulation; (
include in annual allocation reports the information referred to in Annex II to the EuGB Regulation; (d) to require issuers to publish an impact report
include in the impact report the information referred to in Annex III to the EuGB Regulation; (e) to require issuers to notify the Bank of the publication in accordance with Article 15
admission to trading on a regulated market of European Green Bonds for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that the issuer has failed to comply with an obligation pursuant to Title II, Chapter 2,
19 of the EuGB Regulation; (i) to prohibit an offer
admission to trading on a regulated market of European Green Bonds where there are reasonable grounds for suspecting that the issuer continues to fail to comply with an obligation pursuant to Title II, Chapter 2,
19 of the EuGB Regulation; (j) to suspend advertisements for a maximum of 10 consecutive working days,
require issuers of European Green Bonds
financial intermediaries concerned to suspend advertisements for a maximum of 10 consecutive working days on any single occasion where there are reasonable grounds for suspecting that the issuer has failed to comply with an obligation pursuant to Title II, Chapter 2,
19 of the EuGB Regulation; (k) to prohibit advertisements,
require issuers of European Green Bonds
financial intermediaries concerned to cease advertisements where there are reasonable grounds for suspecting that the issuer continues to fail to comply with an obligation pursuant to Title II, Chapter 2,
19 of the EuGB Regulation; (
19 of the EuGB Regulation; (n) following a period of 3 months after the requirement referred to in subparagraph (l), to make public the fact that the issuer of European Green Bonds no longer complies with Article 3 of the EuGB Regulation as regards the use of the designation “European Green Bond”
“EuGB”, and to require that issuer to publish that information on its website; (o) to carry out on-site inspections
investigations at sites other than the private residences of natural persons, and for that purpose to enter premises in
der to access documents and other data in any form, where a reasonable suspicion exists that documents and other data related to the subject matter of the inspection
investigation may be relevant to prove a contravention of these Regulations
the EuGB Regulation.
any other enactment. Directions by Bank 4.
more of the directions specified in paragraph
der to – (a) perform its functions under these Regulations
the EuGB Regulation, (b) prevent any person from contravening
continuing to contravene a provision of these Regulations
the EuGB Regulation,
(c) protect otherwise the interests of investors.
not to do anything that the Bank may require to be done
not to be done in exercise of the powers of the Bank referred to in Regulation 3
otherwise dissipate any assets
specified assets of the person
not to do any of those things save where specified conditions are complied with, (c) not to dispose of
otherwise dissipate any assets
specified assets the beneficial interest in which is vested in another person
persons
not to do any of those things save where specified conditions are complied with, (d) being a credit institution, not to make any payments from an account held with the institution by a specified person
persons save with the prior consent of the Bank, (e) not to accept, process
execute any subscription
der on behalf of a specified person, (f) not to carry on a business (whether on the person’s behalf
another’s behalf) in a specified manner
otherwise than in a specified manner, (g) not to engage in any practice that contravenes a provision of these Regulations
the EuGB Regulation, (h) not to enter into transactions of a specified kind
not to enter into such transactions save to a specified extent
save where specified conditions are complied with,
(i) not to publish specified information.
der setting aside
varying a direction under this Regulation.
is unlikely to be complied with (
, in the case of a direction referred to in paragraph
(c), irrespective of whether it is of that opinion), apply to the Court in a summary manner for such
der as may be appropriate by way of enforcement of the direction and the Court may, as it thinks fit, on the hearing of the application, make
refuse to make an
der providing for such relief.
der under paragraph
interlocutory
der as it considers appropriate.
der made under paragraph
der granted under paragraph
der varied
discharged).
discharge an
der made under paragraph
part of the proceedings relating to an application under paragraph
the circumstances of the case
having regard to the interests of justice, then the Court may make an
der that the proceedings shall, in whole
part, be heard otherwise than in public.
der made under paragraph
der shall be guilty of an offence and shall be liable, on summary conviction to a class A fine
imprisonment for a term not exceeding 12 months,
both.
revoking a direction given by it under this Regulation but this power may not be exercised – (a) if an
der made under paragraph
(b) to extend the period specified in the direction for which it is to have effect.
different terms, to the person concerned.
any other enactment to give directions
impose conditions
requirements.
other repayable funds from the public and to grant credits for its own account. PART 3 AUTHORISED OFFICERS AND RELATED MATTERS Definitions 5. In this Part – “authorised officer” means an authorised officer appointed under Regulation 6; “place” means a place entered by an authorised officer and includes the following: (a) a dwelling
a part thereof; (b) a building
a part thereof; (c) a vehicle, aircraft, vessel, ship, railway carriage
other means of transport; (d) a vessel, whether sea-going
not; “records” means any book, document
any other written
printed material in any form including any information (including phone and data traffic records) stored, maintained
preserved by means of any mechanical
electronic device, whether
not stored, maintained
preserved in a legible form; “relevant records” means records relating to the activities of persons to whom these Regulations
the EuGB Regulation apply. Power to appoint authorised officers 6.
unspecified period.
her appointment as an authorised officer, and (b) when exercising a power under these Regulations of an authorised officer, produce the certificate, together with some form of personal identification, if requested to do so by a person affected by the exercise of that power.
any of the following: (a) subject to paragraph
any part of any place at which relevant records are kept
at which the officer has reasonable grounds for believing relevant records are kept; (d) require any person to whom these Regulations
the EuGB Regulation apply to produce to the officer relevant records, and if the relevant records are in a non-legible form to reproduce them in a legible form
to give to the officer such information as the officer reasonably requires in relation to entries in the relevant records; (e) inspect and take copies of relevant records inspected
produced under this Regulation (including, in the case of relevant records in a non-legible form, a copy of all
part of the relevant records in a permanent legible form); (f) remove and retain any of the relevant records inspected
produced under this Regulation for such period as may be reasonable to facilitate further examination; (g) require a person to give to the officer information (including give information by way of a written report) that the officer reasonably requires in relation to activities covered by the EuGB Regulation
these Regulations and to produce to the officer any relevant records that the person has
has access to; (h) require a person by whom,
on whose behalf, data equipment is
has been used,
any person who has charge of,
is otherwise concerned with the operation of, the data equipment
any associated apparatus
material, to give the officer all reasonable assistance in relation thereto; (
law and, accordingly, shall not be liable for making the information so available.
report
to provide information
assistance under this Regulation extends to – (a) an examiner, liquidator
receiver of,
any person who is
has been an officer
employee
agent of, a person to whom the EuGB Regulation
these Regulations apply,
(b) any other person who appears to the Bank
the authorised officer concerned to have the relevant record
report in his
her possession
under his
her control
the ability to provide information
assistance, as the case may be.
more than one member of the Garda Síochána
one
more than one authorised officer. Warrants 8.
(b) believes that there are relevant records in a private dwelling, the authorised officer
the Bank may apply to a judge of the District Court for a warrant under this Regulation authorising the entry by the authorised officer into the place
the private dwelling, as the case may be.
(b) has reasonable grounds for believing that there are relevant records in a private dwelling, then the judge may issue a warrant under the judge’s hand authorising one
more than one authorised officer accompanied, if the judge considers it appropriate to so provide, by such number of members of the Garda Síochána as may be specified in the warrant, at any time within 4 weeks from the date of issue of the warrant, to enter, if need be by force, the place
private dwelling, as the case may be, and exercise any of the powers referred to in Regulation 7. PART 4 ENFORCEMENT IN RELATION TO REGULATED FINANCIAL SERVICE PROVIDERS Administrative sanctions 9.
(b) otherwise in accordance with section 33AR
33AV of the Act of 1942.
21 of the EuGB Regulation; (c) an infringement of any of Regulations 4, 7, 8
24.
these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions referred to in paragraph
legal person responsible and the nature of the contravention; (b) an
der requiring the natural
legal person responsible to cease the conduct constituting the contravention; (c) an
der prohibiting the natural
legal person responsible from issuing European Green Bonds for a period not exceeding one year; (d) maximum administrative fines of twice the amount of the profits gained
losses avoided because of the contravention where those can be determined; (e) in the case of a legal person, maximum administrative fines of €500,000,
0.5 per cent of the total annual turnover of that legal person according to the most recent available financial statements approved by the management body, whichever is the greater; (f) in the case of a natural person, maximum administrative fines of €50,000.
(f), as the case may be.
a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU3 , the relevant total annual turnover shall be the total annual turnover
the corresponding type of income in accordance with the applicable European Union law in the field of accounting according to the most recent available consolidated accounts approved by the management body of the ultimate parent undertaking.
has committed a prescribed contravention; “assessee” has the meaning given to it in Regulation 11
21 of the EuGB Regulation; (c) Regulation 4, 7, 8
24; “sanction” means any sanction referred to in Regulation 20
sanctions referred to in Regulation 11
has been committed by a person who is a non-regulated financial service provider (in this Part referred to as the “assessee”), the Bank may appoint an assessor (
, if the Bank thinks fit to do so, more than one assessor) to conduct an assessment as to – (a) whether
not the assessee is committing
has committed the prescribed contravention, and (b) where the assessor finds that the assessee is committing
has committed the prescribed contravention, the specified sanction
sanctions, if any, which the assessor considers is
are appropriate to be imposed on the assessee in respect of the prescribed contravention.
official of the Bank and any such assessor so appointed is an agent of the Bank for the purpose of performing the functions of an assessor under this Part.
her appointment as an assessor, give notice of the appointment to the assessee.
al submissions about the matters to which the notice relates, and (
has been committed, the assessor shall ensure that the assessment includes – (a) a statement of the grounds upon which the assessor made the assessment that the assessee is committing
has committed the contravention, (
sanctions, if any, which the assessor considers is
are appropriate to be imposed on the assessee in respect of the contravention.
unspecified period.
is incapacitated, the Bank may revoke the appointment of the assessor at any time.
potential conflict of interest that the assessor may have in conducting an assessment, (
outside the State to a person, require the person to do one
more of the following: (
control; (c) for the purposes of subparagraph (a)
(b), attend before the assessor from day to day, unless excused from attendance
released from further attendance by the assessor.
insults the assessor
any witness
person required to attend before the assessor, (c) interrupts the proceedings of,
does not behave in an appropriate manner before, the assessor, (d) obstructs
attempts to obstruct the assessor, (e) discloses,
authorises the disclosure of, evidence given before the assessor
any of the contents of a document produced to the assessor that the assessor has instructed not to be disclosed,
(
der requiring the person concerned to do one
both of the following: (I) comply with the notice under paragraph
not repeat the behaviour falling within any of the provisions of subparagraphs (b) to (f),
behaviour of any similar kind, and (ii) the Court, if satisfied that there is no reasonable excuse for the failure to comply with the notice under paragraph
for the behaviour concerned, as the case may be, may grant the
der and such other
ders as it considers appropriate to ensure that the person concerned cooperates with the assessor. Referral to Court on question of law 14.
the assessor may (including at the request of the assessee) refer a question of law arising in an assessment to the Court for determination by the Court.
has committed a prescribed contravention, the Bank shall – (a) issue the assessee with a copy of the adverse assessment (
, as the Bank thinks fit, so much of the adverse assessment as constitutes the statement referred to in Regulation 11
der confirming the adverse assessment (including the specified sanctions).
within such further period as the Court allows.
the circumstances of the case
otherwise in the interests of justice, that it is desirable that the whole
any part of proceedings relating to an appeal under paragraph
interlocutory
ders as the Court considers necessary in the circumstances.
der confirming, varying
setting aside the adverse assessment (including the specified sanctions), whether in whole
in part,
(b) an
der remitting the case to be decided again by the Bank in accordance with the directions of the Court.
the Bank is satisfied that there is an obvious error in the text of an assessment, the assessor
the Bank, as the case may be, may alter the text of the assessment to remove the error.
typographical error, (b) an error arising from an accidental slip
omission,
(c) a defect of form. When specified sanctions take effect 18.
(b) an appeal under Regulation 16 against the adverse assessment (including the specified sanctions) which has been lodged with the Court within the period for lodging the appeal is withdrawn
abandoned, then the specified sanctions pursuant to Regulation 11
varied in the
der, if any, obtained under Regulation 19
der
such other date as the Court may specify in that
der.
varied in the
der, if any, obtained under Regulation 16
der
such other date as the Court may specify in that
der. Enforcement of adverse assessment (including specified sanctions) 19.
(b) an appeal under Regulation 16 against an adverse assessment (including the specified sanctions) has been lodged with the Court within the period for lodging the appeal but is withdrawn
abandoned, then the Bank may apply to the Court for an
der confirming the adverse assessment (including the specified sanctions).
der confirming, varying
setting aside the adverse assessment (including the specified sanctions) whether in whole
in part,
(b) an
der remitting the case to be decided again by the Bank in accordance with the directions of the Court.
(b) if the assessee does not so appear, the Court is satisfied that a copy of the application under paragraph
any part of proceedings relating to an application under paragraph
the circumstances of the case
having regard to the interests of justice then the Court may make an
der that the proceedings shall, in whole
in part, be heard otherwise than in public.
interlocutory
ders as the Court considers necessary in the circumstances.
the respondent, if any, may apply to the Court of Appeal to review the determination on a question of law.
legal person responsible and the nature of the prescribed contravention; (b) an
der requiring the natural
legal person responsible to cease the conduct constituting the prescribed contravention; (c) an
der prohibiting the natural
legal person responsible from issuing European Green Bonds for a period not exceeding one year; (d) maximum administrative fines of twice the amount of the profits gained
losses avoided because of the prescribed contravention where those fines can be determined by the Bank, even if those fines exceed the maximum amounts set out in subparagraph (e), as regards legal persons,
in subparagraph (f), as regards natural persons; (e) in the case of a legal person, maximum administrative fines of €500,000
0.5 per cent of the total annual turnover of that legal person according to the most recent available financial statements approved by the management body, whichever is the greater; (f) in the case of a natural person, maximum administrative fines of €50,000.
a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Directive 2013/34/EU3 , the relevant total annual turnover shall be the total annual turnover
the corresponding type of income in accordance with the applicable European Union law in the field of accounting according to the most recent available consolidated accounts approved by the management body of the ultimate parent undertaking. Power of Bank to resolve suspected contraventions, etc. 21.
has committed a prescribed contravention, it may enter into an agreement in writing with the assessee to resolve the matter (including at any time before an assessment, if any, has been issued in respect of the assessee).
the assessee in a court of competent jurisdiction. PART 6 MISCELLANEOUS PROVISIONS Exercise of powers to impose sanctions 22. The Bank, when determining the type and level of sanction to be imposed in accordance with these Regulations, shall take into account all relevant circumstances, including, where applicable, the following: (
the annual income and net assets of the responsible natural person; (
losses avoided by the person responsible for the contravention
the losses for third parties caused by the contravention, to the extent that they can be determined; (f) the level of cooperation of the person responsible for the contravention with the competent authority, without prejudice to the need to ensure disgorgement of profits gained
losses avoided by that person; (g) previous contraventions of these Regulations
the EuGB Regulation by the person responsible for the contravention; (h) any measures taken after the contravention by the person responsible for the contravention to prevent its repetition. Right of appeal 23.
these Regulations shall be properly reasoned.
5)
the EuGB Regulation is an appealable decision for the purposes of Part VIIA of the Act of 1942. Notifications 24.
“EuGB”. Offence - obstruction of authorised officer in exercise of officer’s powers 25. A person who – (a) obstructs
interferes with an authorised officer in the exercise of a power conferred by these Regulations, (b) without reasonable excuse, refuses
fails to comply with a request
requirement of an authorised officer made in accordance with a power conferred by these Regulations,
(c) without reasonable excuse, fails to cooperate with an investigation
an inspection by an authorised officer under Regulation 7, shall be guilty of an offence and shall be liable, on summary conviction to a class A fine
imprisonment for a term not exceeding 12 months,
both. Offence - false, etc. information 26. A person who, in purported compliance with a requirement imposed on such person under the EuGB Regulation
these Regulations, gives to the Bank information that the person knows to be false
misleading in a material particular,
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
imprisonment for a term not exceeding 12 months,
both. Offences by body corporate 27.
approval of any person being – (a) a director, manager, secretary
other officer of the body corporate,
(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.
her functions of management as if he
she were a director
manager of the body corporate.
an existing company within the meaning of that Act shall be deemed to be
dinarily resident at its registered office, and every other body corporate and every unincorporated body of persons shall be deemed to be
dinarily resident at its principal office
place of business. Prosecution of offences 28. Summary proceedings for an offence under these Regulations may be brought and prosecuted by the Bank. Amendment of Act of 1942 29. The Act of 1942 is amended – (
the European Green Bond Regulation but (in relation to the European Green Bond Regulation) wherever and only in so far as it imposes a requirement on a person who is not a regulated financial service provider,” after “
Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 but (in relation to the last-mentioned Regulation) wherever and only in so far as it imposes a requirement on a person who is not a regulated financial service provider”, and (iii) in the definition of “designated statutory instrument”, by the insertion of “,
the European Union (European Green Bonds Standards and Disclosures) Regulations 2025 (S.I. No. 41 of 2025) but (in relation to the last-mentioned Regulations) wherever and only in so far as they impose a requirement on a person who is not a regulated financial service provider,” after “
the European Union (Markets in Crypto-Assets) Regulations 2024 ( S.I. No. 607 of 2024 ) but (in relation to the last-mentioned Regulations) wherever and only in so far as they impose a requirement on a person who is not a regulated financial service provider”, (d) in section 33BC, by inserting the following subsection after subsection
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.