Transparency Regulations – unwinding of delegation
In line with EU requirements, the Central Bank of Ireland (the “Central Bank”) and the Irish Stock Exchange (the “ISE”) today announced that they have successfully completed a joint project to unwind a delegation arrangement between the Central Bank and the ISE relating to the performance of certain tasks under the Transparency (Directive 2004/109/EC) Regulations 2007 (the Transparency Regulations). These delegated tasks have been carried out by the ISE on behalf of the Central Bank since 2007.
Under European law any delegation of tasks provided for in the Transparency Directive and the Transparency Regulations must end by 19 January 2013. This is the final of three delegation arrangements to be unwound by the Central Bank and the ISE in accordance with European law since December 2011.
Gareth Murphy, Director of Markets Supervision, said, “The Central Bank is very pleased to announce the completion of another successful transition of functions from the ISE. The commitment of the Central Bank and ISE teams on this project has ensured a smooth transition for securities market participants and also ensured that Ireland has completed the transfer of these delegated tasks ahead of schedule.”
Deirdre Somers, Chief Executive of the ISE said, “The ISE is pleased to have been able to provide expertise and support to the Central Bank in relation to the Prospectus, Market Abuse and Transparency Regulations for the past number of years. We are delighted following the unwinding of the delegation arrangement that these important regulatory functions now fully reside with the Central Bank. We look forward to maintaining our strong relationship with the Central Bank and continuing to deliver our core exchange listing, trading and information services to the global securities industry.”
Cormac Kissane of Arthur Cox, and Chairman of the Stakeholder Consultative Group in relation to the Prospectus Directive, said, “This project completes the transfer of regulatory functions relating to the Prospectus, Market Abuse and Transparency Directives from the ISE to the Central Bank. These transfers have been handled seamlessly from a market perspective and re-enforce Ireland’s position as a leading international financial centre for securities listings.”