asked the Minister for Industry and Commerce if the EC proposal on insider trading differs significantly from the rules currently in operation in the Stock Exchange in Ireland.
Written Answers. - Insider Trading.
135.
There are no Stock Exchange rules that specifically prohibit insider trading. However, there are a number of general rules whose purpose is to discourage such practices, for example, those on dealing to the best advantage of the client and on not promoting false markets.
The Deputy will, of course, be aware that I recently introduced the Companies (No. 2) Bill 1987 to this House and that Part V of that Bill contains, for the first time, proposals for severe civil and criminal sanctions to counter insider trading in Ireland.
The proposed EC directive in this area, which is aimed at a co-ordinated Community approach to the control of insider trading, is broadly on the lines of Part V of the Companies (No. 2) Bill 1987.