Tuesday, 27 May 2014

Questions (149)

Lucinda Creighton

Question:

149. Deputy Lucinda Creighton asked the Minister for Finance if Allied Irish Banks since its January 2011 listing on the Enterprise Securities Market of the Irish Stock Exchange has been subject to Market Abuse (Directive 2003/6/EC) Regulations 2005; and if he will make a statement on the matter. [23057/14]

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Written answers (Question to Finance)

As the Deputy is aware AIB is quoted on the Enterprise Securities Market (ESM) of the Irish Stock Exchange (ISE) since January 2011 and complies with its listing rules and requirements. The ESM is a Multilateral Trading Facility and is not strictly subject to the Market Abuse (Directive 2003/6/EC) Regulations 2005, however core elements apply through other legislation, for example extensive prohibitions on insider trading under the Companies Act.

Furthermore, in light of its status as a significant corporate entity AIB has continued to voluntarily comply with the provisions of the Market Abuse (Directive 2003/6/EC) Regulations 2005 since leaving the ISE's Main Securities Market in 2011.