Thursday, 1 February 2018

Questions (83)

Michael McGrath

Question:

83. Deputy Michael McGrath asked the Minister for Finance the progress State-supported banks have made on the Markets in Financial Instruments Directive II, MiFID II; the potential implications for not implementing the directive; the potential implications for non-compliance in time; and if he will make a statement on the matter. [5268/18]

View answer

Written answers (Question to Finance)

As the Deputy will be aware, the Markets in Financial Instruments Directive II came into effect at the beginning of this year.

AIB have provided me with the following comment:

"MiFID II obligations which were due for 3 January have been assessed and the relevant updates have been applied to the AIB business model. Elements that are phasing in post this date are in development and are currently on track for delivery."

PTSB have provided me with the following comment:

"Permanent TSB has addressed the requirements of the Markets in Financial Instruments relating to its business."

The European Union (Markets in Financial Instruments) Regulations 2017 – Part 2, Chapter 4 of Statutory Instrument 375 of 2017 – lists applicable sanctions. The Statutory Instrument can be found at the following link:

http://www.irishstatutebook.ie/eli/2017/si/375/made/en/pdf.