Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 10th August, 2021. | ||
I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972), and for the purpose of giving further effect to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 20161 , as amended by Regulation (EU) 2021/168 of the European Parliament and of the Council of 10 February 20212 , hereby make the following regulations: | ||
1. These Regulations may be cited as the European Union (Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) (Amendment) Regulations 2021. | ||
2. The European Union (Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 ( S.I. No. 644 of 2017 ) are amended – | ||
(a) in Regulation 2(1) – | ||
(i) by the substitution of the following definition for the definition of “Benchmarks Regulation”: | ||
“‘Benchmarks Regulation’ means Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 20161 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014, as amended by Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 20193 , Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 20194 and Regulation (EU) 2021/168 of the European Parliament and of the Council of 10 February 20212 ;”, | ||
and | ||
(ii) by the insertion of the following definition: | ||
“‘relevant authority’ means the Bank or, in the case of another Member State, the authority designated by that state in accordance with Article 23b of the Benchmarks Regulation;”, | ||
and | ||
(b) by the insertion of the following Part after Part 2: | ||
“PART 2A | ||
THE BANK AS RELEVANT AUTHORITY | ||
Designation of Bank as relevant authority | ||
27A. The Bank is designated as the relevant authority in the State responsible for the carrying out of the functions of a relevant authority referred to in Article 23b of the Benchmarks Regulation.”. | ||
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GIVEN under my Official Seal, | ||
4 August, 2021. | ||
PASCHAL DONOHOE, | ||
Minister for Finance. | ||
EXPLANATORY NOTE | ||
(This note is not part of the instrument and does not purport to be a legal interpretation.) | ||
These regulations amend S.I. No. 644 of 2017 to designate the Central Bank of Ireland as the relevant authority responsible for the carrying out of the functions of a relevant authority referred to in Article 23b of the EU Benchmarks Regulation. | ||
1 OJ No. L 171, 29.6.2016, p. 1. 2 OJ No. L 49, 12.2.2021, p. 6. 1 OJ No. L 171, 29.6.2016, p. 1. 3 OJ No. L 317, 9.12.2019, p. 17. |