Companies Act 2014 section 1072

"Market purchase", "overseas market purchase" and "off-market purchase"

Section 1072 defines three categories of share buyback by a public limited company (PLC): "off-market purchase", "market purchase", and "overseas market purchase", and explains when shares are considered subject to a marketing arrangement.

• An "off-market purchase" occurs when a PLC buys its own shares outside a securities market, or on a securities market where the shares lack a marketing arrangement; a "market purchase" occurs when shares are bought on a securities market within Ireland with a marketing arrangement in place.
• An "overseas market purchase" occurs when a PLC (or its subsidiary) buys the PLC's shares on a regulated or ministerially recognised market outside Ireland, provided the shares are subject to a marketing arrangement.
• Shares are considered subject to a marketing arrangement if they are listed or admitted to trading on the relevant market, or if the PLC has been granted open-ended facilities to deal in those shares without needing prior permission for each individual transaction.
• The rules in sections 1073 to 1081 also apply to American depositary receipts in the same way as they apply to shares, and a "securities market" means a regulated market, a multilateral trading facility, or any other market prescribed by regulation.

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