Companies Act 2014 section 1356

Penalties on conviction on indictment and defences in respect of certain offences

Section 1356 deals with the penalties that apply when a person is convicted on indictment for offences under Irish prospectus law, and sets out the available defences to such charges.

• A person convicted on indictment of an offence under Irish prospectus law faces a fine of up to €1,000,000, imprisonment for up to five years, or both.
• This penalty regime is separate from the standard four-category classification of offences used elsewhere in the Companies Act 2014, and covers situations such as offering securities to the public or listing them without issuing a prospectus.
• A person charged with such an offence may defend themselves by showing they were unaware of undisclosed matters in the prospectus, that the contravention arose from an honest mistake of fact, or that the matter was immaterial or the person should reasonably be excused.
• These indictment penalties apply in addition to any penalties available on summary conviction under Irish prospectus law.