Companies Act 2014 section 1369

Civil liability for certain breaches of Irish market abuse law

Section 1369 establishes the civil liability that arises when a person breaches the insider dealing or market manipulation provisions of the EU Market Abuse Regulation, including the obligation to compensate those who suffered losses and to hand back any profits made.

• A person who engages in insider dealing (Article 14 of the Market Abuse Regulation) must compensate the other party to the transaction for losses caused by the difference between the actual price and the price that would have applied had the inside information been publicly available, and must also hand over any profit to the issuer of the financial instruments.
• A person who engages in market manipulation (Article 15 of the Market Abuse Regulation) must compensate anyone who bought or sold financial instruments as a result of the manipulation, and must likewise account to the issuer for any profit gained.
• These civil liabilities exist in addition to any other legal claims that may be brought against the person for the same breach.
• Any civil action under this section must be commenced within two years of the date of the contravention.