Finding by Central Bank of inside information in share dealing and sanction upheld

Order 84B of the Rules of the Superior Courts – Regulation 44 of the Market Abuse (Directive 2003/6/EC) Regulations 2005 – order confirming adverse assessment – specified sanctions – assessment arises from a decision of the Deputy Governor (Financial Regulation) of the Central Bank of Ireland – suspected contraventions of the regulations – use of inside information to acquire shared for retirement fund – standard of proof required – mental ingredient required for a suspected contravention – beyond reasonable doubt – if there is proof that the respondent had inside information then it would be presumed that it was used within the meaning of the regulations – right to rebut the presumption – establish that the inside information did not play a role in his decision making – assessor was satisfied that the enforcement division proved beyond reasonable doubt that the suspected contraventions had been proved – respondent chose not to give evidence to rebut the presumption – sanctions – public caution - monetary penalty of €75,000 – disqualification for a period of 5 years – direction to pay costs – did not appeal adverse assessment – uncontested application – statement of grounds of assessor’s assessment – summary statement of the evidence – statement of the sanctions – court must satisfy itself that there was adherence to the procedures and natural and constitutional justice – court has discretion to vary or set aside the assessment and sanctions – unless it considers that no other reasonable decision maker could have imposed the sanction, the court should confirm it – assessment and the manner in which the sanctions were decided - complies with procedures and natural justice - assessor considered the gravity of the respondent’s offence - whether or not the respondent’s conduct had any effect on the integrity of the market and investor confidence – aggravating or mitigating factors – dissuasive effect of sanctions – cooperation – age of respondent a factor – retired from activity in the market – court satisfied that that the sanctions decided on are proportionate – order confirming both the adverse assessment and specified sanctions.