FOUR MEN HAVE been arrested and released without charge in connection with an investigation into breaches of European Union market regulations. 

An Garda Síochána said that between 29 and 30 September, four men, aged in their 50s, 60s and 70s, were arrested on suspicion of market abuse, contrary to Regulation 5 of the EU (Market Abuse) Regulations 2016.

Regulation 5 establishes that engaging in, attempting to engage in, recommending or aiding insider dealing – the buying or selling of a public company’s stock using non-public information – is a criminal offence. 

The men were detained at a garda station in the East of the country in accordance with the provisions of Section 4 of the Criminal Justice Act 1984. They were released without charge and files will be prepared for the Director of Public Prosecutions.

Detectives from Garda National Economic Crime Bureau (GNECB) made the arrests following a two-day operation investigating breaches of the European Union (Market Abuse) Regulations 2016 (S.I. No 349 of 2016) – the regulations which transpose the EU laws into Irish law.

In a statement, An Garda Síochána said the investigation followed comprehensive work by the Central Bank that led to a formal referral to GNECB under Section 33AK of the Central Bank Act 1942.

Section 33AK requires Central Bank staff to report any information that leads them to suspect that a criminal offence may have been committed by an entity supervised by the Central Bank. 

An Garda Síochána said: “The extensive investigation carried out by GNECB has progressed with the assistance of personnel attached to the Central Bank of Ireland and their expertise and experience has been invaluable.”

“This investigation is one of a number of ongoing investigations for market abuse at the Garda National Economic Crime Bureau.”

Investigations are ongoing.