The publisher of satirical and investigative magazine Phoenixhas been fined €5,000 for abuses of market regulations.
Penfield Enterprises and its principal, John Mulcahy, were fined by the Financial Regulator after admitting to breaches of the Market Abuse Regulations 2005.
Phoenix publisher, John Mulcahy
The regulations require those writing about shares to disclose their identity and whether they have any interest in those shares. It is the first time the regulator has used its powers under the regulations.
Mr Mulcahy told ireland.comthe magazine would continue to publish unsigned articles on shares despite the fine.
"All our copy is unsigned. Since these regulations came in in 2005 we have desisted from what we used to do, and what was greatly appreciated, which was outright recommendations," he said.
"We are still not going to sign the articles, but they will not contain recommendations, they certainly won't contain any explicit recommendations."
He added that the magazine would also "endeavour" to keep any implicit recommendations, on whether or not to buy or sell particular shares, out of articles.
Phoenixhas also inserted a panel beside its "Moneybags" articles warning readers not to take any of the contents of the articles to be recommendations, either implicit or explicit.
