Investing is being prohibited from the Irish stock exchange following a report that it will not allow users to trade shares from the past 24 hours.
The new rules, which were approved by the Exchange Commissioners last week, will make it illegal to trade stocks that are more than one year old and up to 10 years old, unless the exchange’s board approves them.
The changes were prompted by a series of scandals over the past year involving the trading of the shares of multinational companies.
In January, it was reported that an individual who traded over the last decade had bought up to 100 million shares of Facebook at a time, despite the fact that Facebook had just been bought by the US company Microsoft.
The company was eventually sold for $1.6bn and a group of investors took over.
The shares were sold again, this time in a deal with Apple, in May, before they were listed on the stock exchange.
In May, it emerged that the Irish Stock Exchange, the country’s largest stock market, had allowed some users to access their funds via an alternative site to the stock exchanges website, in breach of its rules.
The exchange has said that some of its users were using the “virtual trading site” instead of the stock markets website, but that it had no evidence of this.
In a statement issued on Friday, the Exchange Commissioner’s office said it had received complaints that the new rules were “unnecessary and unwarranted”.
The new rules will apply to users who have not had their shares listed on a stock exchange for at least two years, and will require a board approval before any new stock may be listed on an exchange.
It is also expected that this approval will be based on evidence of the user’s investment activity and financial position, and the number of shares they hold.
In an email to the Irish Independent, a spokesperson for the exchange said that “it was our view that it was unnecessary and unwieldy to require that all trading be on an alternative website and that it should be up to the users themselves to decide whether they wish to trade through the platform”.
He added: “This does not affect the ability of individuals to trade or transfer shares through the system.”