The first regulated Smithfield horse fair is taking place in Dublin.

It is the first fair to be held under new by-laws adopted by the City Council in January.

The new laws, which come into effect from today, will limit the number of horse fairs to two a year in March and September.

Horse owners will also have to comply with a licensing system to ensure animal welfare standards.

Dublin City Council sa the new laws will improve the welfare of horses at the fair and also improve the safety of those attending the event.

The fair, had been held on the first Sunday of every month but had been marred in recent times by violence, anti-social activity and concerns about animal welfare.

In March 2011 two men were injured in a gun attack and a third was wounded with a slash hook.

However, a statement released this afternoon from the fair committee said today's event was a big success and had been marred by no such incidents.