Stock Exchange Act, 1995

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Imposition of conditions or requirements on approved stock exchanges.

11.—(1) Without prejudice to section 9 of this Act, where the Bank grants an approval under that section or consents to any proposed amendment or addition to a memorandum of association or articles of association or rules, it may do all or any of the following in the interests of the proper and orderly regulation and supervision of approved stock exchanges and their member firms or any or all of these:

(a) make its approval or consent subject to such conditions or requirements or both as it considers fit,

(b) impose conditions or requirements or both which relate to matters in an associated undertaking or related undertaking,

(c) at any time after its approval, impose conditions or require- ments or both on an approved stock exchange and either amend or revoke any condition or requirement or both imposed under this paragraph or paragraph (a) or (b) of this subsection,

(d) at any time after its approval, impose a requirement that the approved stock exchange add, amend or revoke rules of that stock exchange,

(e) at any time after its approval, impose a requirement that the approved stock exchange add to or amend the memorandum of association or articles of association of that stock exchange:

Provided that the said conditions or requirements do not contravene any guidelines in that behalf which may be issued to the Bank, from time to time, by the Minister with the consent of the Minister for Enterprise and Employment in the interests of the proper and orderly regulation and supervision of stock exchanges and their member firms and published in the Iris Oifigiúil.

(2) Any condition or requirement referred to in subsection (1) of this section may be imposed in relation to any or all of the following, namely—

(a) an approved stock exchange;

(b) all approved stock exchanges;

(c) a class of approved stock exchange;

(d) a specified period of time or times;

(e) all authorised member firms;

(f) a particular class of authorised member firm;

(g) an associated undertaking or related undertaking of an approved stock exchange;

(h) any matter, as the Bank may consider appropriate, in the interests of the proper and orderly regulation and supervision of approved stock exchanges and their member firms.

(3) An approved stock exchange or member firm may appeal to the Court against the imposition of any condition or requirement imposed under subsection (1) of this section and, on hearing an appeal under this section, the Court may confirm, vary or rescind any condition or requirement imposed under this section.