Investment Intermediaries Act, 1995
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Supervisory authorities. |
4.—(1) In this Act “supervisory authority” means the Minister for Enterprise and Employment for the purposes of regulating investment business firms of a type referred to in subsection (2) of this section and the Bank for the purposes of regulating investment business firms of a type referred to in subsection (3) of this section. | |
(2) The Minister for Enterprise and Employment shall be the supervisory authority for persons who in the course of their regular occupation do not provide any investment business service other than in relation to all or any of— | ||
(a) units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and any subsequent amendments thereto, | ||
(b) units in a unit trust, | ||
(c) other collective investment scheme instruments, | ||
(d) acting as a deposit agent or deposit broker, | ||
(e) the transmission of orders for shares in a company listed on a stock exchange, or bonds so listed, or for prize bonds: | ||
Provided such persons do not have or take discretionary control over client funds or investment instruments. | ||
(3) The Bank shall be the supervisory authority for investment business firms not referred to in subsection (2) of this section. | ||
(4) For the purposes of this section, discretionary control does not include the giving of instructions by an investment business firm to a product producer to switch a client's investment with the product producer to another investment with the same product producer where the investment business firm does not thereby receive funds of a client. | ||
(5) Notwithstanding anything in this section, a supervisory authority may arrange with the other supervisory authority for the discharge of its functions under this Act in relation to particular investment business firms or proposed investment business firms or to classes of investment business firms or proposed investment business firms. |