Investment Intermediaries Act, 1995
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Existing investment business firms. |
13.—(1) Notwithstanding section 9 of this Act, a person who is an investment business firm on the day immediately prior to the coming into operation of this section and which is not deemed to be authorised under Part IV or Part VII of this Act may stand authorised, on the coming into operation of this section, as an authorised investment business firm until a supervisory authority has granted or refused authorisation to it: | |
Provided that, no later than three months after the coming into operation of this Part of this Act, it applies to the supervisory authority under section 10 of this Act for authorisation, and, in that section, references to a proposed investment business firm shall be construed accordingly. | ||
(2) Pending a decision by the supervisory authority to authorise an investment business firm to whom subsection (1) of this section refers, or during the three months referred to in subsection (1) of this section, or during both such times, the supervisory authority may do all or any of the following, namely: | ||
(a) impose such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision of the investment business firm or in relation to the protection of investors, including conditions or requirements, or both, which relate to matters in an associated undertaking, a related undertaking, or in both, | ||
(b) issue directions under this Act. | ||
(3) A person to whom subsection (1) of this section refers may appeal to the Court against the conditions or requirements imposed under this section. | ||
(4) On hearing an application under subsection (3) of this section, the Court may confirm, vary or rescind any condition or requirement imposed under this section. | ||
(5) Notwithstanding that section 10 (5) (i) of this Act has not been complied with and, pending the implementation of Council Directive 93/22/EEC of 10 May 1993(1), in each Member State, a supervisory authority may authorise an investment business firm where it is satisfied that the firm concerned is subject to an adequate level of prudential supervision in its home Member State, and the supervisory authority may impose conditions or requirements on that firm or an associated or related undertaking, or issue directions under this Act, and such persons shall stand authorised for the purposes of section 10 of this Act, pending the implementation of Council Directive 93/22/EEC of 10 May 1993(1) in its home Member State. | ||