Investment Intermediaries Act, 1995
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Contravention of terms of approval of acquiring transactions. |
48.—(1) Nothing in any enactment shall be construed as relieving an authorised investment business firm or other person of any of its obligations to comply with subsections (1), (2) and (3) of section 39 of this Act. | |
(2) An order under section 201 or 203 of the Companies Act, 1963 , in respect of a proposed amalgamation (being an acquiring transaction) shall not be made until a supervisory authority has given its approval to the acquiring transaction or the period (within which an acquiring transaction may not proceed) referred to in section 40 of this Act has elapsed without a supervisory authority having given or refused to give approval. | ||
(3) A supervisory authority may, having regard to the proper and orderly regulation and supervision of investment business firms, the protection of investors and the requirements of Council Directive 93/22/EEC of 10 May, 1993(1) , following consultation with the Minister, specify circumstances in which, or classes of authorised investment business firm in respect of which, the duties and functions of the supervisory authority under sections 39 to 47 , or of an investment business firm, need not be exercised. | ||