Investment Intermediaries Act, 1995
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Exemption from liability for damages. |
53.—(1) A supervisory authority or any employee or officer of a supervisory authority or any member of any Board of a supervisory authority or any member of a committee appointed under section 74 of this Act shall not be liable in damages for anything done or omitted in the discharge or purported discharge of any of its functions under this Act unless it is shown that the act or omission was in bad faith. | |
(2) Without prejudice to the generality of subsection (1) of this section, the approval or revocation of approval or supervision or regulation of an approved professional body or of an approved representative body (within the meaning of section 27 (a) of this Act) or the approval, amendment, revocation or imposition of rules or the consent or refusal to consent to amendments of rules shall not constitute a warranty or other claim as to the solvency or performance of such bodies or of any investment business firm and neither the State nor a supervisory authority shall be liable in respect of any loss or losses arising out of the insolvency or default or performance of any investment business firm. | ||
(3) Without prejudice to the generality of subsection (1) of this section, the authorisation, supervision, regulation or revocation of authorisation of an investment business firm under this Act shall not constitute a warranty as to the solvency or performance of an investment business firm and neither the State nor a supervisory authority shall be liable in respect of any loss or losses incurred through the insolvency, default or performance of the investment business firm. |