Investor Compensation Act, 1998

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Amendment of section 10 of Act of 1995.

54.—Section 10 of the Act of 1995 is hereby amended—

(a) in subsection (3)—

(i) by the substitution for “Whenever a supervisory authority refuses” of “Whenever a supervisory authority decides to refuse”,

(ii) by the substitution for “intention” of “decision”,

(iii) by the designation of that subsection as paragraph (a) and the insertion after paragraph (a) of the following paragraphs:

“(b) If the proposed investment business firm does not make an appeal within the period specified in paragraph (a) of this subsection, the supervisory authority shall issue to the proposed investment business firm notice of its decision to refuse to authorise it.

(c) The supervisory authority shall publish notice of the refusal of authorisation to a proposed investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse the authorisation.”,

and the subsection as so amended is set out in the Table to this paragraph.

TABLE

(3) (a) Whenever a supervisory authority decides to refuse to grant authorisation to a proposed investment business firm under this section it shall serve notice on the proposed investment business firm of its decision to refuse to authorise it and stating the reasons therefore and the proposed investment business firm may within 21 days of receipt of such notice appeal to the Court against the decision.

(b) If the proposed investment business firm does not make an appeal within the period specified in paragraph (a) of this subsection, the supervisory authority shall issue to the proposed investment business firm notice of its decision to refuse to authorise it.

(c) The supervisory authority shall publish notice of the refusal of authorisation to a proposed investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse the authorisation.

(b) in subsection (5) by the insertion in paragraph (a) after “does not already exist,” of “or is an industrial or provident society,” and the paragraph as so amended is set out in the Table to this paragraph.

TABLE

(a) it is a company incorporated by statute or under the Companies Acts, or is incorporated outside the State or is a company made under Royal Charter or it draws up a partnership agreement, where it is constituted as an unincorporated body of persons, if such an agreement does not already exist, or is an industrial or provident society, or is a sole trader and the proposed investment business firm has made arrangements to ensure that its activities will be carried out in such a manner that the requirements of Article 3 (3) of Council Directive No. 93/22/EEC of 10 May 1993⁽¹⁾ , are complied with.

⁽¹⁾O.J. No. L141, 11.06.1993.