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Amendment of section 83 of Principal Act.
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47.—Section 83 of the Principal Act is amended—
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(a) by the insertion in subsection (1) after “a scheme” of “or PRSA”, and
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(b) by the insertion after subsection (2) of the following subsections:
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“(2A) Where a relevant person referred to in paragraph (i) or (j) of section 82 has reason to believe that a PRSA provider has carried on activities in relation to PRSA products referred to in Part X otherwise than in accordance with that Part, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such activities.
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(2B) Where a relevant person referred to in section 82(j)—
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(a) has reason to believe that a PRSA provider has not operated a custodian account in accordance with the requirements of Part X; or
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(b) is unable to express an opinion on a PRSA provider's accounts within 75 days after the end of the financial year in relation to that PRSA provider,
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that person shall, as soon as practicable, report the matter in writing to the Board.
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(2C) Where a relevant person referred to in paragraph (h), (i) or (j) of section 82 has reason to believe that an employer has failed or is failing to comply with the provisions of section 121, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure.
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(2D) Where a relevant person referred to in section 82(h) knows that an employer has failed to remit one or more contributions on behalf of that employer's employees to the relevant person, that person shall, as soon as is practicable, give to the Board a report in writing of the particulars of such failure and shall also inform the relevant PRSA contributor or contributors of the failure.
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(2E) Any relevant person may of his own volition report to the Board in relation to the operation and performance of any PRSA product to which he is a relevant person and the Minister may, by regulations, prescribe the format of such a report and the conditions subject to which it may be made.
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(2F) Every relevant person shall, at such intervals and subject to such conditions as may be prescribed, make reports to the Board in the prescribed format in respect of any PRSA for which he bears any responsibility.
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(2G) Where a relevant person referred to in section 82(k) has reason to believe that his employer has failed or is failing to comply with the provisions of section 121, that person may of his own volition report such failure to the Board.”;
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(c) by the substitution in paragraphs (a) and (b) of subsection (3) of “subsection (1), (2A), (2B), (2C), (2D) or (2F)” for “subsection (1)”; and
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(d) by the insertion in subsection (6) after “the scheme” of “or PRSA”.
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