Automatic Enrolment Retirement Savings System Act 2024
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Investment management providers | ||
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68. (1) The Authority shall appoint a person or persons to provide investment management services for the purposes of this Part. | ||
(2) A person appointed under subsection (1) is referred to in this Act as an “investment management provider”. | ||
(3) An appointment under subsection (1) shall be made, and the services to which the appointment relates shall be provided, under a contract between the Authority and the investment management provider, referred to in this Part as an “investment management contract”. | ||
(4) An investment management contract shall include— | ||
(a) provision under which the investment management provider and any subcontractor shall be a regulated financial service provider, | ||
(b) provision under which the provider or any subcontractor may be subject to a penalty, which may include termination of the contract or subcontract for any contravention of financial services legislation if it appears to the Authority that the contravention affects or may affect the provision of the services to which the contract relates, | ||
(c) any other provision required by this Act, and | ||
(d) any other provision that the Authority considers appropriate. | ||
(5) In this section— | ||
“financial services” and “regulated financial service provider” have the same meaning as in the Central Bank Act 1942 ; | ||
“financial services legislation”, in relation to a person falling within any paragraph of the definition of “regulated financial service provider” in section 2 (1) of the Central Bank Act 1942 , means— | ||
(a) the legislation providing for the regulation or supervision, as referred to in that paragraph, of the business of that person, and | ||
(b) any other legislation applying to the provision of financial services under the investment management contract between the Authority and that person. |