Investment Intermediaries Act, 1995
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Imposition of conditions or requirements on authorised investment business firms. |
14.—(1) Without prejudice to section 10 of this Act, where the supervisory authority grants an authorisation under that section, it may do all or any of the following, namely: | |
(a) make its authorisation subject to such conditions or requirements, or both, as it considers fit, relating to the proper and orderly regulation and supervision of an authorised investment business firm, | ||
(b) impose conditions or requirements or both which relate to matters in an associated undertaking or a related undertaking, | ||
(c) at any time impose conditions or requirements or both on an authorised investment business firm and either amend or revoke any condition or requirement imposed under this paragraph or under paragraph (a) or (b) of this subsection: | ||
Provided the said conditions or requirements do not contravene any guidelines in that behalf which may be issued by the Minister to the supervisory authority from time to time in the interests of the proper and orderly regulation of investment business firms or the protection of investors or both and that the guidelines are published in the Iris Oifigiúil. | ||
(2) Any condition or requirement referred to in subsection (1) of this section may be imposed in relation to any or all of the following, namely: | ||
(a) an authorised investment business firm, | ||
(b) all authorised investment business firms, | ||
(c) a class of authorised investment business firms, | ||
(d) a specified period of time or times, | ||
(e) an associated undertaking or related undertaking, | ||
(f) any matter, as the supervisory authority may consider appropriate, in the interests of the proper and orderly regulation and supervision of investment business firms and the protection of investors. | ||
(3) An authorised investment business firm may appeal to the Court against the imposition of any condition or requirement imposed under subsection (1) of this section and, on hearing an appeal under this section, the Court may confirm, vary or rescind any condition or requirement imposed under this section. | ||
(4) Without prejudice to the generality of subsections (1) to (3) of this section, a supervisory authority may impose conditions or requirements on an authorised investment business firm— | ||
(a) concerning the level of training, qualifications or professional competence of managers, officers or employees, or | ||
(b) concerning the provision of information to the supervisory authority or such other person as may be specified by the supervisory authority, pursuant to Article 20 of Council Directive 93/22/EEC of 20 May 1993(1) . | ||