Investment Intermediaries Act, 1995
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Imposition of conditions or requirements on approved professional bodies. |
58.—(1) Without prejudice to section 56 of this Act, where the Bank grants an approval under that section, or consents to any proposed amendment or addition to a memorandum or article of association or rules, it may do all or any of the following, in the interests of the proper and orderly regulation and supervision of approved professional bodies or certified persons or both: | |
(a) make its approval or consent subject to such conditions or requirements or both as it considers fit; | ||
(b) impose conditions or requirements or both which relate to matters in an associated undertaking or related undertaking; | ||
(c) at any time after its approval, impose conditions or requirements or both on an approved professional body and either amend or revoke any condition or requirement or both imposed under this paragraph or paragraph (a) or (b) of this subsection; | ||
(d) at any time after its approval, impose a requirement that the approved professional body add, amend or revoke rules of that approved professional body where these relate to the provision of investment business services or investment advice by certified persons or the regulation and supervision of certified persons; | ||
(e) where applicable, at any time after its approval, impose a requirement that the approved professional body add to or amend any memorandum of association or articles of association of that approved professional body: | ||
Provided that the said conditions or requirements do not contravene any guidelines in that behalf which may be issued to the Bank, from time to time, by the Minister, in the interests of the proper and orderly regulation and supervision of approved professional bodies or of certified persons or both, with the consent of the Minister for Enterprise and Employment, and insofar as an approved professional body of lawyers may be concerned, the Minister for Justice, and 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 approved professional body, | ||
(b) all approved professional bodies, | ||
(c) a class of approved professional body, | ||
(d) a specified period of time or times, | ||
(e) all certified persons, | ||
(f) a particular class of certified person, | ||
(g) an associated undertaking or related undertaking of an approved professional body, | ||
(h) any matter, as the Bank may consider appropriate, in the interests of the proper and orderly regulation and supervision of approved professional bodies and certified persons and the protection of investors or both. | ||
(3) An approved professional body or certified person 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. |