Investment Intermediaries Act, 1995
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Power to make determinations for breaches of conditions or requirements. |
74.—(1) Without prejudice to any other powers of a supervisory authority under this Act, where it appears on the basis of information provided by an authorised officer or an inspector appointed under section 73 of this Act, that there has been a breach by an investment business firm or professional body of a condition or requirement imposed by the supervisory authority under any or all of the sections to which this section applies the supervisory authority may— | |
(a) apply to the Court in a summary manner for a determination that there has been a breach of a condition or requirement, or | ||
(b) notify the investment business firm or professional body. | ||
(2) This section applies to the following sections, namely, sections 10 (2), 10 (6), 10 (7), 10 (8), 10 (12)(b), 10 (13), 10 (15), 13 (2)(a), 13 (5), 14 (1), 14 (4), 15 (1), 18 (1), 18 (4), 18 (7), 23 (2), 23 (3), 32 (1), 33 (2), 37 (1), 42 (1), 52 (1), 56 (2), 57 (2)(a), 57 (3) and 58 (1) of this Act. | ||
(3) A notification under subsection (1)(b) of this section shall— | ||
(a) set out reasons for the notification, and | ||
(b) state that the supervisory authority shall apply to the Court in a summary manner for a determination that there has been a breach of a condition or requirement under all or any of the sections to which this section applies, unless the investment business firm or professional body concerned requests, in writing within 7 days of the date of the notification, that the provisions of subsections (5) to (9) of this section shall apply. | ||
(4) The Court, on hearing evidence in any proceedings under this section, may do all or any of the following: | ||
(a) issue a reprimand to the investment business firm or professional body, | ||
(b) direct that the investment business firm or professional body concerned shall pay to the supervisory authority a specified sum not to exceed £500,000, in respect of any breach of a condition or requirement, | ||
(c) dismiss the application or make any other order as may be appropriate, | ||
(d) make such order as to costs as it thinks fit. | ||
(5) Where a request in writing has been made to it under subsection (3) of this section, the supervisory authority may appoint a Committee to inquire into whether or not there has been a breach of a condition or requirement under a section referred to in subsection (2) of this section. | ||
(6) A Committee appointed under subsection (5) of this section shall be appointed by the supervisory authority from a panel established from time to time by the Minister, with the consent of the Minister for Enterprise and Employment, for that purpose and the provisions of the Second Schedule to this Act shall apply to the Committee and to the panel. | ||
(7) Following an inquiry by a Committee appointed under subsection (5) of this section, that Committee may dismiss the application or may make a determination that there has been a breach of a condition or requirement, and may do all or any of the following: | ||
(a) issue a reprimand to an investment business firm or professional body, | ||
(b) direct that an investment business firm or professional body shall pay the supervisory authority a specified sum, not to exceed £500,000, in respect of any breach of a condition or requirement, | ||
(c) arrange for the publication of such details as it deems proper concerning a determination made under this subsection in the Iris Oifigiúil and in one or more newspapers circulating in the State, | ||
(d) make such order as to costs as it thinks fit. | ||
(8) An investment business firm or professional body may appeal to the Court against a determination of the Committee issued under subsection (7) of this section and the Court may vary or annul the determination of the Committee. | ||
(9) A sum due under this section may be recovered in any court of competent jurisdiction as a simple contract debt. |