Investment Intermediaries Act, 1995
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Offences and penalties. |
79.—(1) A person who is guilty of an offence under section 9 , 10 (16), 16 (9), 19 (1)(b), 23 (1), 23 (15), 28 (3), 30 , 34 (1), 34 (3), 35 (4), 36 (6), 46 (2), 52 (3), 52 (5), 52 (6), 52 (9), 54 (6), 56 (9), 75 (3), 78 (2), 79 (4), 79 (7), 79 (8) of, or paragraph 15 of the Second Schedule to, this Act, shall be liable— | |
(a) on summary conviction to a fine not exceeding £1,000 or, at the discretion of the court in the case of an individual, to imprisonment for a term not exceeding 12 months, or both, or | ||
(b) on conviction on indictment, to a fine not exceeding £1,000,000 or, at the discretion of the court in the case of an individual, to imprisonment for a term not exceeding 10 years, or both. | ||
(2) Summary proceedings in relation to an offence under this Act may be brought and prosecuted by the Director of Public Prosecutions or by a supervisory authority. | ||
(3) Notwithstanding section 10 (4) of the Petty Sessions (Ireland) Act, 1851 , summary proceedings for any offence under this Act may be instituted within two years from the date of the discovery of the offence. | ||
(4) Where an offence under this Act is committed by an investment business firm or body corporate or by an unincorporated body or person or by a sole trader and is proved to have been committed with the consent or connivance of, or to be attributable to, or to have been facilitated by any neglect on the part of, any officer or employee of that investment business firm or person purporting to act on behalf of the investment business firm or body corporate or partnership, or sole trader, that officer or employee or person shall be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence, provided, however, that a person shall not be sentenced to imprisonment for such an offence unless in the opinion of the Court the offence was committed wilfully. | ||
(5) (a) Where, on an application made in a summary manner by a supervisory authority, the Court is of the opinion that there has occurred or is occurring— | ||
(i) a contravention of this Act, | ||
(ii) a failure to comply with a condition or requirement imposed by the supervisory authority in relation to an authorisation of an investment business firm or with a direction issued by the supervisory authority under section 21 of this Act, | ||
the Court may, by order, prohibit the continuance of the contravention or failure by the person or persons concerned. | ||
(b) The Court when considering the application may make such interim or interlocutory order as it considers appropriate. | ||
(c) The foregoing provisions of this section are without prejudice to the statutory functions of the supervisory authority concerned. | ||
(d) Where the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be held otherwise than in public. | ||
(6) If the contravention, breach or failure in respect of which a person was convicted under subsections (1) or (4) of this section is continued after conviction, he shall be guilty of a further offence on every day on which the contravention, breach or failure continues and for each such offence the person shall be liable on summary conviction to a fine not exceeding £1,000 or on conviction on indictment to a fine not exceeding £5,000. | ||
(7) A person who, in purported compliance with any provision of this Act or any regulation thereunder, provides an answer or explanation, makes a statement or produces, lodges or delivers any return, report, certificate, balance sheet or other document false in a material particular, knowing it to be false, or recklessly provides an answer or explanation, knowingly withholds or omits information, makes a statement or produces, lodges or delivers any such document false in a material particular shall be guilty of an offence. | ||
(8) (a) An officer of an authorised investment business firm who destroys, mutilates or falsifies, or is privy to the destruction, mutilation or falsification of any record or document affecting or relating to the property or affairs of the authorised investment business firm, or makes or is privy to the making of a false entry therein, shall, unless he proves that he had no intention to defeat the law, be guilty of an offence. | ||
(b) Any such person as is mentioned in paragraph (a) of this subsection who fraudulently disposes of, alters or makes an omission in any such record or document, or who is privy to the disposal of, altering or making of an omission in any such record or document shall be guilty of an offence. | ||
(9) Where there is a contravention of a provision of this Act applicable to a partnership each partner may be charged alone or jointly with any one or more of the partners with any offence in respect of such contravention and on conviction shall be liable for the penalty thereupon imposed. | ||
(10) In any proceedings for an offence under a section of this Act applicable to partnerships or sole traders it shall be a defence for a partner or sole trader charged to prove— | ||
(a) that the commission of the offence was due to a mistake or the reliance on information supplied to him or to the act or default of another person, an accident or some other cause beyond his control, and | ||
(b) that he took all reasonable precautions and exercised all due diligence to avoid the commission of such an offence by himself or any other person under his control. | ||
(11) Nothing in this Act or any other enactment, and no rule of law, shall preclude the prosecution of a partner for an offence of which another partner or any other person has been previously charged or convicted. |