Irish Collective Asset-management Vehicles Act 2015
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Revocation of authorisation | ||
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26. (1) The Bank may revoke an authorisation under section 19 if it appears to the Bank that— | ||
(a) any requirement for the granting of the authorisation is no longer satisfied, | ||
(b) the ICAV, any of its directors or its secretary or any of its secretaries, its depositary or (if it has one) its management company— | ||
(i) has seriously or systematically contravened financial services legislation, or | ||
(ii) in purported compliance with any requirement imposed by or under financial services legislation, has furnished information to the Bank that is false or misleading in a material particular, knowing it to be so false or misleading or being reckless as to whether it is so false or misleading, | ||
(c) the ICAV has not carried on the business of an authorised ICAV in the previous 6 months, or | ||
(d) it is desirable to do so in order to protect the interests of shareholders or potential shareholders in the ICAV. | ||
(2) For the purposes of subsection (1)(b), the Bank may take into account any matter relating to, as appropriate— | ||
(a) the ICAV, its depositary or (if it has one) its management company, | ||
(b) any director or secretary of the ICAV, | ||
(c) any director of the depositary or management company, | ||
(d) any person employed by or associated, for the purposes of the business of the ICAV, with the ICAV, depositary or management company, | ||
(e) any person exercising influence over any director of the ICAV, depositary or management company, | ||
(f) any body corporate in the same group of bodies corporate as the ICAV, depositary or management company, | ||
(g) any director of any such body corporate, or | ||
(h) any person exercising influence over any such body corporate. | ||
(3) Before revoking an authorisation under subsection (1) the Bank shall ensure that such steps as are necessary and appropriate to secure the winding up of the ICAV (whether by the court or otherwise) have been taken. | ||
(4) The Bank may revoke an authorisation granted to an ICAV under section 19 at the written request of the ICAV, its depositary or (if it has one) its management company. | ||
(5) Where the Bank proposes to revoke the authorisation of an ICAV otherwise than at the request of the ICAV, its depositary or its management company, it shall give notice in writing to each of them of its intention to do so, stating the reasons for which it proposes to act and giving particulars of the rights conferred by subsection (6) . | ||
(6) An ICAV, depositary or management company on whom a notice is served under subsection (5) may, within 14 days after the date of service, make representations in writing to the Bank. | ||
(7) The Bank shall have regard to any representations made in accordance with subsection (6) in determining whether to revoke the authorisation. |