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8 1997

CENTRAL BANK ACT, 1997

PART VI

Amendments to Investment Intermediaries Act, 1995

Amendment of section 4 of Investment Intermediaries Act, 1995.

37. —The Investment Intermediaries Act, 1995, is hereby amended by the substitution of the following section for section 4:

Supervisory authority.

4.—(1) In this Act, ‘supervisory authority’ means the Bank.

(2) The Bank shall be the supervisory authority for all investment business firms.

(3) Notwithstanding anything to the contrary in this Act, this Act shall be read as if there were only one supervisory authority for the purposes of this Act.”.

Amendment of section 8 of Investment Intermediaries Act, 1995.

38. —Section 8 of the Investment Intermediaries Act, 1995, is hereby amended—

(a) by the deletion after “The Bank” of “and the Minister for Enterprise and Employment”,

(b) by the substitution of “authority” for “authorities”.

Amendment of section 10 of Investment Intermediaries Act, 1995.

39. —Section 10 of the Investment Intermediaries Act, 1995, is hereby amended by the insertion of the following subsection after subsection (16):

“(17) Every application for authorisation made to the Minister for Enterprise and Employment under this Act before the coming into operation of this section is hereby deemed to have been made to the Bank.”.

Amendment of section 20 of Investment Intermediaries Act, 1995.

40. —Section 20 (5) of the Investment Intermediaries Act, 1995, is hereby amended by the deletion of “shall co-operate with the other supervisory authority in the State and”.

Amendment of section 22 of Investment Intermediaries Act, 1995.

41. —Section 22 of the Investment Intermediaries Act, 1995, is hereby amended—

(a) by the deletion in subsection (5) of “the Minister for Enterprise and Employment or”,

(b) by the substitution in subsection (5) of “the Governor” for “that Minister or that Governor”,

(c) by the deletion in subsection (6) (a) of “Minister for Enterprise and Employment or the”, and

(d) by the deletion in subsection (6) (a) of “said Minister or”.

Amendment of section 25 of Investment Intermediaries Act, 1995.

42. —Section 25 (b) of the Investment Intermediaries Act, 1995, is hereby amended by the deletion of “the instruments referred to in section 4 (2) (a) to (c)” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,”.

Amendment of section 26 of Investment Intermediaries Act, 1995.

43. —Section 26 (1) of the Investment Intermediaries Act, 1995, is hereby amended by the deletion of “the instruments referred to in section 4 (2) (a) to (c) of this Act” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,”.

Amendment of section 27 of Investment Intermediaries Act, 1995.

44. —The Investment Intermediaries Act, 1995, is hereby amended by the substitution of the following section for section 27:

Requirements for investment product intermediaries.

27.—A person shall not act as or hold himself out to be an investment product intermediary unless he holds an appointment in writing from each product producer for which he is an intermediary, and unless—

(a) he is a member of any approved representative body specified for this purpose by the supervisory authority whose rules require compliance with the terms of this Act, or

(b) he is a certified person, or

(c) he otherwise complies with the provisions of this Act, and

he effects a policy of professional indemnity insurance in a form specified by the supervisory authority (and different forms may be specified for different classes of person), indemnifying him up to such sum, in such manner, in respect of such matters and valid for such minimum period as the supervisory authority may prescribe from time to time.”.

Amendment of section 28 of Investment Intermediaries Act, 1995.

45. —Section 28 (1) of the Investment Intermediaries Act, 1995, is hereby amended—

(a) by the deletion of “the instruments referred to in section 4 (2) (a) to (c) or” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,”

(b) by the substitution of “by the supervisory authority” for “by the Minister for Enterprise and Employment”.

Amendment of section 29 of Investment Intermediaries Act, 1995.

46. —Section 29 of the Investment Intermediaries Act, 1995, is hereby amended by the substitution of “the supervisory authority” for “the Minister for Enterprise and Employment”.

Amendment of section 31 of Investment Intermediaries Act, 1995.

47. —Section 31 of the Investment Intermediaries Act, 1995, is hereby amended—

(a) by the substitution in subsection (3) of “the supervisory authority” for “the Minister for Enterprise and Employment”,

(b) by the substitution in subsection (3) of “the supervisory authority” for “that Minister”, and

(c) by the substitution in subsection (4) of “The supervisory authority” for “The Minister for Enterprise and Employment”.

Amendment of section 64 of Investment Intermediaries Act, 1995.

48. —The Investment Intermediaries Act, 1995, is hereby amended by the substitution of the following section for section 64:

Authorised officers.

64.—(1) The Governor of the Bank or any other person appointed by the Governor of the Bank for that purpose may authorise in writing such and so many persons to be authorised officers for the purposes of this Act and may revoke such authorisations.

(2) Every person who is appointed to be an authorised officer pursuant to this section shall be furnished with a certificate of appointment and shall, if so required, when exercising any power conferred on him by this Act, produce such certificate or a copy of it duly authenticated by the Governor of the Bank or such other person appointed by the Governor of the Bank for that purpose and a form of personal identification.”.

Amendment of section 78 of Investment Intermediaries Act, 1995.

49. —Section 78 (3) of the Investment Intermediaries Act, 1995, is hereby amended by the deletion of “or the Minister for Enterprise and Employment” in each place where it occurs.