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Uimhir 37 de 1998
AN tACHT UM CHÚITEAMH D'INFHEISTEOIRÍ, 1998
RIAR NA nALT
Réamhráiteach agus Ginearálta
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Cúiteamh d'Infheisteoirí a Riaradh
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11. | Meabhrán comhlachais agus airteagail chomhlachais na Cuideachta a athrú. |
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16. | Gan feidhm a bheith ag alt 182 (Stiúrthóirí a chur as oifig) d'Acht 1963. |
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27. | Mainneachtain ag gnólachtaí infheistíochta oibleagáidí a chomhlíonadh. |
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Cúiteamh a Íoc le hInfheisteoirí
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31. | Cinneadh nach bhfuil gnólacht infheistíochta in ann a oibleagáidí a chomhlíonadh. |
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Ilghnéitheach
Leasuithe Ilghnéitheacha
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Aisghairm
Foráil Fhorlíontach i ndáil le hOrdachán ó Údarás Maoirseachta faoi Alt 27
Treoir 97/9/CE an 3 Márta 1997 ó Pharlaimint na hEorpa agus ón gComhairle maidir le Scéimeanna Cúitimh d'Infheisteoirí
Na hAchtanna dá dTagraítear | |
Acht an Bhainc Ceannais, 1997 | 1997, Uimh. 8 |
Achtanna na gCuideachtaí, 1963 go 1990 | |
An tAcht um Cheartas Coiriúil, 1994 | 1994, Uimh. 15 |
An tAcht um Idirghabhálaithe Infheistíochta, 1995 | 1995, Uimh. 11 |
Petty Sessions (Ireland) Act, 1851 | 14 & 15 Vict., c. 93 |
Na hAchtanna Aturnaetha, 1954 go 1994 | |
An tAcht Aturnaetha (Leasú), 1994 | 1994, Uimh. 27 |
An tAcht um Stocmhalartáin, 1995 | 1995, Uimh. 9 |
An tAcht Comhdhlúite Cánacha, 1997 | 1997, Uimh. 39 |
Trustee Act, 1893 | c. 53 |
Uimhir 37 de 1998
AN tACHT UM CHÚITEAMH D'INFHEISTEOIRÍ, 1998
[An tiontú oifigiúil]
ACHT DÁ CHUMASÚ ÉIFEACHT A THABHAIRT DO THREOIR UIMH. 97/9/CE AN 3 MÁRTA 1997 Ó PHARLAIMINT NA hEORPA AGUS ÓN gCOMHAIRLE MAIDIR LE SCÉIMEANNA CÚITIMH D'INFHEIS-TEOIRÍ1, DO DHÉANAMH SOCRÚ MAIDIR LE CÚITEAMH D'INFHEISTEOIRÍ, DO LEASÚ ACHT AN BHAINC CEANNAIS, 1989, AN ACHTA ÁRACHAIS, 1989, AN ACHTA ATURNAETHA (LEASÚ), 1994, AN ACHTA UM STOCMHALARTÁIN, 1995, AGUS AN ACHTA UM IDIRGHABHÁLAITHE INFHEISTÍOCHTA, 1995, AGUS DO DHÉANAMH SOCRÚ I dTAOBH NITHE GAOLMHARA. [13 Iúil, 1998]
ACHTAÍTEAR AG AN OIREACHTAS MAR A LEANAS:
CUID I
Réamhráiteach agus Ginearálta
Gearrtheideal agus tosach feidhme.
1.—(1) Féadfar an tAcht um Chúiteamh d'Infheisteoirí, 1998, a ghairm den Acht seo.
(2) Tiocfaidh an tAcht seo i ngníomh cibé lá nó laethanta a cheapfaidh an tAire, le hordú nó le horduithe, i gcoitinne nó faoi threoir aon chríche nó forála áirithe agus féadfar laethanta éagsúla a cheapadh amhlaidh chun críoch éagsúil nó le haghaidh forálacha éagsúla.
Léiriú.
2.—(1) San Acht seo, mura n-éilíonn an comhthéacs a mhalairt—
ciallaíonn “Acht 1963” Acht na gCuideachtaí, 1963;
ciallaíonn “Acht 1989” an tAcht Árachais, 1989;
ciallaíonn “Acht 1994” an tAcht Aturnaetha (Leasú), 1994;
ciallaíonn “Acht 1995” an tAcht um Idirghabhálaithe Infheistíochta, 1995;
ciallaíonn “riarthóir”, i gcás ina mbeidh leachtaitheoir nó sannaí oifigiúil ceaptha ag an gCúirt chuig gnólacht infheistíochta, an leachtaitheoir nó an sannaí oifigiúil sin, nó i gcás ina mbeidh riarthóir ceaptha ag an údarás maoirseachta chuig gnólacht infheistíochta, an riarthóir sin;
tá le “comhlacht gairmiúil ceadaithe” an bhrí a shanntar dó le hAcht 1995;
tá le “gnólacht gnó infheistíochta údaraithe” an bhrí a shanntar dó le fo-alt (4);
ciallaíonn “gnólacht infheistíochta údaraithe”—
(a) gnólacht gnó infheistíochta údaraithe, nó
(b) ballghnólacht údaraithe, nó
(c) foras creidmheasa a bhfuil baint ag a údarú ag an mBanc faoi Threoir Uimh. 77/780/CEE an 12 Nollaig 19771 agus faoi Threoir Uimh. 89/646/CEE an 15 Nollaig 19892 le ceann amháin nó níos mó de na seirbhísí infheistíochta atá liostaithe i roinn A den Iarscríbhinn a ghabhann leis an Treoir um Sheirbhísí Infheistíochta, nó
(d) idirghabhálaí árachais;
tá le “ballghnólacht údaraithe” an bhrí a shanntar dó leis an Acht um Stocmhalartáin, 1995;
ciallaíonn “oifigeach údaraithe” duine arna údarú chun críocha alt 9;
ciallaíonn “Banc” Banc Ceannais na hÉireann;
ciallaíonn “Bord” Bord na Cuideachta;
ciallaíonn “brainse”, i gcás gnólachta infheistíochta atá faoi réir na Treorach um Sheirbhísí Infheistíochta, áit ghnó ar cuid de ghnólacht infheistíochta í, nach bhfuil aon phearsantacht dhlíthiúil ar leithligh aici agus a sholáthraíonn seirbhísí infheistíochta a bhfuil an gnólacht infheistíochta údaraithe ina leith ag an mBanc nó ag údarás inniúil i mBallstát eile, agus measfar gur brainse amháin na háiteanna gnó go léir a bheidh bunaithe sa Bhallstát céanna ag gnólacht infheistíochta a bhfuil a cheannoifig aige i mBallstát eile;
tá le “duine deimhnithe” an bhrí a shanntar dó le le halt 55 d'Acht 1995;
ciallaíonn “cliant” duine atá tar éis airgead nó ionstraimí infheistíochta a chur ar iontaoibh gnólachta infheistíochta i ndáil le soláthar seirbhísí gnó infheistíochta ag an ngnólacht infheistíochta;
ciallaíonn “garghaol” deartháir, deirfiúr, tuismitheoir nó céile cliaint nó leanbh de chuid an chliaint nó de chuid chéile an chliaint, i gcás nach bhfolóidh “céile”, i ndáil leis an gcliant, céile atá ina chónaí nó ina cónaí ar leithligh ón gcliant agus scartha uaidh nó uaithi;
ciallaíonn “Cuideachta” an Chuideachta um Chúiteamh d'Infheisteoirí Teoranta;
tá le “caillteanas inchúitithe” an bhrí a shanntar dó le halt 30(1);
ciallaíonn “údarás inniúil” údarás inniúil chun críocha na Treorach um Chúiteamh d'Infheisteoirí;
ciallaíonn “Cúirt” an Ard-Chúirt;
ciallaíonn “foras creidmheasa” foras creidmheasa de réir bhrí Airteagal 1 de Threoir Uimh. 77/780/CEE an 12 Nollaig, 1977, ón gComhairle1 arna leasú le Treoir Uimh. 89/646/CEE an 15 Nollaig, 1989, ón gComhairle2, ach ní fholaíonn sé na forais dá dtagraítear in Airteagal 2(2) den Treoir chéadluaite;
folaíonn “stiúrthóir” aon duine atá i seilbh phost an stiúrthóra cibé ainm a thabharfar air agus aon duine arb é nó í dáiríre a stiúrann gnó gnólachta infheistíochta nó a bhfuil tionchar ábhartha aige nó aici ar ghnó gnólachta infheistíochta agus folaíonn sé cúlstiúrthóir de réir bhrí Acht na gCuideachtaí, 1990;
tá le “ECU” an bhrí chéanna atá leis i Rialacháin (CE) Uimh. 3320/94 an 22 Nollaig 1994 ón gComhairle maidir le comhdhlúthú na reachtaíochta láithrí Comhphobail maidir leis an míniú ar an ECU tar éis teacht i bhfeidhm an Chonartha ar an Aontas Eorpach3;
ciallaíonn “infheisteoir cáilithe” duine, nach infheisteoir eisiata é nó í, ar cliant é nó í de chuid gnólachta infheistíochta agus a bhfuil iarratas ar íocaíocht déanta aige nó aici faoi alt 34;
tá le “fostaí” an bhrí chéanna atá leis in Acht 1995;
ciallaíonn “infheisteoir eisiata” cliant de chuid gnólachta infheistíochta a bhí ina ábhar do chinneadh ag an údarás maoirseachta faoi alt 31 nó do rialú agus, i ndáil leis an ngnólacht infheistíochta sin—
(a) is cliant gairmiúil nó foraschliant, lena n-áirítear:
(i) gnólacht infheistíochta;
(ii) gnólacht infheistíochta chun críocha na Treorach um Sheirbhísí Infheistíochta;
(iii) foras creidmheasa arna mhíniú in Airteagal 1 de Threoir Uimh. 77/780/CEE ón gComhairle;
(iv) foras airgeadais arna mhíniú in Airteagal 1(6) de Threoir Uimh. 89/646/CEE an 15 Nollaig, 1989, ón gComhairle2;
(v) gnóthas árachais;
(vi) gnóthas le haghaidh comhinfheistíochta; nó
(vii) ciste pinsean nó scoir, nó
(b) is údarás áitiúil, nó
(c) is stiúrthóir, bainisteoir nó comhalta, ar comhalta é nó í ar a bhfuil dliteanas pearsanta, de chuid an ghnólachta infheistíochta, is sealbhóir ar 5 faoin gcéad ar a laghad de chaipiteal an ghnólachta infheistíochta, is duine atá freagrach as an iniúchadh reachtúil ar an ngnólacht infheistíochta a sheoladh nó is cliant ag a bhfuil a chomhshamhail de stádas i ngrúpghnóthas, nó
(d) is garghaol nó tríú páirtí atá ag gníomhú thar ceann cliaint dá dtagraítear i mír (c), nó
(e) is gnólacht eile i ngrúpghnóthas, nó
(f) is cliant ar a bhfuil aon fhreagracht as fíorais, nó ag a bhfuil tairbhe bainte as fíorais, a bhaineann leis an ngnólacht infheistíochta agus ba chúis le deacrachtaí airgeadais an ghnólachta nó a chuidigh le meath ar a staid airgeadais, nó
(g) is cuideachta de mhéid a fhágann nach gceadaítear di cláir chomhardaithe ghiorraithe a tharraingt suas faoi Airteagal 11 den Cheathrú Treoir Uimh. 78/660/CEE an 25 Iúil, 1978, ón gComhairle1 ar bhonn Airteagal 54(3)(g) den Chonradh maidir le cuntais bhliantúla cineálacha áirithe cuideachtaí, nó
(h) is cliant arna shonrú ag an údarás maoirseachta mar infheisteoir eisiata de réir alt 35(8);
folaíonn “feidhmeanna” cumhachtaí agus dualgais agus folaíonn tagairtí do chomhlíonadh feidhmeanna, maidir le cumhachtaí agus dualgais, tagairtí d'fheidhmiú na gcumhachtaí agus do chomhall na ndualgas;
ciallaíonn “grúpghnóthas”, i ndáil le gnólacht infheistíochta, grúpghnóthas de réir bhrí Acht na gCuideachtaí (Leasú), 1986, ar cuid de an gnólacht infheistíochta;
tá le “idirghabhálaí árachais” an bhrí a shanntar dó le hAcht 1989 ach ní fholaíonn sé aturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith más rud é nach n-éiríonn gníomhaíochtaí an aturnae ach go teagmhasach le seirbhísí dlí a sholáthar;
tá le “gnóthas árachais” an bhrí a shanntar dó le Rialacháin Chreata na gComhphobal Eorpach (Árachas Neamh-Shaoil), 1994 (I.R. Uimh. 359 de 1994), nó faoi Rialacháin Chreata na gComhphobal Eorpach (Árachas Saoil), 1994 (I.R. Uimh. 360 de 1994);
tá le “gnólacht gnó infheistíochta” an bhrí a shanntar dó le hAcht 1995;
tá le “seirbhísí gnó infheistíochta” an bhrí a shanntar dó le hAcht 1995 agus folaíonn sé gníomhaíochtaí idirghabhálaí árachais;
ciallaíonn “gnólacht infheistíochta”—
(a) gnólacht gnó infheistíochta údaraithe nó duine (ar duine é nó í ba ghnólacht gnó infheistíochta údaraithe) ar cúlghaireadh a údarú nó a húdarú,
(b) ballghnólacht údaraithe nó duine (ar duine é nó í ba bhallghnólacht údaraithe) ar cúlghaireadh a údarú nó a húdarú,
(c) foras creidmheasa arna cheadúnú sa Stát nó foras creidmheasa a bhfuil baint ag a údarú ag an mBanc faoi Threoir 77/780/CEE an 12 Nollaig, 1977, ón gComhairle, arna leasú le Treoir 89/646/CEE an 15 Nollaig, 1989, ón gComhairle, arna leasú agus arna leathnú ó am go ham, le ceann amháin nó níos mó de na seirbhísí infheistíochta atá liostaithe san Iarscríbhinn a ghabhann leis an Treoir um Sheirbhísí Infheistíochta, nó foras creidmheasa a ndearnadh a údarú ag an mBanc faoi Threoir 77/780/CEE an 12 Nollaig, 1977, ón gComhairle, arna leasú le Treoir 89/646/CEE an 15 Nollaig, 1989, ón gComhairle, arna leasú agus arna leathnú ó am go ham, a chúlghairm, nó foras creidmheasa nach bhfuil baint a thuilleadh ag a údarú ag an mBanc faoi Threoir 77/780/CEE an 12 Nollaig, 1977, ón gComhairle, arna leasú le Treoir 89/646/CEE an 15 Nollaig, 1989, ón gComhairle, arna leasú agus arna leathnú ó am go ham, le ceann amháin nó níos mó de na seirbhísí infheistíochta atá liostaithe san Iarscríbhinn a ghabhann leis an Treoir um Sheirbhísí Infheistíochta, nó
(d) idirghabhálaí árachais nó duine a bhí ina idirghabhálaí nó ina hidirghabhálaí árachais tráth;
tá le “ionstraimí infheistíochta” an bhrí a shanntar dó le hAcht 1995;
tá le “idirghabhálaí táirgí infheistíochta” an bhrí a shanntar dó le hAcht 1995;
ciallaíonn “an Treoir um Sheirbhísí Infheistíochta” Treoir Uimh. 93/22/CEE an 10 Bealtaine, 1993, ón gComhairle1;
ciallaíonn “an Treoir um Chúiteamh d'Infheisteoirí” Treoir Uimh. 97/9/CE an 3 Márta, 1997, ó Pharlaimint na hEorpa agus ón gComhairle2;
ciallaíonn “gnó comhinfheistíochta” seirbhísí gnó infheistíochta arna soláthar do chuntas beirte nó níos mó nó a bhfuil cearta ag beirt nó níos mó orthu, ar cearta iad a fhéadfar a fheidhmiú trí shíniú duine amháin nó níos mó de na daoine sin;
ciallaíonn “údarás áitiúil” údarás áitiúil chun críocha an Achta Rialtais Áitiúil, 1941, agus, más cuí, údarás cúige, réigiúnach, áitiúil agus cathrach;
tá le “ballghnólacht” an bhrí a shanntar dó leis an Acht um Stocmhalartáin, 1995;
ciallaíonn “Ballstát” Ballstát de na Comhphobail Eorpacha;
ciallaíonn “Aire” an tAire Airgeadais;
ciallaíonn “forordaithe” forordaithe le rialacháin arna ndéanamh ag an Aire agus forléireofar focail ghaolmhara dá réir sin;
ciallaíonn “táirgeoir táirgí” táirgeoir táirgí chun críocha Acht 1995 nó gnóthas árachais;
ciallaíonn “infheisteoir gairmiúil” cliant de chuid gnólachta infheistíochta a bhfuil an gnólacht infheistíochta in ann a thaispeáint ina leith go bhfuil saineolas leordhóthanach cuí aige nó aici ar ionstraimí infheistíochta chun é nó í a aicmiú mar infheisteoir gairmiúil agus a bhfuil sé admhaithe aige nó aici i scríbhinn don ghnólacht infheistíochta sin gur cuireadh in iúl dó nó di cad iad na hiarmhairtí a bhaineann le haicmiú mar infheisteoir gairmiúil agus atá aicmithe ag an ngnólacht infheistíochta sin mar infheisteoir gairmiúil;
tá le “idirghabhálaí táirgí infheistíochta gníomhaíochta srianta” an bhrí a shanntar dó le hAcht 1995;
ciallaíonn “rialú” breith arna déanamh ag cúirt i ndáil le gnólacht infheistíochta ar chúiseanna a bhaineann go díreach le dálaí airgeadais an ghnólachta infheistíochta arb é is éifeacht léi go bhfuil cliaint de chuid an ghnólachta infheistíochta coiscthe de thuras na huaire ó éilimh a dhéanamh in aghaidh an ghnólachta infheistíochta chun airgead a fháil ar ais atá dlite don chliant nó ar leis an gcliant é agus atá á shealbhú thar ceann an chliaint ag an ngnólacht infheistíochta i dtaca le seirbhísí gnó infheistíochta a sholáthar agus chun ionstraimí infheistíochta a fháil ar ais ar leis an gcliant iad agus atá á sealbhú, á riaradh nó á mbainistiú ag an ngnólacht infheistíochta thar ceann an chliaint i dtaca le seirbhísí gnó infheistíochta a sholáthar;
tá le “aturnae” an bhrí a shanntar dó in alt 3 (arna ionadú le hAcht 1994) den Acht Aturnaethe, 1954;
ciallaíonn “údarás maoirseachta” an t-údarás maoirseachta dá dtagraítear in alt 8(1);
ciallaíonn “ceapachán scríofa” ceapachán i scríbhinn chun críocha alt 27 d'Acht 1995 nó ceapachán i scríbhinn chun críocha alt 44 nó 49 d'Acht 1989.
(2) Tá le focal nó le habairt a úsáidtear san Acht seo agus a úsáidtear freisin sa Treoir um Chúiteamh d'Infheisteoirí an bhrí chéanna san Acht seo, mura gcuirtear a mhalairt in iúl, atá leis nó léi sa Treoir sin.
(3) San Acht seo—
(a) aon tagairt d'alt nó do Sceideal, is tagairt í d'alt den Acht seo nó do Sceideal a ghabhann leis an Acht seo mura gcuirtear in iúl gur tagairt d'achtachán éigin eile atá beartaithe,
(b) aon tagairt d'fho-alt, do mhír nó d'fhomhír is tagairt í don fho-alt, don mhír nó don fhomhír den fhoráil ina bhfuil an tagairt, mura gcuirtear in iúl gur tagairt d'fhoráil éigin eile atá beartaithe, agus
(c) déanfar tagairt d'aon achtachán a fhorléiriú mar thagairt don achtachán sin arna leasú, arna oiriúnú nó arna leathnú le haon achtachán eile nó faoi aon achtachán eile ina dhiaidh sin, lena n-áirítear an tAcht seo.
(4) San Acht seo, tá le “gnólacht gnó infheistíochta údaraithe” an bhrí a shanntar dó le hAcht 1995 agus, i gcás nach mbeidh rialacháin déanta ag an Aire faoi alt 2(8)(a) d'Acht 1995, ní fholaíonn an míniú seo idirghabhálaí táirgí infheistíochta gníomhaíochta srianta ar aturnae é nó í a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith mura rud é go ndearna an t-idirghabhálaí táirgí infheistíochta gníomhaíochta srianta sin a chur in iúl don údarás maoirseachta agus don Chuideachta gur idirghabhálaí táirgí infheistíochta gníomhaíochta srianta é nó í.
(5) D'ainneoin fho-alt (1), maidir le gnólacht gnó infheistíochta údaraithe—
(a) a mbeidh deimhniú tugtha dó ag an Aire faoi alt 446(2) den Acht Comhdhlúite Cánacha, 1997,
(b) nach gnólacht infheistíochta de réir bhrí na Treorach um Chúiteamh d'Infheisteoirí, agus
(c) i gcás gur cuid d'oibríochtaí trádála an ghnólachta infheistíochta, lena mbaineann an deimhniú a bheidh tugtha dó ag an Aire faoi alt 446(2) den Acht Comhdhlúite Cánacha, 1997, aon seirbhísí gnó infheistíochta a sholáthraíonn an gnólacht,
ní bheidh sé ina ghnólacht infheistíochta údaraithe ná ina ghnólacht infheistíochta chun críocha an Achta seo.
(6) Déanfar tagairtí san Acht seo do leabhair, do thaifid nó do dhoiciméid eile, nó d'aon cheann díobh, a fhorléiriú mar thagairtí a fholaíonn aon doiciméad nó faisnéis a choimeádtar i bhfoirm neamhinléite (cibé acu a stóráiltear é nó í go leictreonach nó ar shlí eile) is féidir a atáirgeadh i bhfoirm inléite agus gach modh leictreonach nó gach modh uathoibríoch eile, más ann, trínar féidir an doiciméad nó an fhaisnéis sin a atáirgeadh amhlaidh agus ar a bhfuil rochtain ag an duine a ndéantar a chuid nó a cuid leabhar, taifead nó doiciméad eile (arna fhorléiriú amhlaidh) a iniúchadh chun críocha an Achta seo.
Fógraí a sheirbheáil.
3.—(1) Más rud é go n-údaraítear nó go gceanglaítear leis an Acht seo, nó faoi, nó le rialacháin arna ndéanamh faoin Acht seo, nó fúthu, fógra, ordachán nó doiciméad eile a sheirbheáil ar dhuine, déanfar, mura sonraítear a mhalairt san Acht seo, é a dhíriú chuig an duine faoina ainm nó faoina hainm agus déanfar é a sheirbheáil ar an duine nó é a thabhairt dó nó di ar cheann amháin de na slite seo a leanas—
(a) trína sheachadadh ar an duine, nó trína fhágáil ag an seoladh ag a bhfuil gnáthchónaí ar an duine nó, i gcás go bhfuil seoladh i gcomhair seirbheála curtha ar fáil, ag an seoladh sin,
(b) trína chur leis an ngnáthphost réamhíoctha arna dhíriú chuig an duine ag an seoladh ag a bhfuil gnáthchónaí ar an duine nó i gcás go bhfuil seoladh i gcomhair seirbheála curtha ar fáil, ag an seoladh sin, nó
(c) i gcás oifigigh nó fostaí de chuid gnólachta infheistíochta, trína chur chuig an duine leis an ngnáthphost réamhíoctha, arna dhíriú chuig an duine ag seoladh phríomh-oifig an ghnólachta infheistíochta sin.
(2) Féadfar fógra, ordachán nó doiciméad eile dá dtagraítear i bhfo-alt (1)—
(a) i gcás gnólachta infheistíochta nó aon chomhlachta chorpraithe, a sheirbheáil ar rúnaí an ghnólachta infheistíochta nó an chomhlachta chorpraithe sin, nó ar aon fhostaí nó oifigeach eile dá chuid,
(b) i gcás comhpháirtíochta, a sheirbheáil ar aon chomhpháirtí, nó
(c) i gcás comhlachais neamhchorpraithe seachas comhpháirtíocht, a sheirbheáil ar aon chomhalta dá chomhlacht ceannais.
Caiteachais.
4.—(1) Déanfar na caiteachais a thabhóidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire, as airgead a sholáthróidh an tOireachtas.
(2) Déanfar na caiteachais a thabhóidh an Banc ag riaradh an Achta seo a íoc as ciste ginearálta an Bhainc ach amháin i gcás go bhforáiltear a mhalairt san Acht seo nó in aon achtachán eile.
Cumhacht chun rialacháin a dhéanamh.
5.—(1) Féadfaidh an tAire rialacháin a dhéanamh chun a chumasú éifeacht a bheith leis an Acht seo.
(2) Féadfaidh cibé forálacha teagmhasacha, forlíontacha agus iarmhartacha a bheith i rialacháin faoin Acht seo a dhealraíonn don Aire is fóirsteanach chun aon chríche den Acht seo.
(3) Féadfaidh an tAire rialacháin a dhéanamh chun aon ní dá ngairtear ní forordaithe san Acht seo a fhorordú.
Rialacháin a leagan faoi bhráid Thithe an Oireachtais.
6.—Gach rialachán a dhéanfar faoin Acht seo, leagfar é faoi bhráid gach Tí den Oireachtas a luaithe is féidir tar éis a dhéanta agus má dhéanann ceachtar Teach acu sin, laistigh den 21 lá a shuífidh an Teach sin tar éis an rialachán a leagan faoina bhráid, rún a rith ag neamhniú an rialacháin, beidh an rialachán ar neamhní dá réir sin, ach sin gan dochar do bhailíocht aon ní a rinneadh roimhe sin faoin rialachán.
Aisghairm.
7.—Aisghairtear leis seo na hAchtanna atá luaite i gcolún (2) den Chéad Sceideal a ghabhann leis an Acht seo a mhéid atá luaite i gcolún (3) den Sceideal sin.
Údarás maoirseachta agus údarás inniúil a cheapadh.
8.—(1) Is é an Banc an t-údarás maoirseachta le haghaidh cúitimh d'infheisteoirí faoin Acht seo.
(2) Is é an Banc an t-údarás inniúil sa Stát chun críocha na Treorach um Chúiteamh d'Infheisteoirí.
(3) Faoi réir fho-alt (4), déanfaidh an t-údarás maoirseachta a chuid feidhmeanna faoin Acht seo a chomhall de réir an Achta seo chun na nithe seo a leanas a chur chun cinn—
(a) cliaint de chuid gnólachtaí infheistíochta a chosaint,
(b) cothabháil a dhéanamh ar chóras éifeachtach cúitimh do chliaint de chuid gnólachtaí infheistíochta, agus
(c) cothabháil a dhéanamh ar rialáil agus maoirsiú cuí ordúil gnólachtaí infheistíochta agus margaí airgeadais.
(4) Déanfaidh an t-údarás maoirseachta a chuid feidhmeanna faoin Acht seo a chomhall ag féachaint don Treoir um Chúiteamh d'Infheisteoirí, a bhfuil an téacs di leagtha amach mar áis tagartha sa Tríú Sceideal.
Oifigigh údaraithe.
9.—(1) Beidh feidhm ag fo-ailt (2) agus (3) i ndáil le gnólacht infheistíochta i leith gnó árachais a sheolann an gnólacht infheistíochta sin mar idirghabhálaí árachais.
(2) I gcás ina mbeidh an t-údarás maoirseachta den tuairim go bhféadfadh sé nach bhfuil idirghabhálaí árachais in ann airgead le cliant de chuid an idirghabhálaí árachais sin a aisíoc, féadfaidh an t-údarás maoirseachta duine a údarú i scríbhinn chun bheith ina oifigeach nó ina hoifigeach údaraithe chun imscrúdú a dhéanamh i dtaobh an amhlaidh nach bhfuil an t-idirghabhálaí árachais in ann airgead a aisíoc le cliaint de chuid an idirghabhálaí árachais nó a chuid nó a cuid oibleagáidí i leith chliaint an idirghabhálaí árachais a chomhlíonadh agus chun tuarascáil a thabhairt don údarás maoirseachta i leith an idirghabhálaí árachais sin.
(3) Beidh feidhm ag ailt 64 agus 65 d'Acht 1995 maidir le hoifigeach údaraithe a cheapfar faoi fho-alt (2) amhail is dá mbeadh an duine a cheapfar ceaptha chun críocha Acht 1995 agus amhail is dá mbeadh feidhm ag na cumhachtaí atá ar fáil d'oifigeach údaraithe faoi na hailt sin maidir le hidirghabhálaithe árachais chun críocha an Achta seo.
(4) Beidh na daoine seo a leanas ina n-oifigigh údaraithe chun críocha an Achta seo—
(a) i ndáil le gnólachtaí infheistíochta is gnólachtaí gnó infheistíochta—
(i) oifigeach údaraithe a cheaptar faoi alt 64 d'Acht 1995, nó
(ii) cigire a cheaptar faoi alt 66 nó 73 d'Acht 1995;
(b) i ndáil le gnólachtaí infheistíochta is ballghnólachtaí stocmhalartáin—
(i) oifigeach údaraithe a cheaptar faoi alt 55 den Acht um Stocmhalartáin, 1995, nó
(ii) cigire a cheaptar faoi alt 57 nó 64 den Acht um Stocmhalartáin, 1995;
(c) i ndáil le gnólachtaí infheistíochta is forais chreidmheasa—
(i) duine údaraithe a cheaptar faoi alt 41 den Acht Cumann Foirgníochta, 1989, nó
(ii) cigire a cheaptar faoi alt 45 den Acht Cumann Foirgníochta, 1989, nó
(iii) oifigeach údaraithe a cheaptar faoi alt 17 d'Acht an Bhainc Ceannais, 1971 (arna leasú le halt 36 d'Acht an Bhainc Ceannais, 1989, agus le Rialachán 39 de Rialacháin na gComhphobal Eorpach (Forais Chreidmheasa a Cheadúnú agus a Mhaoirsiú), 1992 (I.R. Uimh. 395 de 1992)), nó
(iv) oifigeach údaraithe chun críocha alt 24 den Acht um Bainc Thaisce Iontaobhais, 1989,
agus beidh feidhm ag cearta agus cumhachtaí oifigeach údaraithe den sórt sin, fara na modhnuithe is gá, maidir le cibé faisnéis a fháil a theastóidh ón údarás maoirseachta chun a chumasú dó aon cheann dá fheidhmeanna faoin Acht seo a fheidhmiú.
1 O.J. Uimh. L322, 17.12.1977.
2 O.J. Uimh. L386, 30.12.1989.
1 O.J. Uimh. L322, 17.12.1977.
2 O.J. Uimh. L386, 30.12.1989.
3 O.J. Uimh. L350, 31.12.1994.
2 O.J. Uimh. L386, 30.12.1989.
1 O.J. Uimh. L222, 14.08.1978.
CUID II
Cúiteamh d'Infheisteoirí a Riaradh
Foirmiú na Cuideachta.
10.—(1) A luaithe is féidir tar éis thosach feidhme an ailt seo, déanfaidh an tAire cibé bearta a dhealraíonn dó nó di a bheith riachtanach nó inmhianaithe chun a chur faoi deara go ndéanfaidh an Banc cuideachta theoranta ar a dtabharfar “An Chuideachta um Chúitimh d'Infheisteoirí Teoranta” agus dá ngairtear “an Chuideachta” san Acht seo, agus a chomhlíonfaidh na coinníollacha atá leagtha síos leis an Acht seo, a fhoirmiú agus a chlárú faoi Achtanna na gCuideachtaí, 1963 go 1990.
(2) Comhlíonfaidh an Chuideachta na coinníollacha seo a leanas—
(a) cuideachta faoi theorainn ráthaíochta a bheidh sa Chuideachta,
(b) “An Chuideachta Cúitimh d'Infheisteoirí Teoranta” is ainm don Chuideachta, agus
(c) is i bhfoirm a bheidh ar comhréir leis an Acht seo a bheidh meabhrán comhlachais agus airteagail chomhlachais na Cuideachta.
Meabhrán comhlachais agus airteagail chomhlachais na Cuideachta a athrú.
11.—(1) D'ainneoin aon ní in Achtanna na gCuideachtaí, 1963 go 1990, ní bheidh aon athrú a dhéanfar ar mheabhrán comhlachais nó ar airteagail chomhlachais na Cuideachta bailí mura ndéantar é le ceadú roimh ré ón údarás maoirseachta.
(2) Beidh cumhacht ag an údarás maoirseachta a cheangal go ndéanfar athruithe ar mheabhrán comhlachais agus airteagail chomhlachais na Cuideachta.
Cuspóirí agus cumhachtaí na Cuideachta.
12.—(1) Luafar i meabhrán comhlachais na Cuideachta gurb iad seo a leanas a príomhchuspóirí—
(a) tar éis dul i gcomhairle leis an údarás maoirseachta, socraíochtaí a bhunú agus a chothabháil le haghaidh íocaíochtaí a dhéanamh le cliaint de chuid gnólachtaí infheistíochta de réir an Achta seo,
(b) ciste nó cistí a chothabháil as a ndéanfar íocaíochtaí de réir an Achta seo agus, más cuí, de réir na Treorach um Chúiteamh d'Infheisteoirí, agus chun cibé íocaíochtaí nó caiteachais eile a ghlanadh a fhéadfar a íoc as an gciste nó as na cistí de réir an Achta seo,
(c) comhairle a thabhairt don údarás maoirseachta i dtaobh nithe a bhaineann le cúiteamh do chliaint de chuid gnólachtaí infheistíochta, agus
(d) éilimh ar chúiteamh ó chliaint de chuid gnólachtaí infheistíochta a phróiseáil a luaithe is féidir agus a chinntiú go n-íoctar cúiteamh gan mhoill mhíchuí.
(2) Ní chuirfidh aon ní san alt seo cosc ná srian le cibé cuspóirí agus cumhachtaí is gá nó is cuí go réasúnach chun na príomhchuspóirí dá dtagraítear i bhfo-alt (1) a bhaint amach nó atá comhghabhálach nó coimhdeach leis na príomhchuspóirí sin a bhaint amach, agus nach bhfuil ar neamhréir leis an Acht seo ná le haon choinníollacha ná aon cheanglais a fhorchuirfidh an t-údarás maoirseachta ar an gCuideachta, a áireamh ar chuspóirí na Cuideachta, mar atá siad luaite ina meabhrán comhlachais.
(3) Beidh cumhacht ag an gCuideachta aon ní a dhéanamh is dealraitheach di a bheith riachtanach, buntáisteach nó teagmhasach i ndáil le comhlíonadh a feidhmeanna aici, mar a shonraítear san Acht seo nó ina meabhrán comhlachais, nó ar dealraitheach di go n-urasódh sé an comhlíonadh sin, go díreach nó go neamhdhíreach.
Cumhachtaí na Cuideachta.
13.—(1) Beidh cumhacht ag an gCuideachta airgead a fháil ar iasacht nó a chruinniú, ach sin faoi réir cheadú an údaráis maoirseachta.
(2) Faoi réir cheadú an údaráis maoirseachta, féadfaidh an Chuideachta airgead, a bheidh íoctha isteach sa chiste nó sna cistí a chothabhálann an Chuideachta de réir alt 19, a chur ar taisce nó féadfaidh sí an t-airgead sin a infheistiú in urrúis a bhfuil iontaobhaithe údaraithe de réir dlí chun cistí iontaobhais a infheistiú iontu.
Cuntais na Cuideachta agus iniúchtaí.
14.—(1) Coimeádfaidh an Chuideachta gach cuntas is cuí agus is gnáth ar an airgead go léir a íocfar isteach sa chiste nó sna cistí a chothabhálann an Chuideachta de réir alt 19 agus ar gach eisíocaíocht as an gciste nó as na cistí sin lena n-áirítear cuntas ioncaim agus caiteachais agus clár comhardaithe.
(2) Beidh cumhacht ag an údarás maoirseachta iniúchadh nó iniúchtaí a iarraidh ar chuntais na Cuideachta ó am go ham.
Feidhmeanna a chomhlíonadh.
15.—Féadfaidh an Chuideachta, más cuí léi le réasún déanamh amhlaidh, ag féachaint dá dualgais i gcoitinne faoin Acht seo, aon cheann dá feidhmeanna a chomhlíonadh trí aon duine dá cuid oifigeach nó fostaithe nó trí aon duine eile a bheidh údaraithe go cuí ag an gCuideachta.
Gan feidhm a bheith ag alt 182 (Stiúrthóirí a chur as oifig) d'Acht 1963.
16.—Ní bheidh feidhm ag alt 182 (Stiúrthóirí a chur as oifig) d'Acht 1963 maidir leis an gCuideachta.
Comhaltaí na Cuideachta.
17.—Féadfaidh an tAire, le toiliú an Aire Fiontar, Trádála agus Fostaíochta, comhlachtaí nó daoine a fhorordú chun bheith ina gcomhaltaí den Chuideachta, nó, i gcás gur comhlacht neamhchorpraithe daoine é an comhlacht, pearsa aonair nó comhlacht corpraithe a ainmniú chun bheith ina chomhalta nó ina comhalta den Chuideachta.
Stiúrthóirí na Cuideachta.
18.—(1) Forálfar le hairteagail chomhlachais na Cuideachta gur faoi réir an Achta seo a dhéanfar stiúrthóirí a cheapadh.
(2) Is é líon stiúrthóirí na Cuideachta, lena n-áirítear an cathaoirleach agus an leaschathaoirleach, cibé líon daoine a bheidh forordaithe ó am go ham ag an Aire, le comhaontú an Aire Fiontar, Trádála agus Fostaíochta.
(3) Féadfaidh an tAire, ó am go ham, le comhaontú an Aire Fiontar, Trádála agus Fostaíochta, comhlachtaí a fhorordú a dhealraíonn don Aire a bheith ionadaíoch don tionscal seirbhísí airgeadais agus féadfaidh gach comhlacht den sórt sin stiúrthóir a ainmniú a bheidh le ceapadh ag an gCuideachta.
(4) Féadfaidh an tAire Fiontar, Trádála agus Fostaíochta, ó am go ham, le comhaontú an Aire, comhlachtaí nó pearsana aonair a fhorordú a dhealraíonn don Aire Fiontar, Trádála agus Fostaíochta a bheith ionadaíoch do leasanna cliant gnólachtaí infheistíochta agus,
(a) i gcás comhlachtaí a bheidh forordaithe amhlaidh, féadfaidh gach comhlacht den sórt sin stiúrthóir a ainmniú a bheidh le ceapadh ag an gCuideachta, agus
(b) i gcás pearsana aonair a bheidh forordaithe amhlaidh, ceapfaidh an Chuideachta gach pearsa aonair den sórt sin chun bheith ina stiúrthóir de chuid na Cuideachta.
(5) Ainmneoidh agus ceapfaidh Gobharnóir an Bhainc cathaoirleach agus leaschathaoirleach an Bhoird.
(6) Féadfaidh an tAire, le comhaontú an Aire Fiontar, Trádála agus Fostaíochta, a fhorordú go bhféadfaidh comhlacht (nó a chomharbaí), a fhorordófar de réir fho-alt (3) nó (4), níos mó ná aon stiúrthóir amháin a ainmniú agus a cheapadh i gcás inar dealraitheach don Aire é sin a bheith á dhéanamh ar mhaithe lena chinntiú go mbeidh ionadaíocht chothrom ag an tionscal seirbhísí airgeadais agus ag infheisteoirí, ar choinníoll gurb ionann an líon stiúrthóirí a ainmneoidh comhlachtaí mar ionadaithe don tionscal seirbhísí airgeadais agus an líon a bheidh ina n-ionadaithe do leasanna infheisteoirí.
(7) Féadfaidh Gobharnóir an Bhainc agus gach comhlacht nó duine dá dtagraítear i bhfo-alt (3) duine amháin nó níos mó a ainmniú agus a cheapadh chun bheith ina stiúrthóir ionadach do stiúrthóir nó stiúrthóirí na Cuideachta a bheidh ceaptha aige nó aici.
(8) Féadfaidh stiúrthóirí na Cuideachta gníomhú d'ainneoin folúntas amháin nó níos mó a bheith ann ina líon.
Ciste a bhunú.
19.—(1) Déanfaidh an Chuideachta ciste nó cistí a bhunú agus a chothabháil as a ndéanfar íocaíochtaí de réir an Achta seo le cliaint de chuid gnólachtaí infheistíochta agus féadfaidh sí cistí áirithe a bhunú agus a chothabháil i ndáil le haicmí sonraithe nó earnálacha sonraithe de ghnólachtaí infheistíochta de réir an Achta seo.
(2) Ní bhunóidh an Chuideachta ciste mura mbeidh sé ceadaithe ag an údarás maoirseachta.
(3) Ní cheadóidh an t-údarás maoirseachta ciste a bhunú mura rud é gur deimhin leis nach dócha go ndéanfaidh an ceadú dochar d'oibriú aon chistí eile arna gcothabháil ag an gCuideachta nó ag scéim chúitimh d'infheisteoirí arna ceadú faoi alt 25.
(4) Féadfaidh an t-údarás maoirseachta, tar éis dul i gcomhairle leis an gCuideachta, cúlghairm a dhéanamh ar cheadú i leith ciste nó cistí a bhunú faoi fho-alt (2) i gcás ina measann an t-údarás maoirseachta go bhfuil athrú ábhartha tagtha ar na dálaí ó deonaíodh an ceadú ar athrú é a fhágann go ndéanfaí cinneadh difriúil i ndáil leis an gceadú dá lorgófaí ceadú i leith an ciste a bhunú an tráth sin.
(5) Féadfaidh an t-údarás maoirseachta, le linn ciste a cheadú faoi fho-alt (2), nó dá éis sin, coinníollacha nó ceanglais a fhorchur ar an gCuideachta.
(6) Féadfaidh coinníollacha nó ceanglais arna bhforchur faoi fho-alt (5) a bheith bainteach inter alia leis an gciste nó leis na cistí arna chothabháil nó arna gcothabháil ag an gCuideachta nó le cibé nithe eile is cuí leis an údarás maoirseachta.
(7) I gcás ina ndéanfaidh an Chuideachta cistí a chreidiúnú do chiste arna bhunú i leith aicme nó earnála áirithe gnólachta infheistíochta, déanfar na cistí sin a úsáid go heisiach chun íocaíochtaí a dhéanamh le cliaint de réir alt 34 i leith na ngnólachtaí infheistíochta sin agus ina leith sin amháin.
(8) D'ainneoin fho-alt (7), i gcás inar cuí leis an gCuideachta déanamh amhlaidh, tar éis dul i gcomhairle leis an údarás maoirseachta, féadfaidh an Chuideachta íocaíochtaí a dhéanamh as ciste arna chothabháil chun íocaíochtaí a dhéanamh i leith aicme nó earnála gnólachta infheistíochta chun a hoibleagáidí faoin Acht seo a chomhlíonadh i leith gnólachtaí infheistíochta eile, ach sin faoi réir íocaíochtaí den sórt sin a aisíoc as sócmhainní an chiste nó na gcistí arna chothabháil nó arna gcothabháil ag an gCuideachta chun íocaíochtaí a dhéanamh faoi alt 34 i leith gnólachtaí infheistíochta eile den sórt sin, maille le híoc úis ar mhéid na n-íocaíochtaí sin de réir ráta úis a bheidh le cinneadh ag an gCuideachta.
Seirbhísí riaracháin don Chuideachta.
20.—(1) Féadfaidh an Banc seirbhísí riaracháin a sholáthar don Chuideachta nó féadfaidh sé fochuideachta a bhunú de réir alt 23 d'Acht an Bhainc Ceannais, 1997, agus féadfaidh an fhochuideachta sin, i measc rudaí eile, na seirbhísí sin a sholáthar.
(2) Is as acmhainní na cuideachta a íocfar caiteachais an Bhainc nó fochuideachta de chuid an Bhainc maidir le seirbhísí riaracháin a sholáthar don Chuideachta, lena n-áirítear caiteachais riarthóra arna cheapadh nó arna ceapadh de réir alt 33.
Ranníocaí gnólachtaí infheistíochta.
21.—(1) Baineann an t-alt seo le gnólachtaí infheistíochta ach ní bhaineann sé le daoine deimhnithe a bhfuil scéim chúitimh d'infheisteoirí ceadaithe ina leith faoi alt 25.
(2) Déanfaidh gnólacht infheistíochta údaraithe cibé ranníoc leis an gciste nó leis na cistí arna chothabháil nó arna gcothabháil ag an gCuideachta a shonróidh an Chuideachta ó am go ham a íoc leis an gCuideachta.
(3) (a) Féadfaidh an Chuideachta rátaí nó méideanna difriúla ranníocaí nó boinn dhifriúla chun ranníocaí a ríomh a shonrú le haghaidh aicmí nó earnálacha difriúla gnólachta infheistíochta.
(b) D'ainneoin ghinearáltacht mhír (a), féadfaidh an Chuideachta, le linn rátaí nó méideanna ranníocaí nó boinn chun ranníocaí a ríomh a bheith á sonrú aici le haghaidh gnólachtaí infheistíochta is gnólachtaí infheistíochta chun críocha na Treorach um Sheirbhísí Infheistíochta, aon airgead nó ionstraimí infheistíochta a chur i gcuntas a bheidh curtha ar iontaoibh gnólachta den sórt sin, roimh thosach feidhme an Achta seo nó dá éis, i gcás ina ndearna an cliant an t-airgead sin nó na hionstraimí infheistíochta sin a chur ar iontaoibh i dtaca le soláthar seirbhísí gnó infheistíochta ar gnó infheistíochta iad chun críocha na Treorach um Chúiteamh d'Infheisteoirí.
(4) I gcás nach gcomhlíonfaidh gnólacht infheistíochta a oibleagáidí faoin alt seo, dlífear den ghnólacht infheistíochta, maille le suim a íoc chun a oibleagáidí faoi fho-alt (2) a chomhall, ús a íoc leis an gCuideachta ar ranníoc iomlán nó ar aon chuid de ranníoc nach mbeidh íoctha faoin dáta nó faoi na dátaí a bheidh sonraithe ag an gCuideachta de réir ráta 1.25 faoin gcéad in aghaidh na míosa (nó cuid de mhí), amhail ar an agus ón dáta a dtiocfaidh an ranníoc nó cibé méid eile úis a fhorordóidh an tAire faoin alt seo chun bheith dlite.
(5) Aon suimeanna a bheidh dlite faoin alt seo, beidh siad inghnóthaithe mar fhiach conartha shimplí in aon chúirt dlínse inniúla.
(6) (a) Féadfaidh an t-údarás maoirseachta coinníollacha nó ceanglais a fhorchur ar ghnólachtaí infheistíochta údaraithe i ndáil lena chuid feidhmeanna faoin Acht seo.
(b) Gan dochar do ghinearáltacht mhír (a), féadfaidh an t-údarás maoirseachta coinníollacha nó ceanglais a fhorchur i ndáil le soláthar faisnéise a bheidh ag teastáil ón údarás maoirseachta chun a fheidhmeanna a fheidhmiú faoin Acht seo.
(c) Féadfaidh gnólacht infheistíochta údaraithe achomharc a dhéanamh chun na Cúirte in aghaidh fhorchur aon choinníll nó ceanglais arna fhorchur faoi mhír (a) agus, tar éis achomharc faoin alt seo a éisteacht, féadfaidh an Chúirt aon choinníoll nó ceanglas a fhorchuirtear ar ghnólacht infheistíochta údaraithe faoin alt seo a dhaingniú, a athrú nó a chealú.
Cistí a chothabháil.
22.—(1) I gcás inar shonraigh an Chuideachta go ndéanfar méideanna atá chun sochair do chiste arna chothabháil ag an gCuideachta de réir alt 19 a úsáid chun íocaíochtaí a dhéanamh de réir an Achta seo le cliaint d'aicme nó d'aicmí nó d'earnáil nó d'earnálacha gnólachta infheistíochta arna shonrú ag an gCuideachta agus leo sin amháin, beidh na ranníocaí a íocfaidh na gnólachtaí infheistíochta sin faoi alt 21(2) chun sochair don chiste sin.
(2) Faoi réir fho-alt (3), cinnfidh an Chuideachta, tar éis dul i gcomhairle leis an údarás maoirseachta—
(a) na ranníocaí a bheidh le híoc ag gnólachtaí infheistíochta údaraithe leis an gciste nó leis na cistí arna chothabháil nó arna gcothabháil ag an gCuideachta de réir alt 19(1), agus
(b) méid an iarmhéid a bheidh le cothabháil ag an gCuideachta i gciste nó i gcistí arna chothabháil nó arna gcothabháil ag an gCuideachta faoi alt 19(1).
(3) Le linn don Chuideachta cinneadh a dhéanamh faoi fho-alt (2)—
(a) féachfaidh sí lena chinntiú—
(i) go bhfuil an Chuideachta in ann aon oibleagáid a chomhlíonadh is intuartha le réasún faoin Acht seo,
(ii) go ndéanann an Chuideachta iarmhéid leordhóthanach a chothabháil i ngach ciste arna chothabháil aici a chuirfidh ar a cumas na hoibleagáidí sin a chomhlíonadh, agus
(b) tabharfaidh sí aird ar na nithe seo a leanas—
(i) an méid a bheidh chun sochair don chiste nó do na cistí arna chothabháil nó arna gcothabháil ag an gCuideachta,
(ii) cumas maoiniúcháin na ngnólachtaí infheistíochta údaraithe sin a bhfuil oibleagáid orthu ranníocaí a dhéanamh leis na cistí sin de réir an ailt seo, agus
(iii) aon ní eile is iomchuí maidir leis an gCuideachta, nó leis an gCuideachta ar chomhairle ón údarás maoirseachta.
Costais riaracháin.
23.—D'ainneoin alt 19, glanfar costais riaracháin agus bainistíochta an Bhoird agus na Cuideachta as acmhainní na Cuideachta, lena n-áirítear ranníocaí arna n-íoc ag gnólachtaí infheistíochta de réir alt 21(2) leis an gciste nó leis na cistí arna chothabháil nó arna gcothabháil ag an gCuideachta.
Nósanna imeachta chun gearáin a imscrúdú.
24.—Déanfaidh an Bord nósanna imeachta a bhunú agus a chothabháil chun gearáin ina aghaidh ag gnólachtaí infheistíochta agus ag infheisteoirí a imscrúdú.
Scéimeanna cúitimh d'infheisteoirí a cheadú.
25.—(1) Féadfaidh an t-údarás maoirseachta, tar éis iarratas a bheith déanta chuige ag comhlacht gairmiúil ceadaithe agus tar éis dul i gcomhairle leis an gCuideachta, togra a cheadú, nó diúltú togra a cheadú, ar togra é chun scéim chúitimh a bhunú chun cúiteamh a chur ar fáil de réir an Achta seo i gcomhair earnála nó earnálacha sonraithe de dhuine deimhnithe.
(2) Cuirfear in iúl do chomhlacht gairmiúil ceadaithe a mbeidh iarratas déanta aige faoi fho-alt (1)—
(a) ar tugadh nó nár tugadh an ceadú, laistigh de shé mhí tar éis an dáta a bhfaightear an t-iarratas ar cheadú, nó
(b) i gcás inar lorg an t-údarás maoirseachta faisnéis bhreise i ndáil leis an iarratas ar cheadú, laistigh de thréimhse sé mhí tar éis don údarás maoirseachta an fhaisnéis bhreise a fháil, nó laistigh den tréimhse dhá mhí dhéag tar éis an t-iarratas ar cheadú a fháil, cibé acu is túisce.
(3) Féadfaidh an t-údarás maoirseachta coinníollacha nó ceanglais a fhorchur i ndáil le scéim chúitimh ar lorgaíodh ceadú ina leith faoi fho-alt (1) nó a ceadaíodh faoin bhfo-alt sin.
(4) Maidir le coinníollacha nó ceanglais arna bhforchur faoi fho-alt (3), féadfaidh baint a bheith acu, i measc rudaí eile—
(a) leis na téarmaí agus na coinníollacha faoina bhféadfaidh gnólachtaí infheistíochta a bheith páirteach i scéim chúitimh d'infheisteoirí,
(b) le méid na ranníocaí a bheidh le híoc ag baill na scéime cúitimh, agus
(c) le nósanna imeachta chun a cheangal go ndéanfaidh baill na scéime cúitimh na hoibleagáidí a bhfuil siad faoina réir de bhua iad a bheith ina mbaill den scéim chúitimh a chomhlíonadh.
(5) Beidh iarratas ar cheadú faoi fho-alt (1) i cibé foirm agus beidh cibé sonraí ann a shonróidh an t-údarás maoirseachta ó am go ham.
(6) Ní cheadóidh an t-údarás maoirseachta scéim bheartaithe chúitimh d'infheisteoirí mura ndéanfaidh an comhlacht gairmiúil ceadaithe, a bheidh ag déanamh iarratais chun an scéim a bhunú, an t-údarás maoirseachta a shásamh—
(a) go gcumasóidh sé cúiteamh a íoc le cliaint de chuid gnólachtaí infheistíochta de réir an Achta seo,
(b) go bhfuil forálacha leordhóthanacha i rialacha na scéime beartaithe chun a chumasú di oibriú de réir an Achta seo agus de réir aon choinníollacha nó ceanglas, nó de réir aon choinníollacha agus ceanglas, a fhorchuirfidh an t-údarás maoirseachta,
(c) maidir le hionracas agus inniúlacht gach duine de na stiúrthóirí agus na bainisteoirí nó de na daoine freagracha eile de chuid na scéime beartaithe,
(d) go bhfuil na socraíochtaí maoiniúcháin a bheidh le cur i bhfeidhm agus an modh ar a bhfuil an scéim bheartaithe le comhdhéanamh de chineál a fhágfaidh go mbeidh forálacha réasúnacha ann sa scéim chun foráil a dhéanamh maidir le cúiteamh d'infheisteoirí, agus
(e) nach dóigh d'oibriú na scéime dochar a dhéanamh d'oibriú aon scéime eile cúitimh d'infheisteoirí arna ceadú ag an údarás maoirseachta nó d'oibriú na socraíochtaí um chúiteamh d'infheisteoirí arna mbunú ag an gCuideachta.
(7) Aon uair a dhiúltóidh an t-údarás maoirseachta scéim chúitimh a cheadú de réir an ailt seo, seirbheálfaidh sé fógra ar na daoine a bhfuil an scéim chúitimh á beartú acu, á rá go bhfuil sé ag diúltú an scéim chúitimh a cheadú agus leagfaidh sé amach na cúiseanna leis an diúltú sin san fhógra, agus féadfaidh na daoine a mbeidh an scéim chúitimh á beartú acu, laistigh de 21 lá tar éis dóibh an fógra sin a fháil, achomharc a dhéanamh chun na Cúirte in aghaidh an chinnidh.
(8) Féadfaidh an t-údarás maoirseachta, aon tráth roimh cheadú a dheonú nó a dhiúltú, tuilleadh faisnéise a iarraidh ar an gcomhlacht gairmiúil ceadaithe nó féadfaidh sé a ordú d'oifigeach údaraithe cibé fiosrúcháin a dhéanamh nó cibé imscrúdú a dhéanamh is gá chun iarratas faoin alt seo a mheas.
(9) Aon leasú a bheartaítear a dhéanamh ar mheabhrán comhlachais nó ar airteagail chomhlachais nó ar rialacha cuideachta a oibríonn scéim chúitimh d'infheisteoirí arna ceadú faoin alt seo nó ar rialacha scéime cúitimh den sórt sin, nó aon ábhar breise a bheartaítear a chur leis na nithe sin, de réir mar is cuí, ní dhéanfar amhlaidh gan toiliú i scríbhinn ón údarás maoirseachta, agus féadfaidh an t-údarás maoirseachta an leasú nó an t-ábhar breise sin a cheadú, nó diúltú déanamh amhlaidh, de réir mar is cuí leis.
(10) Féadfaidh an t-údarás maoirseachta a cheangal go ndéanfar athruithe ar mheabhrán comhlachais nó airteagail chomhlachais cuideachta a oibríonn scéim chúitimh d'infheisteoirí faoin alt seo nó ar na rialacha faoina bhfuil scéim chúitimh den sórt sin ag oibriú.
Ceadú scéime cúitimh a chúlghairm.
26.—Féadfaidh an t-údarás maoirseachta, tar éis dul i gcomhairle leis an gCuideachta, iarratas a dhéanamh ar shlí achomair chun na Cúirte ar ordú chun ceadú scéime cúitimh faoi alt 25 a chúlghairm más rud é—
(a) go measann an t-údarás maoirseachta nár chomhlíon an scéim chúitimh coinníollacha nó ceanglais a d'fhorchuir an t-údarás maoirseachta faoi alt 25,
nó
(b) go bhfuil athrú ábhartha tar éis teacht ar na dálaí ó deonaíodh an ceadú ar athrú é a fhágann go ndéanfaí cinneadh difriúil i ndáil leis an iarratas ar cheadú dá ndéanfaí iarratas ar cheadú tráth an iarratais chun na Cúirte.
Mainneachtain ag gnólachtaí infheistíochta oibleagáidí a chomhlíonadh.
27.—(1) Tabharfaidh an Chuideachta fógra don údarás maoirseachta i gcás go mainneoidh gnólacht infheistíochta, nach ball de scéim chúitimh arna ceadú ag an údarás maoirseachta faoi alt 25, na hoibleagáidí a chomhlíonadh a fhorchuirtear air leis an Acht seo agus faoi.
(2) Déanfaidh comhlacht gairmiúil ceadaithe, a bhfuil scéim chúitimh bunaithe aige ar scéim í arna ceadú ag an údarás maoirseachta faoi alt 25, fógra a thabhairt don údarás maoirseachta i gcás inar mhainnigh sé a chinntiú go ndéanfadh gnólacht infheistíochta is ball den scéim na hoibleagáidí a bhfuil an gnólacht faoina réir de bhua a bhallraíochta sa scéim sin a chomhlíonadh.
(3) I gcás ina gcuirfear in iúl don údarás maoirseachta de réir fho-alt (1) nó (2) gur mhainnigh gnólacht infheistíochta oibleagáidí a chomhlíonadh nó i gcás inar mhainnigh gnólacht infheistíochta coinníollacha nó ceanglais arna bhforchur faoi alt 21 a chomhlíonadh, féadfaidh an t-údarás maoirseachta ordachán a thabhairt i scríbhinn don ghnólacht infheistíochta agus do na stiúrthóirí agus dóibh siúd atá freagrach as bainistiú an ghnólachta infheistíochta sin á cheangal ar an ngnólacht infheistíochta ceachtar de na nithe seo a leanas, nó iad araon, a dhéanamh:
(a) na hoibleagáidí sin, nó na coinníollacha nó na ceanglais sin arna bhforchur faoi alt 21, a chomhlíonadh, lena n-áirítear aon suimeanna neamhíoctha a bheidh dlite de don Chuideachta nó don scéim chúitimh arna ceadú faoi alt 25 a íoc faoi dháta a bheidh sonraithe ag an údarás maoirseachta, nó
(b) aon cheann nó gach ceann de na nithe seo a leanas a chur ar fionraí ar feadh cibé tréimhse (nach faide ná dhá mhí dhéag) a bheidh sonraithe san ordachán:
(i) seoladh gnó gnólachta infheistíochta;
(ii) íocaíochtaí a dhéanamh nach mbaineann mír (a) leo;
(iii) aon sócmhainní nó dliteanais a fháil nó a dhiúscairt;
(iv) idirbhearta d'aon chineál a shonróidh an t-údarás maoirseachta a dhéanamh nó iad a dhéanamh ach amháin in imthosca sonraithe nó go feadh méid shonraithe;
(v) gnó a shireadh ar dhaoine de chineál a shonróidh an t-údarás maoirseachta nó ar shlí seachas ar dhaoine den sórt sin;
(vi) gnó a sheoladh ar shlí a shonróidh an t-údarás maoirseachta nó ar shlí seachas slí den sórt sin.
(4) Beidh éifeacht le hordachán faoi fho-alt (3) ón dáta a shonróidh an t-údarás maoirseachta.
(5) Beidh feidhm ag an Dara Sceideal maidir le hordachán ón údarás maoirseachta faoin alt seo.
Iarratas chun na Cúirte chun ordachán a dhaingniú.
28.—(1) I gcás ina dtabharfaidh an t-údarás maoirseachta ordachán faoi alt 27, agus gur deimhin leis, tar éis tréimhse réasúnaí, nach bhfuil an t-ordachán sin á chomhlíonadh, féadfaidh sé iarratas a dhéanamh ar shlí achomair chun na Cúirte ar ordú chun an t-ordachán a dhaingniú.
(2) Féadfaidh an Chúirt, ar iarratas a bheith déanta faoi fho-alt (1), fianaise a éisteacht ó chreidiúnaithe, agus féadfaidh an Chúirt cibé ordú eatramhach nó idirbhreitheach, más ann, is cuí léi, a dhéanamh in aon iarratas faoin alt seo.
(3) Le linn ordachán arna dhéanamh faoi alt 27 a bheith i bhfeidhm, ní fhéadfar aon imeachtaí foirceannta i ndáil leis an ngnólacht infheistíochta nó, i gcás gnólachta infheistíochta atá comhdhéanta mar chomhlacht neamhchorpraithe daoine, aon imeachtaí i gcomhair ordaithe díscaoilte, nó, i gcás gnólachta infheistíochta atá comhdhéanta mar thrádálaí aonair, aon imeachtaí féimheachta a thosú, ná ní fhéadfar aon rún le haghaidh foirceannadh a rith i ndáil leis an ngnólacht infheistíochta, agus ní dhéanfar aon ghlacadóir a cheapadh ar shócmhainní nó ar aon chuid de shócmhainní an ghnólachta infheistíochta agus ní dhéanfar na sócmhainní sin a astú, a fhorghabháil nó a thochsal ar shlí eile seachas le ceadú na Cúirte roimh ré.
(4) Féadfaidh an Chúirt imeachtaí nó cuid d'imeachtaí faoin alt seo a éisteacht ar shlí seachas go poiblí.
(5) Féadfaidh creidiúnaí a ndéanfaidh ordachán faoi alt 27(3) difear dó nó di iarratas a dhéanamh chun na Cúirte chun an t-ordachán sin a athrú nó a chur ar ceal i gcás ina ndéanfaidh sé difear do leasanna an chreidiúnaí go feadh méid ábhartha.
(6) Faoi réir fho-alt (7), i gcás go mainneoidh gnólacht infheistíochta ordachán a thabharfar faoi alt 27 a chomhlíonadh, déanfaidh an t-údarás maoirseachta—
(a) i gcás gnólachta infheistíochta is gnólacht gnó infheistíochta údaraithe chun críocha Acht 1995, iarratas chun na Cúirte ar ordú chun údarú an ghnólachta infheistíochta a chúlghairm de réir alt 16(2) d'Acht 1995 agus, chun na gcríoch seo, is ionann mainneachtain ag an ngnólacht infheistíochta a chuid oibleagáidí faoin Acht seo a chomhlíonadh agus imthosca ina bhféadfaidh an t-údarás maoirseachta iarratas a dhéanamh chun na Cúirte ar shlí achomair ar ordú chun údarú an ghnólachta gnó infheistíochta a chúlghairm de réir alt 16(2) d'Acht 1995,
(b) i gcás gnólachta infheistíochta is ballghnólacht údaraithe chun críocha an Achta um Stocmhalartáin, 1995, iarratas chun na Cúirte ar ordú chun údarú an ghnólachta infheistíochta a chúlghairm de réir alt 24 den Acht sin agus, chun na gcríoch seo, is ionann mainneachtain ag an ngnólacht infheistíochta a chuid oibleagáidí faoin Acht seo a chomhlíonadh agus imthosca ina bhféadfaidh an Banc iarratas a dhéanamh chun na Cúirte ar shlí achomair ar ordú chun údarú an bhallghnólachta údaraithe a chúlghairm de réir alt 24(2) den Acht um Stocmhalartáin, 1995;
(c) i gcás gnólachta infheistíochta is foras creidmheasa, déanfaidh an Banc údarú an fhorais creidmheasa a leasú faoi Threoir Uimh. 77/780/CEE an 12 Nollaig, 1977, ón gComhairle, agus faoi Threoir Uimh. 89/646/CEE an 15 Nollaig, 1989, ón gComhairle chun nach gceadófar feasta le húdarú an fhorais creidmheasa seirbhísí infheistíochta atá liostaithe san Iarscríbhinn a ghabhann leis an Treoir um Sheirbhísí Infheistíochta a sholáthar, agus cuirfidh sé an méid sin in iúl láithreach don fhoras creidmheasa, nó
(d) i gcás gnólachta infheistíochta is idirghabhálaí árachais, a chur in iúl don Chuideachta agus don ghnólacht infheistíochta gur mhainnigh an gnólacht infheistíochta a chuid oibleagáidí a chomhlíonadh faoin Acht seo.
(7) I gcás gnólachta infheistíochta a thagann faoi réir na Treorach um Chúiteamh d'Infheisteoirí, tabharfaidh an t-údarás maoirseachta fógra nach lú ná dhá mhí dhéag don ghnólacht infheistíochta á rá go bhfuil sé beartaithe aige gníomh a thionscnamh in aghaidh an ghnólachta infheistíochta de réir mhír (a), (b) nó (c) d'fho-alt (6) de réir mar is cuí.
Táirgeoirí táirgí.
29.—(1) D'ainneoin alt 16 d'Acht an Bhainc Ceannais, 1989, más rud é go ndéanfaidh an t-údarás maoirseachta údarú gnólachta gnó infheistíochta a chúlghairm nó, i gcás gnólachta infheistíochta is idirghabhálaí árachais, go gcuirfidh sé in iúl don Chuideachta gur mhainnigh an gnólacht infheistíochta a chuid oibleagáidí faoin Acht seo a chomhlíonadh, cuirfidh an t-údarás maoirseachta in iúl do na táirgeoirí táirgí sin ar shealbhaigh an gnólacht infheistíochta ceapachán bailí scríofa uathu an tráth sin gur mhainnigh an gnólacht infheistíochta a oibleagáidí faoin Acht seo a chomhlíonadh.
(2) Maidir le táirgeoirí táirgí a gcuirfidh an t-údarás maoirseachta in iúl dóibh, de réir fho-alt (1), gur mhainnigh gnólacht infheistíochta a oibleagáidí faoin Acht seo a chomhlíonadh, déanfaidh siad, ar an méid sin a bheith curtha in iúl dóibh, ceapacháin scríofa an ghnólachta infheistíochta a chealú.
(3) Is cion ag táirgeoir táirgí, a gcuirfidh an t-údarás maoirseachta in iúl dó, de réir fho-alt (1), gur mhainnigh gnólacht infheistíochta a oibleagáidí faoin Acht seo a chomhlíonadh, glacadh le haon orduithe a tharchuirfidh an gnólacht infheistíochta thar ceann cliaint nó le haon airgead le cliant, tar éis an méid sin a bheith curtha in iúl dó amhlaidh, ach amháin le ceadú i scríbhinn ón údarás maoirseachta.
(4) Ní thabharfaidh táirgeoir táirgí ceapachán scríofa do ghnólacht infheistíochta mura rud é, a mhéid is fearr is eol dó agus a chreideann sé, tar éis a chur faoi deara fiosrú réasúnach a dhéanamh, nach gnólacht gnó infheistíochta é an gnólacht infheistíochta ar cúlghaireadh a údarú faoi alt 16 d'Acht 1995 gan é a bheith curtha i bhfeidhm arís dá éis sin.
(5) Ní thabharfaidh táirgeoir táirgí ceapachán scríofa do ghnólacht infheistíochta is idirghabhálaí árachais, ach amháin le ceadú i scríbhinn ón údarás maoirseachta, mura rud é, a mhéid is fearr is eol dó agus a chreideann sé, tar éis a chur faoi deara fiosrú réasúnach a dhéanamh, nach gnólacht infheistíochta lena mbaineann alt 28(6)(d) an gnólacht infheistíochta, agus, d'ainneoin alt 16 d'Acht an Bhainc Ceannais, 1989, féadfaidh an t-údarás maoirseachta an ceadú sin a thabhairt i scríbhinn.
CUID III
Cúiteamh a Íoc le hInfheisteoirí
Léiriú do Chuid III.
30.—(1) Sa Chuid seo—
ciallaíonn “caillteanas inchúitithe” 90 faoin gcéad de mhéid glanchaillteanais infheisteora nó 20,000 ECU, cibé acu is lú;
ciallaíonn “glanchaillteanas“, i ndáil le gach cliant de chuid gnólachta infheistíochta, méid dhliteanas an ghnólachta infheistíochta i leith na nithe seo a leanas—
(a) airgead atá dlite don chliant nó is leis an gcliant agus a shealbhaíonn an gnólacht infheistíochta thar ceann an chliaint i dtaca leis an ngnólacht infheistíochta do sholáthar seirbhísí gnó infheistíochta, agus
(b) ionstraimí infheistíochta, agus luach na n-ionstraimí infheistíochta á chinneadh, más féidir, faoi threoir a margadhluacha, ar ionstraimí infheistíochta leis an gcliant iad arna sealbhú, arna riaradh nó arna mbainistiú thar ceann an chliaint ag an ngnólacht infheistíochta i dtaca leis an ngnólacht infheistíochta do sholáthar seirbhísí gnó infheistíochta,
ar an lá a dhéantar cinneadh faoi alt 31 (3) nó rialú, de réir mar is cuí, nach bhfuil an gnólacht infheistíochta in ann a chomhlíonadh de réir na gcoinníollacha dlíthiúla agus conarthacha is infheidhme ach ní fholóidh sé—
(i) aon mhéid lena mbaineann fo-alt (2),
(ii) aon airgead nó ionstraimí infheistíochta arna sealbhú nó arna gcothabháil ag gnólacht infheistíochta thar ceann infheisteora eisiata,
(iii) airgead nó ionstraimí infheistíochta a éiríonn as idirbhearta a mbeidh cion déanta ina leith faoi Chuid IV nó alt 57 nó 58 den Acht um Cheartas Coiriúil, 1994, nó a mbeidh ciontú coiriúil ann ina leith mar gheall ar sciúradh airgid arna mhíniú in Airteagal 1 de Threoir Uimh. 91/308/CEE an 10 Meitheamh, 1991, ón gComhairle1 maidir le cosc a chur le húsáid an chórais airgeadais le haghaidh sciúradh airgid.
(2) Le linn méid glanchaillteanais cliaint a ríomh—
(a) bainfear as dliteanas iomlán an ghnólachta infheistíochta i leith chliant an ghnólachta infheistíochta méid aon dliteanais a bheidh ar aon duine i leith an ghnólachta infheistíochta sin a raibh ceart fritháirimh ina leith in aghaidh an ghlanchaillteanais sin ar marthain díreach roimh an gcinneadh ag an údarás maoirseachta faoi alt 31 (3) nó díreach roimh an rialú nó a mbeadh ceart den sórt sin ar marthain ina leith dá mba rud é—
(i) go mbeadh an t-airgead nó na hionstraimí infheistíochta inaisíoctha ar éileamh, agus
(ii) go mbeadh an dliteanas sin dlite,
díreach roimh an gcinneadh nó an rialú sin;
(b) ní chuirfear i gcuntas aon fhiach de chuid an ghnólachta infheistíochta mura mbeidh sé cruthaithe;
(c) ní chuirfear i gcuntas—
(i) airgead atá dlite do chliant nó ar le cliant é agus atá á shealbhú thar ceann an chliaint ag gnólacht infheistíochta i dtaca le soláthar seirbhísí infheistíochta don chliant ag an ngnólacht infheistíochta agus
(ii) ionstraimí infheistíochta ar le cliant iad agus atá á sealbhú, á riaradh nó á mbainistiú thar ceann an chliaint ag an ngnólacht infheistíochta i dtaca le soláthar seirbhísí infheistíochta don chliant,
i gcás ina ndearna an cliant an t-airgead nó na hionstraimí infheistíochta a chur ar iontaoibh an ghnólachta infheistíochta aon tráth nach raibh an gnólacht infheistíochta ina ghnólacht infheistíochta údaraithe, mura deimhin leis an údarás maoirseachta nárbh eol don chliant agus nach bhféadfaí a bheith ag súil le réasún gurbh eol don chliant, an tráth a ndearnadh an t-airgead nó na hionstraimí infheistíochta a chur ar iontaoibh amhlaidh, nár ghnólacht infheistíochta údaraithe an gnólacht infheistíochta;
(d) déanfar, i gcás idirghabhálaí árachais, méid préimhe polasaí árachais a bheidh íoctha ag an gcliant leis an idirghabhálaí árachais ach nár cuireadh chuig gnóthas árachais nó, i gcás go bhfuil cliant de chuid idirghabhálaí árachais tar éis caillteanas airgeadais a fhulaingt de dhroim mainneachtain ag an idirghabhálaí árachais árachas d'aicme a shonraítear in Iarscríbhinn 1 a ghabhann le Rialacháin Chreata na gComhphobal Eorpach (Árachas Saoil), 1994, nó in Iarscríbhinn 1 a ghabhann le Rialacháin Chreata na gComhphobal Eorpach (Árachas Neamh-Shaoil), 1994, a shocrú thar ceann an chliaint, méid an chaillteanais airgeadais sin a chur i gcuntas.
(3) Gan dochar d'fho-alt (2),
(a) folaíonn “glanchaillteanas” airgead nó ionstraimí infheistíochta a chuirfidh cliant ar iontaoibh gnólachta infheistíochta, ar gnólacht infheistíochta é chun críocha na Treorach um Chúiteamh d'Infheisteoirí, roimh thosach feidhme an Achta seo nó dá éis, i gcás an t-airgead sin nó na hionstraimí infheistíochta sin a bheith curtha ar iontaoibh ag an gcliant i dtaca le soláthar seirbhísí gnó infheistíochta is gnó infheistíochta chun críocha na Treorach um Chúiteamh d'Infheisteoirí;
(b) folaíonn “glanchaillteanas”, i gcás gnólachta infheistíochta nach gnólacht infheistíochta chun críocha na Treorach um Chúiteamh d'Infheisteoirí, airgead nó ionstraimí infheistíochta a chuirfidh cliant ar iontaoibh an ghnólachta infheistíochta tar éis thosach feidhme an Achta seo.
(4) Chun críocha fho-alt (2)(b), féadfar cruthúnas ar fhiach a thabhairt i bhfoirm ráitis mhionsonraithe cuntais, i bhfoirm mionnscríbhinne féich nó ar aon mhodh forordaithe.
Cinneadh nach bhfuil gnólacht infheistíochta in ann a oibleagáidí a chomhlíonadh.
31.—(1) Más dealraitheach don údarás maoirseachta nach bhfuil gnólacht infheistíochta in ann, de thuras na huaire, ar chúiseanna a bhaineann go díreach lena imthosca airgeadais, a oibleagáidí a chomhlíonadh a éiríonn as éilimh ó chliaint agus nach bhfuil aon deis réasúnach intuartha aige a bheith in ann déanamh amhlaidh, déanfaidh an t-údarás maoirseachta fógra a sheirbheáil ar an ngnólacht infheistíochta á rá go bhfuil sé beartaithe aige cinneadh a dhéanamh sa chéill sin.
(2) Maidir le gnólacht infheistíochta, ar chuir an t-údarás maoirseachta in iúl dó go bhfuil sé beartaithe ag an údarás maoirseachta cinneadh a dhéanamh de réir fho-alt (1), féadfaidh sé, laistigh de thrí seachtaine, achomharc a dhéanamh chun na Cúirte in aghaidh a bhfuil beartaithe ag an údarás maoirseachta agus féadfaidh an Chúirt an t-achomharc a cheadú nó a dhícheadú.
(3) I gcás nach mbeidh aon achomharc ann nó go ndícheadóidh an Chúirt an t-achomharc faoi fho-alt (2), féadfaidh an t-údarás maoirseachta cinneadh a dhéanamh de réir bhrí fho-alt (1).
(4) Le linn cinneadh a dhéanamh de réir fho-alt (3), déanfaidh an t-údarás maoirseachta aird a thabhairt ar na nithe seo a leanas—
(a) aon tuarascáil ó oifigeach údaraithe,
(b) aon tuarascáil ó oifigeach údaraithe a léireoidh nach raibh stiúrthóir, bainisteoir nó scairshealbhóir de chuid an ghnólachta infheistíochta in ann, tar éis fógra réasúnach a thabhairt dó nó di déanamh amhlaidh, fianaise a thabhairt ar aird go bhfuil sócmhainní agus dliteanais an ghnólachta infheistíochta ann, nó
(c) aon fhaisnéis eile a bheidh i seilbh an údaráis maoirseachta.
Iarratais ar chúiteamh.
32.—(1) Tar éis don údarás maoirseachta a chur in iúl di nó dó—
(a) go bhfuil cinneadh déanta faoi alt 31(3), nó
(b) go bhfuil rialú déanta ag cúirt,
déanfaidh an Chuideachta nó, más infheidhme i gcás gnólachta infheistíochta atá nó a bhí ina bhall de scéim chúitimh arna ceadú faoi alt 25, an duine atá freagrach as an scéim chúitimh sin a riaradh—
(i) más féidir, an cinneadh nó an rialú a chur in iúl, leis an ngnáthphost réamhíoctha, do chliaint an ghnólachta infheistíochta lena mbaineann agus iarratais ar íocaíochtaí faoi alt 34 a lorg, faoi dháta nach mbeidh níos lú ná cúig mhí ó dháta an chinnidh nó an rialaithe, agus
(ii) fógraí a fhoilsiú in aon cheann de na nuachtáin a scaiptear sa Stát nó in áit eile nó san Iris Oifigiúil, ar fógraí iad ina dtabharfar fógra faoin gcinneadh nó faoin rialú agus ina lorgófar iarratais ar íocaíochtaí faoi alt 34, faoi dháta nach mbeidh níos lú ná cúig mhí ó dháta an chinnidh nó an rialaithe.
(2) Más deimhin leis an údarás maoirseachta nach raibh infheisteoir in ann ar chúis mhaith iarratas a dhéanamh ar íocaíocht faoi alt 34 laistigh den tréimhse ama a bheidh sonraithe ag an gCuideachta nó leis an scéim chúitimh, ordóidh an t-údarás maoirseachta don Chuideachta nó don scéim chúitimh déileáil leis an iarratas amhail is dá mba rud é go ndearnadh é laistigh den tréimhse ama a bheidh sonraithe.
(3) Ní dhlífear den Chuideachta ná de scéim chúitimh arna ceadú faoi alt 25 íocaíocht a dhéanamh faoi alt 34 i gcás nach ndéanfar iarratas ar íocaíocht laistigh den tréimhse ama a bheidh sonraithe ag an gCuideachta nó leis an scéim chúitimh, más rud é nár ordaigh an t-údarás maoirseachta don Chuideachta nó don scéim chúitimh déileáil leis an iarratas amhail is dá mba rud é go ndearnadh é laistigh den tréimhse ama a bheidh sonraithe de réir fhorálacha fho-alt (2).
(4) Ní chuirfidh aon ní san alt seo toirmeasc ar phearsa aonair iarratas a dhéanamh ar íocaíocht faoi alt 34.
Riarthóir a cheapadh.
33.—(1) Féadfaidh an t-údarás maoirseachta riarthóir a cheapadh chuig gnólacht infheistíochta a mbeidh cinneadh déanta ina leith de réir alt 31(3) nó a mbeidh rialú déanta ag cúirt ina leith.
(2) Beidh cumhachtaí oifigigh údaraithe faoi Acht 1995 ag riarthóir a cheapfaidh an t-údarás maoirseachta chuig gnólacht infheistíochta faoi fho-alt (1) i ndáil leis an ngnólacht infheistíochta agus beidh feidhm dá réir sin ag na cumhachtaí atá ar fáil d'oifigeach údaraithe faoin Acht sin i ndáil le gnólachtaí infheistíochta.
(3) Déanfaidh an riarthóir ainmneacha infheisteoirí cáilithe agus ráiteas maidir le glanchaillteanas gach infheisteora den sórt sin agus ráiteas maidir le caillteanas inchúitithe gach infheisteora den sórt sin a sheachadadh ar an gCuideachta nó ar an scéim chúitimh arna ceadú faoi alt 25, a raibh nó a bhfuil an gnólacht infheistíochta ina bhall de nó di, de réir mar is cuí, agus ar an údarás maoirseachta, a luaithe is indéanta.
(4) Féadfaidh riarthóir a iarraidh ar an gCúirt aon cheist a chinneadh a éireoidh i ndáil lena fheidhmeanna nó lena feidhmeanna faoin Acht seo.
Cúiteamh a íoc.
34.—(1) I gcás gnólachta infheistíochta a mbeidh cinneadh faoi alt 31 déanta ag an údarás maoirseachta nó rialú déanta ag cúirt ina leith, más rud é nach raibh an gnólacht infheistíochta ina bhall de scéim chúitimh arna ceadú faoi alt 25 tráth an chinnidh nó an rialaithe, íocfaidh an Chuideachta le gach infheisteoir cáilithe méid is comhionann le caillteanas inchúitithe an infheisteora cháilithe sin.
(2) I gcás gnólachta infheistíochta a mbeidh cinneadh faoi alt 31 déanta ag an údarás maoirseachta nó rialú déanta ag cúirt ina leith, más rud é go raibh an gnólacht infheistíochta ina bhall de scéim chúitimh arna ceadú faoi alt 25 tráth an chinnidh nó an rialaithe, íocfaidh an scéim chúitimh sin le gach infheisteoir cáilithe méid is comhionann le caillteanas inchúitithe an infheisteora cháilithe sin.
(3) Go dtí an 31ú lá de Nollaig, 1999, más rud é—
(a) go n-éireoidh caillteanas inchúitithe as gnólacht infheistíochta údaraithe do sholáthar seirbhísí gnó infheistíochta i mBallstát eile, agus
(b) gur gnó infheistíochta chun críocha na Treorach um Chúiteamh d'Infheisteoirí na seirbhísí gnó infheistíochta a sholáthraítear,
íocfaidh an Chuideachta leis an infheisteoir cáilithe méid is comhionann leis an méid is lú díobh seo a leanas—
(i) an caillteanas inchúitithe sin, nó
(ii) an méid a mbeadh an t-infheisteoir cáilithe ina theideal de réir Airteagal 7 den Treoir um Chúiteamh d'Infheisteoirí más rud é go raibh an gnólacht infheistíochta ina ghnólacht infheistíochta arna údarú de réir na Treorach um Sheirbhísí d'Infheisteoirí sa Bhallstát eile sin nó ina fhoras creidmheasa arna údarú de réir Threoir 77/780/CEE ón gComhairle arna leasú le Treoir 89/646/CEE ón gComhairle sa Bhallstát eile sin.
(4) I gcás íocaíocht a bheith déanta ag an gCuideachta faoi fho-alt (1) agus go mbaineann an íocaíocht sin go léir nó cuid di le glanchaillteanais de chuid cliaint a d'éirigh as seirbhísí gnó infheistíochta arna soláthar ag an ngnólacht infheistíochta fad a bhí sé ina bhall de scéim chúitimh arna ceadú faoi alt 25, íocfaidh an scéim chúitimh iomchuí leis an gCuideachta méid a mbeidh idir é agus caillteanas inchúitithe an chliaint an chomhréir chéanna atá idir glanchaillteanas an chliaint, a d'éirigh le linn don ghnólacht infheistíochta a bheith ina bhall den scéim chúitimh, agus glanchaillteanas an chliaint.
(5) I gcás íocaíocht a bheith déanta faoi fho-alt (2) ag scéim chúitimh arna ceadú faoi alt 25 agus go mbaineann an íocaíocht sin go léir nó cuid di le glanchaillteanais de chuid cliaint a d'éirigh as seirbhísí gnó infheistíochta arna soláthar ag an ngnólacht infheistíochta fad nach raibh sé ina bhall de scéim chúitimh arna ceadú faoi alt 25, íocfaidh an Chuideachta leis an scéim chúitimh iomchuí méid a mbeidh idir é agus caillteanas inchúitithe an chliaint an chomhréir chéanna atá idir glanchaillteanas an chliaint, a d'éirigh fad nach raibh an gnólacht infheistíochta ina bhall den scéim chúitimh arna ceadú faoi alt 25, agus glanchaillteanas an chliaint.
(6) I gcás ranníocaí a bheith íoctha ag gnólacht infheistíochta le cistí éagsúla arna gcothabháil ag an gCuideachta de bhua athraithe ar an aicme nó ar an earnáil gnólachta infheistíochta lenar bhain an gnólacht infheistíochta, agus gur éirigh glanchaillteanais chliaint an ghnólachta infheistíochta fad a bhain an gnólacht infheistíochta leis na haicmí nó na hearnálacha éagsúla sin, déanfaidh an Chuideachta iarracht a chinntiú gur as an gciste arna chothabháil i leith na haicme nó na hearnála cuí gnólachta infheistíochta a dhéanfar na híocaíochtaí arna ndéanamh faoin alt seo.
(7) I gcás ina n-éireoidh díospóid nó easaontas i leith íocaíochtaí faoi fho-alt (4), (5) nó (6), déanfar an díospóid nó an t-easaontas sin a réiteach faoi rialacháin arna ndéanamh ag an Aire ar chomhairle an údaráis maoirseachta.
Forálacha breise maidir le cúiteamh a íoc.
35.—(1) Faoi réir fho-ailt (2) agus (3), déanfaidh an Chuideachta nó scéim chúitimh arna ceadú faoi alt 25 íocaíochtaí faoi alt 34 i leith caillteanas inchúitithe a chuirfidh an riarthóir in iúl di faoi alt 33(3) a íoc a luaithe is indéanta agus ar a dhéanaí laistigh de thrí mhí ón dáta a mbeidh méid caillteanais inchúitithe infheisteora cháilithe curtha in iúl don Chuideachta nó don scéim chúitimh ag an riarthóir.
(2) (a) Faoi réir cheadú an údaráis maoirseachta agus cibé coinníollacha nó ceanglais a shonróidh an t-údarás maoirseachta, féadfaidh an Chuideachta nó scéim chúitimh arna ceadú faoi alt 25, in imthosca eisceachtúla, íocaíocht faoi alt 34 a iarchur.
(b) Déanfaidh an t-údarás maoirseachta, le linn ceadú a thabhairt nó coinníollacha nó ceanglais a fhorordú chun críocha mhír (a), aird a thabhairt ar cheanglais Airteagal 9 den Treoir um Chúiteamh d'Infheisteoirí.
(3) D'ainneoin na dteorainneacha ama dá bhforáiltear i bhfo-ailt (1) agus (2), i gcás ina gcúiseofar infheisteoir cáilithe i gcion faoi Chuid IV nó alt 57 nó 58 den Acht um Cheartas Coiriúil, 1994, nó ar shlí eile ag éirí as sciúradh airgid, nó i ndáil leis, arna mhíniú in Airteagal 1 de Threoir Uimh. 91/308/CEE an 10 Meitheamh, 1991, ón gComhairle féadfaidh an t-údarás maoirseachta a ordú don Chuideachta nó do scéim chúitimh arna ceadú faoi alt 25, de réir mar is cuí, aon íocaíocht leis an infheisteoir cáilithe a chur ar fionraí go dtí go dtabharfar breith na cúirte a bheidh i gceist i leith an chúisimh nó na gcúiseamh.
(4) I gcás íocaíocht faoi alt 34 a bheith déanta ag an gCuideachta nó ag scéim chúitimh arna ceadú faoi alt 25 le hinfheisteoir cáilithe, tabharfaidh an duine lenar íocadh an t-airgead sin amhlaidh cruthúnas ar na híocaíochtaí sin don Chuideachta nó don scéim chúitimh d'infheisteoirí.
(5) I gcás íocaíocht faoi alt 34 a bheith déanta ag an gCuideachta nó ag scéim chúitimh d'infheisteoirí arna ceadú faoi alt 25 le hinfheisteoir cáilithe, beidh seachaíocht ag an gCuideachta nó ag an scéim chúitimh maidir le cearta an infheisteora cháilithe sin in imeachtaí leachtaithe i gcoinne an ghnólachta infheistíochta le haghaidh méid is comhionann leis an méid a d'íoc an Chuideachta nó an scéim chúitimh faoi alt 34 leis an infheisteoir cáilithe sin.
(6) I gcás íocaíocht faoi alt 34 a bheith déanta ag an gCuideachta nó ag scéim chúitimh d'infheisteoirí arna ceadú faoi alt 25 le hinfheisteoir cáilithe, beidh seachaíocht ag an gCuideachta nó ag an scéim chúitimh maidir le cearta an infheisteora cháilithe sin i leith aon íocaíochtaí a bheidh déanta faoi bhanna arna shealbhú ag an ngnólacht infheistíochta de réir alt 51 d'Acht 1995 nó alt 47 d'Acht 1989 agus i leith aon íocaíochtaí a bheidh déanta faoi pholasaí árachais slánaíochta gairmiúla arna shealbhú ag an ngnólacht infheistíochta i leith ghlanchaillteanas an infheisteora cháilithe.
(7) Féadfaidh cliant gnólachta infheistíochta achomharc a dhéanamh chun na Cúirte i gcoinne aon diúltaithe íocaíocht a dhéanamh faoi alt 34 nó i gcoinne mhéid aon íocaíochta arna déanamh faoin alt sin.
(8) I gcás ina n-éireoidh éileamh ar íocaíocht faoi alt 34 i leith airgid ar le hinfheisteoir é agus atá á shealbhú ag gnólacht infheistíochta is foras creidmheasa i dtaca le gnó infheistíochta ionas go bhféadfaí éileamh ar íocaíocht a dhéanamh freisin faoi Rialacháin na gComhphobal Eorpach (Scéimeanna Ráthaíochta Taiscí), 1995 (I.R. Uimh. 168 de 1995), i leith an airgid sin, sonróidh an t-údarás maoirseachta go bhfuil an cliant—
(a) ina thaisceoir nó ina taisceoir eisiata chun críocha Rialacháin na gComhphobal Eorpach (Scéimeanna Ráthaíochta Taiscí), 1995, nó
(b) ina infheisteoir nó ina hinfheisteoir eisiata chun críocha an Achta seo.
Forálacha maidir le hidirghabhálaithe srianta.
36.—(1) San alt seo—
ciallaíonn “airgead admhaithe” luach airgid nó ionstraimí infheistíochta cliaint is cuid de ghlanchaillteanas infheisteora cháilithe a chuir an t-infheisteoir cáilithe ar iontaoibh idirghabhálaí shrianta le cur ar aghaidh chuig táirgeoir táirgí inaitheanta óna raibh ceapachán scríofa bailí ag an idirghabhálaí srianta an tráth a ndearnadh an t-airgead nó na hionstraimí infheistíochta a chur ar iontaoibh amhlaidh;
ciallaíonn “idirghabhálaí srianta” gnólacht infheistíochta atá nó a bhí—
(a) ina idirghabhálaí táirgí infheistíochta gníomhaíochta srianta, nó
(b) ina idirghabhálaí árachais nach gnólacht gnó infheistíochta údaraithe (mura rud é gur idirghabhálaí táirgí infheistíochta gníomhaíochta srianta é an gnólacht infheistíochta),
nó iad araon, agus nach bhfuil ina bhall de scéim chúitimh arna ceadú faoi alt 25.
(2) Déanfaidh táirgeoir táirgí, óna raibh ceapachán scríofa bailí ag idirghabhálaí srianta, méid a íoc leis an gCuideachta, i leith gach infheisteora cháilithe a ndlitear den Chuideachta íocaíocht a dhéanamh leis nó léi faoi alt 34 i leith an idirghabhálaí shrianta sin, ar méid é a mbeidh idir é agus caillteanas inchúitithe gach infheisteora cháilithe den sórt sin an chomhréir chéanna atá idir airgead admhaithe an infheisteora cháilithe a raibh sé beartaithe é a chur ar aghaidh chuig an táirgeoir táirgí sin agus glanchaillteanas an infheisteora cháilithe.
(3) Beidh seachaíocht ag táirgeoirí táirgí maidir leis an gCuideachta i leith aon éilimh ag an gCuideachta i gcoinne gnólachta infheistíochta i leith airgid arna íoc ag táirgeoirí táirgí leis an gCuideachta faoin alt seo.
(4) Ní theorannóidh ná ní athróidh aon ní in aon chonradh dliteanas táirgeora táirgí faoin alt seo.
CUID IV
Ilghnéitheach
Comhchuntais agus iontaobhaithe.
37.—(1) Más rud é—
(a) gur iontaobhaí infheisteoir cáilithe, atá ag déanamh iarratais ar íocaíocht faoi alt 34 thar ceann iontaobhais, agus
(b) go bhfuil teideal tairbhiúil ag aon tairbhí de chuid an iontaobhais lena mbaineann, i gcoinne na n-iontaobhaithe, chuig aon chuid inaitheanta den mhéid a bheidh á éileamh amhlaidh, cibé acu go hiomlán nó i gcomhpháirt le líon socair tairbhithe eile,
ansin, déileálfar leis an nglanchaillteanas a bhfuil iarratas á dhéanamh ina leith ag an iontaobhaí ar íocaíocht faoi alt 34, ach sin chun caillteanas inchúitithe a fhionnadh agus chuige sin amháin—
(i) i gcás teideal iomlán a bheith ag an tairbhí, amhail is dá mbeadh úinéireacht dhlíthiúil an airgid agus na n-ionstraimí infheistíochta arb iad atá sa ghlanchaillteanas aistrithe chuig an tairbhí,
(ii) i gcás teideal a bheith ag an tairbhí i gcomhpháirt le líon socair tairbhithe eile, amhail is dá mba ghnó comhinfheistíochta atá á chothabháil ag na tairbhithe an t-airgead agus na hionstraimí infheistíochta arb iad atá sa ghlanchaillteanas, agus amhail is dá mbeadh úinéireacht dhlíthiúil agus comhúinéireacht aistrithe chuig na tairbhithe lena mbaineann.
(2) I gcás go mbeidh daoine (is daoine seachas iontaobhaithe nó daoine lena mbaineann fo-alt (1)) ag a bhfuil, nó a ndéileáiltear leo de bhua fho-alt (1) mar dhaoine ag a bhfuil, comhúinéireacht ar airgead nó ar ionstraimí infheistíochta arb iad atá i nglanchaillteanas, i dteideal an t-airgead nó na hionstraimí infheistíochta a fháil de bhua a gcomhúinéireachta ar an airgead nó ar na hionstraimí infheistíochta, ansin déileálfar le gach duine acu, d'uireasa téarmaí agus coinníollacha speisialta, ach sin chun caillteanas inchúitithe a fhionnadh agus chuige sin amháin, mar dhuine ag a bhfuil infheistíocht ar leithligh is comhionann leis an méid a gheofaí tríd an airgead agus luach na n-ionstraimí infheistíochta lena mbaineann a roinnt go cothrom ar an líon daoine ag a bhfuil comhúinéireacht.
(3) I gcás ina mbeidh beirt duine nó níos mó i dteideal airgid nó ionstraimí infheistíochta arna bhfáil, arna sealbhú, arna rialú nó arna n-íoc ag gnólacht infheistíochta mar bhaill de chomhpháirtíocht, de chomhlachas nó de ghrúpáil dá samhail, gan pearsantacht dhlíthiúil (cibé acu i scaireanna cothroma nó nach ea), déileálfar leis an airgead nó leis na hionstraimí infheistíochta sin mar infheistíocht aonair.
(4) Féadfaidh an t-údarás maoirseachta agus, más gá chun glanchaillteanas a fhionnadh, an riarthóir lena mbaineann a cheangal ar aon duine a bheidh ag éileamh íocaíochta faoi alt 34 dóthain faisnéise a chur ar fáil chun a chumasú cinneadh a dhéanamh i dtaobh an mbaineann an t-alt seo leis an airgead nó na hionstraimí sin.
(5) Más rud é, i gcás lena mbaineann fo-alt (1) nó (2), go mbaineann éileamh cliaint ar íocaíocht faoi alt 34 le hairgead nó ionstraimí infheistíochta eile freisin, déanfar an t-airgead nó na hionstraimí infheistíochta eile sin a chomhiomlánú, chun glanchaillteanas a fhionnadh, le haon mhéid airgid nó ionstraimí infheistíochta a bheidh á chothabháil nó á gcothabháil ag an duine sin chun críocha fho-alt (1) nó fho-alt (2), nó chun críocha an dá fho-alt sin, agus déanfar an caillteanas inchúitithe a fhionnfar amhlaidh a roinnt agus a íoc go cuí leis an duine lena mbaineann agus leis na hiontaobhaithe lena mbaineann nó leis an duine sin i gcomhpháirt le daoine eile (de réir mar is gá sna himthosca), nó leo araon, sa chomhréir chéanna nó sna comhréireanna céanna atá idir na méideanna arna gcomhiomlánú amhlaidh.
Faisnéis d'infheisteoirí agus fógraíocht.
38.—(1) Ach amháin i gcás ina mbeidh feidhm ag fo-alt (2), déanfaidh gnólachtaí infheistíochta cibé faisnéis a bhaineann le cúiteamh d'infheisteoirí a shonróidh an t-údarás maoirseachta a chur ar fáil d'infheisteoirí iarbhír agus d'infheisteoirí beartaitheacha ar mhodh agus i bhfoirm a shonróidh an t-údarás maoirseachta.
(2) I gcás ina ndéanfar brainse de ghnólacht infheistíochta, atá údaraithe nó a bhí údaraithe tráth ag an údarás maoirseachta, a bhunú i mBallstát eile de réir fhorálacha na Treorach um Sheirbhísí d'Infheisteoirí, déanfar an fhaisnéis dá bhforáiltear i bhfo-alt (1) a chur ar fáil ar an modh forordaithe i dteanga oifigiúil nó i dteangacha oifigiúla an Bhallstáit ina mbunófar an brainse.
(3) Ach amháin le toiliú scríofa roimh ré ón údarás maoirseachta, ní fhógróidh aon ghnólacht infheistíochta ná ní chuirfidh sé faoi deara go bhfógrófar, (cibé slí ina sonrófar é), go bhfuil airgead nó ionstraimí infheistíochta a thaiscfear leis an ngnólacht infheistíochta cosanta trí chiste cúitimh d'infheisteoirí.
Gnólachtaí infheistíochta do dhul isteach i scéimeanna cúitimh i mBallstáit eile.
39.—(1) Beidh feidhm ag an alt seo i gcás ina mbeidh gnólacht infheistíochta tar éis brainse a bhunú i mBallstát eile de réir fhorálacha Airteagal 17 den Treoir um Sheirbhísí Infheistíochta nó de réir fhorálacha Airteagal 18 de Threoir Uimh. 89/646/CEE an 15 Nollaig, 1989, ón gComhairle agus go mbeidh sé, faoi fhorálacha Airteagal 7 den Treoir um Chúiteamh d'Infheisteoirí, tar éis dul isteach i scéim chúitimh d'infheisteoirí laistigh de chríoch an Bhallstáit sin.
(2) I gcás ina gcuirfear in iúl don údarás maoirseachta nach ndearna brainse, a bunaíodh i mBallstát eile agus a chuaigh isteach i scéim chúitimh d'infheisteoirí chun críocha fho-alt (1), na hoibleagáidí a chomhlíonadh a forchuireadh air de dhroim a bhallraíochta sa scéim chúitimh d'infheisteoirí sin, déanfaidh an t-údarás maoirseachta, i gcomhar leis an scéim chúitimh d'infheisteoirí sin, gach beart cuí a ghlacadh chun a chinntiú go ndéanfar na hoibleagáidí sin a chomhlíonadh.
(3) Beidh feidhm ag ailt 27 agus 28 maidir le gnólacht infheistíochta a bhfuil feidhm ag fo-alt (2) maidir leis amhail is dá mba oibleagáidí arna bhforchur ar an ngnólacht infheistíochta leis an Acht seo nó faoin Acht seo na hoibleagáidí a bhfuil an gnólacht infheistíochta faoina réir de dhroim a bhallraíochta i scéim chúitimh i mBallstát eile de réir Airteagal 7 den Treoir um Chúiteamh d'Infheisteoirí.
Ballraíocht de scéim chúitimh ag gnólacht infheistíochta atá údaraithe i mBallstát eile.
40.—(1) San alt seo—
ciallaíonn “cliant” infheisteoir a rinne, i dtaca le gnó infheistíochta, airgead nó ionstraimí infheistíochta a chur ar iontaoibh brainse arna bhunú sa Stát ag gnólacht infheistíochta de réir fhorálacha Airteagal 17 den Treoir um Sheirbhísí Infheistíochta nó de réir fhorálacha Airteagal 18 de Threoir Uimh. 89/646/CEE ón gComhairle;
ciallaíonn “údarás inniúil”, i ndáil le gnólacht infheistíochta, údarás inniúil chun críocha na Treorach um Chúiteamh d'Infheisteoirí i mBallstát eile;
ciallaíonn “infheisteoir cáilithe” cliant de chuid gnólachta infheistíochta atá i dteideal cúitimh de réir Airteagal 2 agus na chéad mhíre d'Airteagal 7.1 den Treoir um Chúiteamh d'Infheisteoirí agus atá tar éis iarratas a dhéanamh ar chúiteamh de réir bhrí Airteagal 2 den Treoir sin;
tá le “gnó infheistíochta” an bhrí chéanna atá leis sa Treoir um Chúiteamh d'Infheisteoirí;
ciallaíonn “gnólacht infheistíochta” gnólacht infheistíochta de réir bhrí fho-alt (2);
tá le “infheisteoir” an bhrí chéanna atá leis sa Treoir um Chúiteamh d'Infheisteoirí.
(2) Déanfaidh gnólacht infheistíochta (de réir bhrí na Treorach um Sheirbhísí Infheistíochta) atá údaraithe i mBallstát eile chun críocha na Treorach sin nó Threoir Uimh. 89/646/CEE an 15 Nollaig, 1989, ón gComhairle agus a bhfuil brainse bunaithe aige sa Stát de réir fhorálacha Airteagal 17 den Treoir um Sheirbhísí Infheistíochta agus ar mian leis an rogha a fheidhmiú maidir le páirt a ghlacadh i socraíochtaí cúitimh d'infheisteoirí sa Stát de réir Airteagal 7.1 den Treoir um Chúiteamh d'Infheisteoirí, an méid sin a chur in iúl don Chuideachta agus beidh sé agus tiocfaidh sé chun bheith ina ghnólacht infheistíochta ansin chun críocha an Achta seo.
(3) Soláthróidh gnólacht infheistíochta an fhaisnéis iomchuí go léir a iarrfaidh an Chuideachta agus íocfaidh sé ranníoc le ciste arna chothabháil ag an gCuideachta de réir fho-alt (4).
(4) Déanfaidh an Chuideachta an ranníoc a bheidh le híoc ag gnólacht infheistíochta leis an gCuideachta de réir alt 21 a chinneadh, le comhaontú an údaráis maoirseachta, ar bhonn bliantúil, ag féachaint d'Airteagal 7 agus do na treoirphrionsabail atá leagtha amach in Iarscríbhinn II den Treoir um Chúiteamh d'Infheisteoirí.
(5) Beidh an ranníoc a bheidh le híoc ag gnólacht infheistíochta leis an gCuideachta de réir alt 21 chun sochair don chiste arna chothabháil ag an gCuideachta is fearr, dar leis an údarás maoirseachta, a chomhlíonann ceanglais an ceathrú mír d'Airteagal 7.1 den Treoir um Chúiteamh d'Infheisteoirí.
(6) Ní bheidh feidhm ag ailt 27, 28, 31, 32 agus 33 maidir le gnólacht infheistíochta de réir bhrí an ailt seo.
(7) Is é a bheidh sa mhéid is iníoctha faoi alt 34 le hinfheisteoir cáilithe i gcás gnólachta infheistíochta ná méid is comhionann leis an méid ar mó caillteanas inchúitithe an infheisteora cháilithe i ndáil le hairgead nó ionstraimí infheistíochta arna gcur ar iontaoibh brainse den ghnólacht infheistíochta ag infheisteoir cáilithe i dtaca le gnó infheistíochta ná méid an chúitimh is iníoctha leis an infheisteoir cáilithe de réir Airteagal 2 agus na chéad mhíre d'Airteagal 7.1 den Treoir um Chúiteamh d'Infheisteoirí.
(8) Déanfaidh an Chuideachta íocaíocht faoi fho-alt (8) a luaithe is indéanta agus, ar a dhéanaí, laistigh de thrí mhí ón dáta a ndéanfaidh an t-údarás inniúil méid an chúitimh is iníoctha leis an infheisteoir cáilithe de réir Airteagail 2 agus 7.1, an chéad mhír, den Treoir um Chúiteamh d'Infheisteoirí a chur in iúl don Chuideachta, mura rud é go n-aontóidh an t-údarás inniúil go bhféadfar íocaíocht a dhéanamh níos déanaí ná trí mhí tar éis an dáta sin.
(9) I gcás nach gcomhlíonfaidh gnólacht infheistíochta a oibleagáidí faoin Acht seo, cuirfidh an Chuideachta an méid sin in iúl don údarás inniúil agus don údarás maoirseachta agus féadfaidh sí, le toiliú an údaráis inniúil, fógra a thabhairt don ghnólacht infheistíochta á rá nach mbeidh dliteanas ar an gCuideachta, le héifeacht ó dháta sonraithe, ar dáta é nach luaithe ná 12 mhí tar éis an dáta a chuirfear an méid sin in iúl amhlaidh, íocaíochtaí a dhéanamh faoi alt 34 le cliaint de chuid an ghnólachta infheistíochta i leith airgid nó ionstraimí infheistíochta arna chur nó arna gcur ar iontaoibh an ghnólachta infheistíochta ag cliaint tar éis an dáta a bheidh sonraithe ag an gCuideachta mura mbeidh a chuid oibleagáidí faoin Acht seo comhlíonta go hiomlán ag an ngnólacht infheistíochta laistigh de 12 mhí tar éis an dáta a chuirfear an méid sin in iúl amhlaidh.
(10) Más rud é nach gcomhlíonfaidh gnólacht infheistíochta a oibleagáidí faoin Acht seo go hiomlán tar éis fógra a fháil ón gCuideachta faoi fho-alt (9), ní bheidh dliteanas ar an gCuideachta, le héifeacht ón dáta a shonróidh an Chuideachta de réir fho-alt (9), íocaíochtaí a dhéanamh de réir alt 34 le cliaint de chuid an ghnólachta infheistíochta i leith airgid nó ionstraimí infheistíochta arna chur nó arna gcur ar iontaoibh an ghnólachta infheistíochta ag cliaint i dtaca le gnó infheistíochta tar éis an dáta a shonróidh an Chuideachta.
(11) I gcás nach gcomhlíonfaidh gnólacht infheistíochta a oibleagáidí faoin Acht seo go hiomlán laistigh de 12 mhí ó dháta an fhógra dá dtagraítear i bhfo-alt (9), déanfaidh an Chuideachta, ar dhul in éag don tréimhse 12 mhí sin, a chur in iúl don ghnólacht infheistíochta agus do chliaint an ghnólachta infheistíochta nach mbeidh dliteanas ar an gCuideachta íocaíochtaí a dhéanamh faoi alt 34 le cliaint an ghnólachta infheistíochta i leith airgid nó ionstraimí infheistíochta arna chur nó arna gcur ar iontaoibh an ghnólachta infheistíochta ag cliaint i dtaca le gnó infheistíochta tar éis an dáta a shonróidh an Chuideachta de réir fho-alt (9).
(12) I gcás ina ndéanfaidh gnólacht infheistíochta fógra a thabhairt don Chuideachta nach mian leis a thuilleadh an rogha a fheidhmiú maidir le páirt a ghlacadh i socraíochtaí cúitimh d'infheisteoirí sa Stát de réir Airteagal 7.1 den Treoir um Chúiteamh d'Infheisteoirí, ní bheidh dliteanas ar an gCuideachta, le héifeacht ó dháta an fhógra sin, íocaíochtaí a dhéanamh faoi alt 34 le cliaint an ghnólachta infheistíochta i leith airgid nó ionstraimí infheistíochta arna chur nó arna gcur ar iontaoibh an ghnólachta infheistíochta ag cliaint i dtaca le gnó infheistíochta tar éis dháta an fhógra sin.
Árachas éigeantach i gcás gnólachtaí infheistíochta údaraithe.
41.—(1) Féadfaidh an t-údarás maoirseachta a cheangal ar ghnólachtaí infheistíochta údaraithe polasaí árachais slánaíochta gairmiúla a bhaint amach i bhfoirm a shonróidh an t-údarás maoirseachta (agus féadfar foirmeacha éagsúla a shonrú le haghaidh aicmí éagsúla gnólachta infheistíochta údaraithe), lena slánófar an gnólacht infheistíochta údaraithe i leith cibé suim, ar cibé modh agus i leith cibé nithe, agus a bheidh bailí ar feadh cibé tréimhse íosta, a shonróidh an t-údarás maoirseachta ó am go ham.
(2) Nuair a cheanglaíonn an t-údarás maoirseachta ar ghnólacht infheistíochta údaraithe polasaí árachais slánaíochta gairmiúla a bhaint amach, beidh aird aige ar aon cheanglais reachtúla láithreacha atá ar earnáil nó ar earnálacha áirithe gnólachta infheistíochta maidir le hárachas slánaíochta gairmiúla a bheith acu.
Díolúine ó dhliteanas i leith damáistí.
42.—(1) Ní bheidh an t-údarás maoirseachta nó aon fhostaí nó oifigeach de chuid an údaráis maoirseachta nó fochuideachta arna bunú ag an mBanc chun críocha alt 20 nó aon fhostaí nó oifigeach de chuid na fochuideachta nó aon oifigeach údaraithe chun críocha alt 9 nó aon chomhalta de Bhord an údaráis maoirseachta nó aon chomhalta de Bhord na fochuideachta faoi dhliteanas maidir le damáistí i dtaca le haon ní a dhéantar nó a fhágtar gan déanamh i gcomhlíonadh nó i gcomhlíonadh airbheartaithe aon cheann dá fheidhmeanna faoin Acht seo mura dtaispeánfar gur de mheon mímhacánta a rinneadh an ní nó a fágadh gan déanamh é.
(2) Ní bheidh Bord na Cuideachta nó aon fhostaí nó oifigeach den Chuideachta faoi dhliteanas maidir le damáistí i dtaca le haon ní a dhéantar nó a fhágtar gan déanamh i gcomhlíonadh nó i gcomhlíonadh airbheartaithe aon cheann dá fheidhmeanna faoin Acht seo mura dtaispeánfar gur de mheon mímhacánta a rinneadh an ní nó a fágadh gan déanamh é.
(3) Gan dochar do ghinearáltacht fho-ailt (1) agus (2), ní hionann ceadú, maoirsiú, rialáil nó cúlghairm ceadaithe i leith ciste chun críocha alt 19 nó scéime cúitimh d'infheisteoirí faoin Acht seo agus baránta nó éileamh eile i dtaobh shócmhainneacht nó fheidhmiú an chiste nó aon ghnólachta infheistíochta a mbeidh ranníoc tugtha aige don chiste nó don scéim chúitimh d'infheisteoirí, nó i dtaobh shócmhainneacht nó fheidhmiú aon bhaill dá chuid nó dá cuid, agus ní bheidh an Stát ná an t-údarás maoirseachta ná an Chuideachta faoi dhliteanas maidir le haon chaillteanas nó caillteanais a thabhófar trí dhócmhainneacht, trí mhainneachtain nó trí fheidhmiú an chiste nó an ghnólachta infheistíochta nó na scéime cúitimh d'infheisteoirí nó aon bhaill dá chuid nó dá cuid.
Cionta agus pionóis.
43.—(1) Duine a bheidh ciontach i gcion faoi alt 29(3) nó faoi fho-alt (4), (7) nó (8) den alt seo, dlífear—
(a) ar é nó í a chiontú go hachomair, fíneáil nach mó ná £1,500 nó, de rogha na cúirte i gcás pearsan aonair, príosúnacht ar feadh téarma nach faide ná 12 mhí, nó iad araon, a chur air nó uirthi, nó
(b) ar é nó í a chiontú ar díotáil, fíneáil nach mó ná £1,000,000 nó, de rogha na cúirte i gcás pearsan aonair, príosúnacht ar feadh téarma nach faide ná 10 mbliana, nó iad araon, a chur air nó uirthi.
(2) Féadfaidh an Stiúrthóir Ionchúiseamh Poiblí nó an t-údarás maoirseachta imeachtaí achoimre i ndáil le cion faoin Acht seo a thionscnamh agus a thabhairt ar aghaidh.
(3) D'ainneoin alt 10(4) den Petty Sessions (Ireland) Act, 1851, féadfar imeachtaí achoimre i leith aon chiona faoin Acht seo a thionscnamh laistigh de dhá bhliain ón dáta a fhionnfar an cion.
(4) I gcás cion faoin Acht seo a bheith déanta ag comhlacht corpraithe nó ag comhlacht nó duine neamhchorpraithe nó ag trádálaí aonair agus go gcruthófar go ndearnadh é le toiliú, le cúlcheadú nó le ceadú, nó gur inchurtha é i leith, nó gur éascaíodh é a dhéanamh le haon fhaillí ar thaobh, aon oifigigh nó fostaí de chuid an eintitis sin nó duine a airbheartaíonn a bheith ag gníomhú thar ceann an eintitis sin, beidh an t-oifigeach nó an fostaí sin ciontach i gcion agus dlífear imeachtaí a shaothrú ina choinne nó ina coinne agus é nó í a phionósú amhail is dá mbeadh an t-oifigeach nó an fostaí sin ciontach sa chion céadluaite, ar choinníoll, áfach, nach gcuirfear pianbhreith phríosúnachta ar an oifigeach nó ar an bhfostaí i leith an chiona sin mura rud é, i dtuairim na cúirte, go ndearnadh an cion go toiliúil.
(5) (a) Más rud é, ar iarratas a bheith déanta ar mhodh achomair ag údarás maoirseachta, go bhfuil an Chúirt den tuairim—
(i) gur sáraíodh an tAcht seo nó go bhfuil sé á shárú, nó
(ii) go bhfuil mainneachtain déanta nó á dhéanamh coinníoll nó ceanglas a chomhlíonadh arna fhorchur ag an údarás maoirseachta de réir an Achta seo nó ordachán a chomhlíonadh arna eisiúint ag an údarás maoirseachta faoi alt 27,
féadfaidh an Chúirt, le hordú, toirmeasc a chur ar leanúint den sárú nó den mhainneachtain ag an duine nó ag na daoine lena mbaineann.
(b) Féadfaidh an Chúirt, le linn an t-iarratas a bhreithniú, cibé ordú eatramhach nó idirbhreitheach a dhéanamh is cuí léi.
(c) Is alt gan dochar d'fheidhmeanna reachtúla an údaráis maoirseachta an t-alt seo.
(d) I gcás gur deimhin leis an gCúirt, de bharr chineál nó chúinsí an cháis nó ar shlí eile ar mhaithe le ceartas, gurb inmhianaithe é, féadfar na himeachtaí go léir, nó aon chuid díobh, faoin alt seo a sheoladh ar shlí seachas go poiblí.
(6) Más rud é, maidir leis an sárú nó leis an mainneachtain a gciontófar duine ina leith faoi fho-alt (1) nó (4), go leanfar de nó di tar éis an chiontaithe, beidh an t-oifigeach nó an fostaí ciontach i gcion eile gach lá a leanfaidh an sárú nó an mhainneachtain agus dlífear, maidir le gach cion den sórt sin, ar an oifigeach nó ar an bhfostaí a chiontú go hachomair, fíneáil nach mó ná £1,500 a chur air nó uirthi nó, ar é nó í a chiontú ar díotáil, fíneáil nach mó ná £5,000 a chur air nó uirthi.
(7) Aon duine, i gcomhlíonadh airbheartaithe aon fhorála den Acht seo nó aon rialacháin arna dhéanamh faoin gcéanna—
(a) a sholáthróidh freagra nó míniú, a thabharfaidh ráiteas, nó a dhéanfaidh aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh atá bréagach i bponc ábhartha, agus a fhios aige nó aici é nó í a bheith bréagach, nó
(b) a dhéanfaidh, go meargánta, freagra nó míniú a sholáthar, ráiteas a thabhairt nó aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh, atá bréagach i bponc ábhartha, nó
(c) a dhéanfaidh, go feasach, faisnéis a choimeád siar nó a fhágáil ar lár,
beidh sé nó sí ciontach i gcion.
(8) (a) Aon oifigeach de chuid táirgeora táirgí nó gnólachta infheistíochta a scriosfaidh, a loitfidh nó a fhalsóidh aon taifead nó doiciméad a dhéanann difear do mhaoin nó do ghnóthaí an táirgeora táirgí nó aon ghnólachta infheistíochta, nó a bhaineann léi nó leo, nó a bheidh ionpháirteach i scriosadh, i lot nó i bhfalsú aon taifid nó doiciméid den sórt sin, nó a dhéanfaidh taifeadadh bréagach ann nó a bheidh ionpháirteach i dtaifeadadh bréagach a dhéanamh ann, beidh sé nó sí ciontach i gcion, mura gcruthóidh an t-oifigeach nach raibh sé ar intinn aige nó aici gan an dlí a chomhlíonadh.
(b) Aon duine a luaitear i mír (a) a dhéanfaidh aon taifead nó doiciméad den sórt sin a dhiúscairt nó a athrú go calaoiseach nó a fhágfaidh ní ar lár go calaoiseach in aon taifead nó doiciméad den sórt sin, nó a bheidh ionpháirteach i ndiúscairt nó in athrú aon taifid nó doiciméid den sórt sin nó i bhfágáil aon ní ar lár in aon taifead nó doiciméad den sórt sin, beidh sé nó sí ciontach i gcion.
(9) I gcás ina ndéanfar sárú ar an Acht seo agus ina bhfuil an sárú sin inchurtha i leith comhpháirtíochta, féadfar gach comhpháirtí a chúiseamh ina n-aonar nó i gcomhpháirt le haon chomhpháirtí amháin nó níos mó de na comhpháirtithe in aon chion i leith an tsáraithe sin agus ar é nó í a chiontú dlífear an pionós a fhorchuirfear a chur air nó uirthi.
(10) In aon imeachtaí i leith ciona faoin Acht seo is inchurtha i leith comhpháirtíochtaí, is cosaint é do chomhpháirtí a chúiseofar a chruthú—
(a) gur dearmad, nó iontaoibh a chur i bhfaisnéis a tugadh don chomhpháirtí, nó gníomh nó mainneachtain ag duine eile, tionóisc nó ábhar éigin eile nach raibh neart aige nó aici air, ba chúis leis an gcion a dhéanamh, agus
(b) gur ghlac an comhpháirtí gach réamhchúram réasúnach agus go ndearna an comhpháirtí a dhícheall nó a dícheall le nach ndéanfadh sé féin nó sí féin nó aon duine eile faoina rialú cion den sórt sin.
(11) Ní dhéanfaidh aon ní san Acht seo nó in aon achtachán eile, ná ní dhéanfaidh aon riail dlí, cosc a chur le comhpháirtí a ionchúiseamh i gcion a mbeidh comhpháirtí eile nó aon duine eile cúisithe nó ciontaithe ina leith cheana féin.
Leasú ar alt 2(7) d'Acht 1995.
44.—Leasaítear leis seo alt 2 d'Acht 1995 tríd an méid seo a leanas a chur in ionad fho-alt (7):
“(7) D'ainneoin fho-alt (1) den alt seo, nó aon fhorála de Chuid VII den Acht seo, ní bheidh aturnae a bhfuil deimhniú cleachta i bhfeidhm ina leith (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) ina ghnólacht nó ina gnólacht gnó infheistíochta de bhua seirbhísí gnó infheistíochta nó comhairle infheistíochta a sholáthar ar mhodh atá teagmhasach le soláthar seirbhísí dlí, más rud é—
(a) nach dtugann sé le tuiscint gur gnólacht gnó infheistíochta é nó í, agus
(b) le linn gníomhú mar idirghabhálaí táirgí infheistíochta, nach bhfuil ceapachán i scríbhinn aige seachas—
(i) ó ghnólacht infheistíochta arna údarú de réir Threoir 93/22/CEE an 10 Bealtaine, 19931 ag údarás inniúil Ballstáit eile, nó ó ghnólacht gnó infheistíochta údaraithe (nach idirghabhálaí táirgí infheistíochta gníomhaíochta srianta nó duine deimhnithe), nó ó bhallghnólacht de réir bhrí an Achta um Stocmhalartáin, 1995, nó
(ii) ó fhoras creidmheasa arna údarú de réir Threoracha 77/780/CEE an 12 Nollaig, 19772 agus 86/646/CEE an 15 Nollaig, 19893, nó
(iii) ó bhainisteoir gnóthais comhinfheistíochta arna údarú chun aonaid i gcomhinfheistíochtaí a mhargú don phobal,
atá suite sa Stát nó a bhfuil an brainse iomchuí de suite sa Stát.”.
Leasú ar alt 2 d'Acht 1994.
45.—Leasaítear leis seo alt 2 d'Acht 1994—
(a) trí na mínithe seo a leanas a chur isteach:
“tá le ‘gnólacht gnó infheistíochta údaraithe’ an bhrí a shanntar dó in alt 2 den Acht um Chúiteamh d'Infheisteoirí, 1998;”;
“tá le ‘seirbhísí gnó infheistíochta’ an bhrí a shanntar dó in alt 2 den Acht um Chúiteamh d'Infheisteoirí, 1998;”, agus
(b) tríd an míniú seo a leanas a chur in ionad an mhínithe ar sheirbhísí dlí:
“ciallaíonn ‘seirbhísí dlí’ seirbhísí de chineál dlíthiúil nó airgeadais arna soláthar ag aturnae ar seirbhísí iad a éiríonn as cleachtadh an aturnae sin mar aturnae, agus folaíonn sé aon chuid de na seirbhísí sin; agus, chun amhras a sheachaint, folaíonn sé aon seirbhísí gnó infheistíochta arna soláthar ag aturnae nach gnólacht gnó infheistíochta údaraithe;”.
Alt nua a chur isteach in Acht 1994.
46.—Leasaítear leis seo Acht 1994 tríd an alt seo a leanas a chur isteach i ndiaidh alt 30:
“30A.—(1) Más rud é go ndealraíonn sé don Chumann, tar éis dul i gcomhairle leis an Aire, gur gá déanamh amhlaidh d'fhonn a chinntiú go ndéanfar forálacha alt 26 d'Acht 1994 agus forálacha ailt 21 agus 22 (arna n-ionadú le hAcht 1994) d'Acht 1960 (nó rialacháin arna ndéanamh ag an gCumann agus a bhaineann leis na nithe sin) a chur i ngníomh go cóir réasúnach ar mhaithe le leas an phobail, féadfaidh an Cumann rialacháin a dhéanamh, le toiliú an Aire, ar choinníoll go ndéanfaidh aturnae—
(a) is gnólacht gnó infheistíochta údaraithe, nó
(b) is idirghabhálaí árachais, nó a thugann le tuiscint gur idirghabhálaí árachais é,
mar choinníoll a ghabhann le deimhniú cleachta a eisiúint chuige—
(i) i leith soláthair seirbhísí gnó infheistíochta mar ghnólacht gnó infheistíochta údaraithe, nó
(ii) i leith gníomhaíochtaí mar idirghabhálaí árachais,
cibé foirm nó foirmeacha slánaíochta a bhaint amach agus a chothabháil i gcoinne caillteanas ag cliant de dhroim mainneachtain, cibé slí a éireoidh sí, ag an aturnae nó ag aon fhostaí, gníomhaire nó conraitheoir neamhspleách de chuid an aturnae, ar slánaíocht í atá comhionann leis an tslánaíocht a sholáthrófaí, trí bhíthin an Chiste Cúitimh nó trí bhíthin an chumhdaigh slánaíochta arna chothabháil de bhun alt 26 den Acht seo (nó rialacháin arna ndéanamh ag an gCumann agus a bhaineann leis sin), do chliant aturnae i ndáil le soláthar seirbhísí dlí.
(2) Ní dhéanfaidh an Cumann rialacháin arna ndéanamh de bhun fho-alt (1) den alt seo a leasú gan toiliú an Aire.
(3) Féadfaidh an tAire—
(a) a ordú don Chumann rialacháin a dhéanamh faoi fho-alt (1) den alt seo nó rialacháin arna ndéanamh faoi fho-alt (1) nó (2) den alt seo a leasú;
(b) le rialacháin, méid uasta na slánaíochta i gcoinne caillteanas a shonrófar i rialacháin a dhéanfaidh an Cumann de bhun fho-alt (1) nó (2) den alt seo a mhéadú ag féachaint d'athruithe ar luach an airgid i gcoitinne sa Stát ó sonraíodh an méid uasta sin ar dtús.
(4) San alt seo, tá le ‘idirghabhálaí árachais’ an bhrí a shanntar dó in alt 2 den Acht um Chúiteamh d'Infheisteoirí, 1998.”.
Forálacha maidir le haturnaetha.
47.—(1) (a) Is gnólacht gnó infheistíochta aturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith—
(i) i gcás go soláthraíonn an t-aturnae seirbhísí gnó infheistíochta nó comhairle infheistíochta ar mhodh nach bhfuil teagmhasach le soláthar seirbhísí dlí, nó
(ii) i gcás go dtugann an t-aturnae le tuiscint gur gnólacht gnó infheistíochta é nó í, nó
(iii) más rud é, le linn gníomhú mar idirghabhálaí táirgí árachais ar mhodh atá teagmhasach le soláthar seirbhísí dlí, go mbeidh ceapachán i scríbhinn ag an aturnae seachas—
(I) ó ghnólacht infheistíochta arna údarú de réir na Treorach um Sheirbhísí Infheistíochta ag údarás inniúil Ballstáit eile, nó ó ghnólacht gnó infheistíochta údaraithe (nach idirghabhálaí táirgí infheistíochta gníomhaíochta srianta nó duine deimhnithe), nó ó bhallghnólacht de réir bhrí an Achta um Stocmhalartáin, 1995, nó
(II) ó fhoras creidmheasa arna údarú de réir Threoracha 77/780/CEE an 12 Nollaig, 1977, agus 89/646/CEE an 15 Nollaig, 1989, nó
(III) ó bhainisteoir gnóthais comhinfheistíochta arna údarú chun aonaid i gcomhinfheistíochtaí a mhargú don phobal,
atá suite sa Stát nó a bhfuil an brainse iomchuí de suite sa Stát,
agus ceanglófar air nó uirthi a bheith údaraithe mar ghnólacht gnó infheistíochta údaraithe de bhun fhorálacha Acht 1995.
(b) Is gnólacht infheistíochta chun críocha an Achta seo é nó í aturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith agus is idirghabhálaí árachais nó a thugann le tuiscint gur idirghabhálaí árachais é, agus cuirfidh sé nó sí in iúl don údarás maoirseachta agus don Chuideachta gur gnólacht infheistíochta é nó í chun críocha an Achta seo.
(2) (a) Ní bheidh feidhm ag alt 26 d'Acht 1994 nó ag ailt 21 agus 22 (arna n-ionadú le hAcht 1994) d'Acht 1960 (nó rialacháin arna ndéanamh ag an gCumann agus a bhaineann leis na nithe sin) maidir le haturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith i ndáil leis an aturnae do sholáthar seirbhísí gnó infheistíochta (cibé acu atá nó nach bhfuil gníomhaíochtaí idirghabhálaí árachais san áireamh) mar ghnólacht gnó infheistíochta údaraithe, nó i ndáil le haturnae is idirghabhálaí árachais agus a chuir in iúl don údarás maoirseachta agus don Chuideachta, de bhun fho-alt (1)(b), gur gnólacht infheistíochta é nó í.
(b) Maidir le haon chliant de chuid aturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith agus is gnólacht gnó infheistíochta údaraithe, nó is idirghabhálaí árachais agus a chuir in iúl don údarás maoirseachta agus don Chuideachta, de bhun fho-alt (1)(b), gur gnólacht infheistíochta é nó í, ní bheidh sé nó sí, i leith aon chaillteanais a bhainfidh dó nó di de dheasca mainneachtain, cibé slí a éireoidh sí, ag an aturnae, nó ag aon fhostaí, gníomhaire nó conraitheoir neamhspleách de chuid an aturnae, i ndáil le seirbhísí gnó infheistíochta a sholáthar mar ghnólacht gnó infheistíochta údaraithe nó i ndáil leis an aturnae do ghníomhú mar idirghabhálaí árachais, i dteideal éileamh a dhéanamh i gcoinne an Chiste Cúitimh (de réir bhrí Acht 1994) nó i gcoinne an chumhdaigh slánaíochta arna chothabháil de bhun alt 26 d'Acht 1994 agus rialachán arna ndéanamh faoi.
(c) Ní dhéanfaidh aon ní san alt seo difear ar aon slí eile d'oibleagáidí aturnae a bhfuil deimhniú cleachta (de réir bhrí na nAchtanna Aturnaetha, 1954 go 1994) i bhfeidhm ina leith nó do chearta cliaint, a éiríonn faoi alt 26 d'Acht 1994 nó ailt 21 agus 22 (arna n-ionadú le hAcht 1994) den Acht Aturnaetha (Leasú), 1960 (nó rialacháin arna ndéanamh ag an gCumann agus a bhaineann leis na nithe sin), i leith aturnae do sholáthar seirbhísí dlí.
CUID V
Leasuithe Ilghnéitheacha
Leasú ar alt 16 d'Acht an Bhainc Ceannais, 1989.
48.—Leasaítear leis seo Acht an Bhainc Ceannais, 1989, in alt 16(2), tríd an mír seo a leanas a chur isteach i ndiaidh mhír (t):
“(tt) a dhéanfar leis an gCuideachta Cúitimh d'Infheisteoirí Teoranta nó le fochuideachta arna bunú ag an mBanc chun seirbhísí riaracháin a sholáthar don Chuideachta Cúitimh d'Infheisteoirí Teoranta,”.
Leasú ar alt 44 d'Acht 1989.
49.—Leasaítear leis seo alt 44 d'Acht 1989 tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (2):
“(3) Ní ghníomhóidh duine mar bhróicéir árachais ná ní thabharfaidh sé le tuiscint gur bróicéir árachais é mura gcomhlíonfaidh sé forálacha an Achta um Chúiteamh d'Infheisteoirí, 1998.”.
Leasú ar alt 46 d'Acht 1989.
50.—Leasaítear leis seo alt 46 d'Acht 1989, i bhfo-alt (1), tríd an méid seo a leanas a chur in ionad mhír (b):
“(b) gur duine é a chomhlíonann ceanglais an Achta seo ach nach bhfuil ina bhall de chomhlacht ionadach aitheanta,
agus go bhfuil an duine ag comhlíonadh an Achta um Chúiteamh d'Infheisteoirí, 1998.”.
Leasú ar alt 49 d'Acht 1989.
51.—Leasaítear leis seo alt 49 d'Acht 1989, i bhfo-alt (1), tríd an mír seo a leanas a chur isteach i ndiaidh mhír (a):
“(aa) go gcomhlíonann sé an tAcht um Chúiteamh d'Infheisteoirí, 1998,”.
Leasú ar alt 2 d'Acht 1995.
52.—Leasaítear leis seo alt 2 d'Acht 1995—
(a) i bhfo-alt (1)—
(i) sa mhíniú ar “comhairle infheistíochta” trí “nó díol” a chur isteach i mír (d) i ndiaidh “agus ceannach” agus tá an mhír arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (d) comhairle do ghnóthais maidir le struchtúr caipitiúil, straitéis tionscail agus nithe gaolmhara agus comhairle a bhaineann le cumaisc agus le ceannach nó díol gnóthas, |
(ii) sa mhíniú ar “comhairle infheistíochta”, i mír (e), trí “más rud é go n-éiríonn tabhairt na comhairle sin as comhairle nó as seirbhísí eile” a chur in ionad “más rud é go bhfuil tabhairt na comhairle sin ina chuid riachtanach de chomhairle nó de sheirbhísí eile” agus tá an mhír arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an bhfomhír seo.
AN TÁBLA (e) comhairle arna tabhairt ag daoine i gcúrsa aon ghairm nó gnó a sheoladh nach gnó de chuid gnólachta gnó infheistíochta é ar shlí eile más rud é go n-éiríonn tabhairt na comhairle sin as comhairle nó as seirbhísí eile arna tabhairt nó arna dtabhairt i gcúrsa an ghairm nó an gnó sin a sheoladh, agus i gcás nach dtugtar luach saothair nó luaíocht as comhairle infheistíochta a thabhairt ar leithligh ón gcomhairle nó ó na seirbhísí eile sin; |
(iii) sa mhíniú ar “gnólacht gnó infheistíochta” trí “nó ballghnólachta (de réir bhrí an Achta um Stocmhalartáin, 1995)” a chur isteach i ndiaidh “forais creidmheasa” agus trí “nó an bhallghnólachta (de réir bhrí an Achta um Stocmhalartáin, 1995)” a chur isteach i ndiaidh “an fhorais creidmheasa” agus tá an míniú arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an bhfomhír seo.
AN TÁBLA ciallaíonn “gnólacht gnó infheistíochta” aon duine, seachas ballghnólacht de réir bhrí an Achta um Stocmhalartáin, 1995, a chuireann seirbhís ghnó infheistíochta amháin nó níos mó nó comhairle infheistíochta ar fáil do thríú páirtithe ar bhonn gairmiúil agus chun na críche sin, más rud é go soláthraíonn pearsa aonair seirbhís ghnó infheistíochta agus i gcás ina seoltar an tseirbhís sin d'aon toisc do chuntas, agus faoi fhreagracht neamhchoinníollach iomlán, gnólachta gnó infheistíochta nó gnóthais árachais nó forais creidmheasa nó ballghnólachta (de réir bhrí an Achta um Stocmhalartáin, 1995), measfar gur gníomhaíocht de chuid an ghnólachta gnó infheistíochta, an ghnóthais árachais nó an fhorais creidmheasa nó an bhallghnólachta (de réir bhrí an Achta um Stocmhalartáin, 1995) féin an ghníomhaíocht sin; |
(iv) sa mhíniú ar “ionstraimí infheistíochta”—
(I) i mír (a), trí “nó ionstraimí margaidh airgid,” a chur isteach i ndiaidh “deimhnithe in ionannas urrús,”,
(II) i mír (g), trí “ionstraimí infheistíochta” a chur in ionad “ionstraimí airgeadais”,
(III) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (j):
“(jj) spotchonradh rollach malartaithe coigríche,”,
(IV) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (k):
“(kk) rianbhanna nó ionstraim dá shamhail,”,
agus
(V) trí “agus féadfaidh an tAire, le rialachán, tar éis dul i gcomhairle leis an údarás maoirseachta, an míniú seo a leasú ó am go ham, trí aon ionstraimí eile a bhfuil tréithe acu, i dtuairim an Aire, atá comhchosúil leis na hionstraimí atá liostaithe sa mhíniú seo a chur leis an liosta ionstraimí sa mhíniú seo.” a chur isteach i ndiaidh fhomhír (III),
agus tá an míniú arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an bhfomhír seo.
AN TÁBLA folaíonn “ionstraimí infheistíochta”— (a) urrúis inaistrithe, lena n-áirítear scaireanna, barántais, bintiúir lena n-áirítear stoc bintiúir, stoc iasachta, bannaí, deimhnithe ar thaiscí agus ionstraimí eile lena gcruthaítear nó lena n-admhaítear féichiúnas arna n-eisiúint ag aon chomhlacht corpraithe nó comhlacht frithpháirteach nó thar a cheann, urrúis rialtais agus urrúis phoiblí, lena n-áirítear stoc iasachta, bannaí agus ionstraimí eile lena gcruthaítear nó lena n-admhaítear féichiúnas arna n-eisiúint ag rialtas, údarás áitiúil nó údarás poiblí nó thar a gceann, bannaí nó ionstraimí eile lena gcruthaítear nó lena n-admhaítear féichiúnas, deimhnithe in ionannas urrús, nó ionstraimí margaidh airgid, (b) urrúis neamh-inaistrithe lena gcruthaítear nó lena n-admhaítear féichiúnas arna n-eisiúint ag rialtas, údarás áitiúil nó údarás poiblí nó thar a cheann, (c) aonaid nó scaireanna i ngnóthais le haghaidh comhinfheistíochtaí in urrúis inaistrithe de réir bhrí Rialacháin na gComhphobal Eorpach (Gnóthais le haghaidh Comhinfheistíochta in Urrúis Inaistrithe), 1989 (I.R. Uimh. 78 de 1989), agus aon leasuithe iardain orthu, aonaid in iontaobhas aonad, scaireanna i gcuideachta infheistíochta, ranníocaíochtaí caipitiúla le comhpháirtíocht theoranta infheistíochta, (d) conarthaí todhchaíochtaí airgeadais, lena n-áirítear todhchaíochtaí airgeadra, todhchaíochtaí ráta úis, todhchaíochtaí banna, todhchaíochtaí scair-innéacs agus conarthaí inchomparáide, (e) conarthaí todhchaíochtaí tráchtearraí, (f) comhaontuithe maidir le réamhrátaí úis, (g) comhaontuithe chun íocaíochtaí a mhalartú ar íocaíochtaí iad atá bunaithe ar ghluaiseachtaí i rátaí úis, i rátaí malartaithe airgeadra, i dtráchtearraí, i scair-innéacsanna agus in ionstraimí infheistíochta eile, (h) comhaontuithe díola agus athcheannaigh agus comhaontuithe athcheannaigh freaschurtha a bhaineann le hurrúis inaistrithe, (i) comhaontuithe i dtaca le hurrúis inaistrithe a fháil ar iasacht agus a thabhairt ar iasacht, (j) deimhnithe nó ionstraimí eile lena dtugtar aon cheann nó gach ceann de na cearta seo a leanas, eadhon— (i) cearta maoine i leith aon ionstraime infheistíochta dá dtagraítear i mir (a) den mhíniú seo; nó (ii) aon cheart chun ionstraim infheistíochta a fháil, a dhiúscairt, a fhrithghealladh nó a chomhshó, ar ceart é a mbeadh teideal ag an sealbhóir chuige dá sealbhódh sé aon infheistíocht den sórt sin lena mbaineann an deimhniú nó an ionstraim; nó (iii) ceart conarthach (seachas rogha) chun aon ionstraim infheistíochta den sórt sin a fháil ar shlí seachas trí shuibscríobh, (jj) spotchonradh rollach malartaithe coigríche, (k) roghanna lena n-áirítear— (i) roghanna in aon ionstraim i míreanna (a) go (jj) den mhíniú seo, nó (ii) roghanna airgeadra, ráta úis, tráchtearraí agus stoic, lena n-áirítear conarthaí rogha innéacs, (kk) rianbhanna nó ionstraim dá shamhail, (l) ionstraimí hibride a mbaineann dhá ionstraim infheistíochta nó níos mó leo, agus folaíonn sé aon ionstraim infheistíochta i bhfoirm dhí-ábharaithe, ach ní fhorléireofar an míniú seo mar mhíniú a bhaineann— (I) le haon ionstraim lena n-admhaítear nó lena gcruthaítear féichiúnas i leith na comaoine atá iníoctha faoi chonradh chun earraí nó seirbhísí a sholáthar, nó i leith an airgid a fhaightear ar iasacht chun an chomaoin sin a ghlanadh; nó (II) le seic nó bille malairte eile dá shamhail, le dréacht baincéara nó le litir chreidmheasa; nó (III) le nóta bainc, le ráiteas lena dtaispeántar iarmhéid i gcuntas reatha, taisce nó coigiltis nó (mar gheall ar aon oibleagáid airgeadais atá ann) le léas nó le diúscairt eile maoine, nó le polasaí árachais; agus féadfaidh an tAire, le rialachán, tar éis dul i gcomhairle leis an údarás maoirseachta, an míniú seo a leasú ó am go ham, trí aon ionstraimí eile a bhfuil tréithe acu, i dtuairim an Aire, atá comhchosúil leis na hionstraimí atá liostaithe sa mhíniú seo a chur leis an liosta ionstraimí sa mhíniú seo; |
(b) i bhfo-alt (6)—
(i) i mír (a) trí “nó comhairle infheistíochta” a chur isteach i ndiaidh “seirbhísí gnó infheistíochta”,
(ii) i mír (e) trí “64/225” a chur in ionad “64/25”,
(iii) tríd an mír seo a leanas a chur in ionad mhír (f)—
“(f) gnóthais chomhinfheistíochta agus taiscithe agus bainisteoirí gnóthas den sórt sin, a mhéid atá gníomhaíochtaí an ghnóthais comhinfheistíochta nó na dtaiscithe nó na mbainisteoirí faoi réir rialáil ag an mBanc, nó”, agus
(iv) trí na míreanna seo a leanas a chur in ionad mhír (h):
“(h) forais chreidmheasa a sholáthraíonn seirbhísí gnó infheistíochta nó comhairle infheistíochta agus, le linn dóibh déanamh amhlaidh, nach sáraíonn téarmaí údaruithe faoi Threoir Uimh. 77/780/CEE an 12 Nollaig 19771 arna leasú le Treoir 89/646/CEE an 15 Nollaig 1989 ón gComhairle2 arna leasú agus arna leathnú ó am go ham, nó
(i) gnólacht gnó infheistíochta a mbeidh cinneadh déanta ag an údarás maoirseachta ina leith nach gá údarú a bheith aige toisc nach ndéantar seirbhísí gnó infheistíochta a sholáthar ach amháin toisc é a bheith riachtanach le haghaidh phríomhghníomhaíochtaí an ghnólachta gnó infheistíochta, agus chun na gcríoch sin, ní mhairfidh cinneadh an údaráis maoirseachta ach tréimhse shocraithe agus beidh sé faoi réir cibé ceanglais maidir le tuairisciú a mheasfaidh an t-údarás maoirseachta a bheith iomchuí, nó
(j) ionadaí pearsanta duine éagtha i leith a ghníomhartha mar ionadaí pearsanta nó iontaobhaí i leith a ghníomhartha mar iontaobhaí iontaobhais, i gcás ina bhfuil an bhrí chéanna le ‘ionadaí pearsanta’ atá leis san Acht Comharbais, 1965, agus go bhfuil an bhrí chéanna le ‘iontaobhaí’ atá le ‘trustee’ sa Trustee Act, 1893, ar choinníoll nach mbeidh feidhm ag an mír seo i gcás gurb é príomhchuspóir an iontaobhais seirbhísí infheistíochta a sholáthar do dhaoine den phobal, nó
(k) d'ainneoin na n-oibleagáidí a fhorchuirtear ar leachtaitheoirí agus ar ghlacadóirí faoin Acht seo, duine a bheidh ceaptha mar leachtaitheoir cuideachta nó glacadóir cuideachta i leith aon ghníomhaíochtaí a bhaineann leis an leachtú nó leis an nglacadóireacht, nó
(l) aon ghnóthas comhinfheistíochta, lena n-áirítear a bhainisteoir, nach bhfuil bunaithe sa Stát ach:
(i) a bhfuil ceadú faighte aige ón mBanc, faoi na cumhachtaí a thugtar dó faoi achtacháin eile, chun aonaid de chuid an ghnóthais a mhargú sa Stát; nó
(ii) atá údaraithe ag údarás inniúil Ballstáit eile faoi Threoir 85/611/CEE ón gComhairle3, nó
(m) comhalta cleachtach de chomhlacht gairmiúil ceadaithe nach duine deimhnithe agus ar duine é a bhfuil ina sheilbh aige ag a phríomháit ghnó, thar ceann cliant, scairdheimhnithe i gcuideachtaí príobháideacha teoranta ar leis na cliaint sin iad i gcás nach sealbhaíonn an comhalta na scairdheimhnithe ach amháin chun bainistíocht ordúil thaifid reachtúla na cuideachta príobháidí teoranta a urasú, i gcás ina n-éiríonn sealbhú na scairdheimhnithe as an gcomhalta do sholáthar seirbhísí gairmiúla don chliant.”.
Leasú ar alt 9 d'Acht 1995.
53.—Leasaítear leis seo alt 9 d'Acht 1995 tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (2):
“(3) (a) Féadfaidh an t-údarás maoirseachta socrú a dhéanamh chun fógraí a fhoilsiú in aon cheann de na nuachtáin a scaiptear sa Stát nó in áit eile nó san Iris Oifigiúil i gcás ina gcreideann an t-údarás maoirseachta le réasún go bhfuil cuideachta atá cláraithe sa Stát nó aon duine eile atá ag oibriú sa Stát ag gníomhú mar ghnólacht gnó infheistíochta nó ag éileamh nó á thabhairt le tuiscint ina leith féin gur gnólacht gnó infheistíochta é nó í gan údarú de réir mar a cheanglaítear i mír (a) nó (b) d'fho-alt (1) den alt seo.
(b) Féachfaidh an t-údarás maoirseachta le fógra seacht lá a thabhairt don ghnólacht gnó infheistíochta i dtaobh é a bheith ar intinn aige foilsiú a dhéanamh de réir mhír (a) den fho-alt seo.”.
Leasú ar alt 10 d'Acht 1995.
54.—Leasaítear leis seo alt 10 d'Acht 1995—
(a) i bhfo-alt (3)—
(i) trí “Aon uair a chinnfidh údarás maoirseachta diúltú” a chur in ionad “Aon uair a dhiúltóidh údarás maoirseachta”,
(ii) trí “i dtaobh a chinnidh” a chur in ionad “i dtaobh é a bheith ar intinn aige”,
(iii) tríd an bhfo-alt sin a ainmniú mar mhír (a) agus trí na míreanna seo a leanas a chur isteach i ndiaidh mhír (a):
“(b) Mura ndéanfaidh an gnólacht gnó infheistíochta beartaithe achomharc laistigh den tréimhse atá sonraithe i mír (a) den fho-alt seo, eiseoidh an t-údarás maoirseachta fógra chuig an ngnólacht gnó infheistíochta beartaithe i dtaobh a chinnidh chun diúltú é a údarú.
(c) Déanfaidh an t-údarás maoirseachta fógra i dtaobh údarú a dhiúltú do ghnólacht gnó infheistíochta beartaithe a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát laistigh de 28 lá ón dáta a dhéantar an cinneadh chun an t-údarú a dhiúltú.”,
agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (3) (a) Aon uair a chinnfidh údarás maoirseachta diúltú údarú a dheonú do ghnólacht gnó infheistíochta beartaithe faoin alt seo, seirbheálfaidh sé fógra ar an ngnólacht gnó infheistíochta beartaithe i dtaobh a chinnidh chun diúltú é a údarú agus luafaidh sé na cúiseanna atá leis sin agus féadfaidh an gnólacht gnó infheistíochta beartaithe, laistigh de 21 lá ón dáta a gheofar an fógra sin, achomharc a dhéanamh chun na Cúirte in aghaidh an chinnidh. (b) Mura ndéanfaidh an gnólacht gnó infheistíochta beartaithe achomharc laistigh den tréimhse atá sonraithe i mír (a) den fho-alt seo, eiseoidh an t-údarás maoirseachta fógra chuig an ngnólacht gnó infheistíochta beartaithe i dtaobh a chinnidh chun diúltú é a údarú. (c) Déanfaidh an t-údarás maoirseachta fógra i dtaobh údarú a dhiúltú do ghnólacht gnó infheistíochta beartaithe a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát laistigh de 28 lá ón dáta a dhéantar an cinneadh chun an t-údarú a dhiúltú. |
(b) i bhfo-alt (5), trí “gur cumann tionscail nó coigiltis é,” a chur isteach i ndiaidh “mura bhfuil comhaontú den sórt sin ann cheana féin,” agus tá an mhír arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
Leasú ar alt 14 d'Acht 1995.
55.—Leasaítear leis seo alt 14 d'Acht 1995 i bhfo-alt (1) trí “Féadfaidh an t-údarás maoirseachta, i leith gnólachta gnó infheistíochta údaraithe, lena n-áirítear gnólacht gnó infheistíochta a mheastar a bheith údaraithe faoi alt 26 den Acht seo,” a chur in ionad “Gan dochar d'alt 10 den Acht seo, i gcás ina ndeonóidh an t-údarás maoirseachta údarú faoin alt sin, féadfaidh sé” agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA (1) Féadfaidh an t-údarás maoirseachta, i leith gnólachta gnó infheistíochta údaraithe, lena n-áirítear gnólacht gnó infheistíochta a mheastar a bheith údaraithe faoi alt 26 den Acht seo, gach ceann nó aon cheann de na nithe seo a leanas a dhéanamh, eadhon: (a) a údarú a chur faoi réir cibé coinníollacha nó ceanglais, nó faoi réir cibé coinníollacha agus ceanglais, is cuí leis, ar coinníollacha nó ceanglais iad a bhaineann le rialáil agus maoirsiú cuí ordúil gnólachta gnó infheistíochta údaraithe, (b) coinníollacha nó ceanglais, nó coinníollacha agus ceanglais, a fhorchur ar coinníollacha nó ceanglais iad a bhaineann le nithe i ngnóthas comhlachaithe nó i ngnóthas gaolmhar, (c) coinníollacha nó ceanglais, nó coinníollacha agus ceanglais, a fhorchur aon tráth ar ghnólacht gnó infheistíochta údaraithe agus aon choinníoll nó ceanglas a fhorchuirfear faoin mír seo nó faoi mhír (a) nó (b) den fho-alt seo a leasú nó a chúlghairm: Ar choinníoll nach sáróidh na coinníollacha nó na ceanglais sin aon treoirlínte ina leith sin a bheidh eisithe ag an Aire chuig an údarás maoirseachta ó am go ham ar mhaithe le rialáil chuí ordúil gnólachtaí gnó infheistíochta nó le hinfheisteoirí a chosaint, nó ar mhaithe leis an dá ní sin, agus go bhfoilseofar na treoirlínte san Iris Oifigiúil. |
Leasú ar alt 16 d'Acht 1995.
56.—Leasaítear leis seo alt 16 d'Acht 1995 i bhfo-alt (8) trí “agus i nuachtán amháin nó níos mó a scaiptear sa Stát” a chur isteach i ndiaidh “Iris Oifigiúil” agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA (8) Déanfaidh an t-údarás maoirseachta fógra i dtaobh údarú gnólachta gnó infheistíochta údaraithe a bheith cúlghairthe a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát laistigh de 28 lá ón gcúlghairm sin. |
Leasú ar alt 17 d'Acht 1995.
57.—Leasaítear leis seo alt 17 d'Acht 1995 tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (3):
“(4) Coimeádfaidh an t-údarás maoirseachta clár nó cláir de ghnólachtaí gnó infheistíochta ar ina leith a bheidh faisnéis tugtha dó ag údarás inniúil i mBallstát eile faoi Airteagail 17 agus 18 de Threoir Uimh. 93/22/CEE an 10 Bealtaine, 1993, ón gComhairle maidir le seirbhísí infheistíochta i réimse na n-urrús1.”.
Leasú ar alt 21 d'Acht 1995.
58.—Leasaítear leis seo alt 21 d'Acht 1995 i bhfo-alt (1)—
(a) i mír (e), trí “, iarghnólachtaí gnó infheistíochta údaraithe, gnólachtaí gnó infheistíochta beartaithe nó gnólachtaí gnó infheistíochta” a chur isteach i ndiaidh “gnólachtaí gnó infheistíochta údaraithe” agus tá an mhír arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (e) stiúrthóirí agus iad siúd atá freagrach as bainistiú gnólachtaí gnó infheistíochta údaraithe, iarghnólachtaí gnó infheistíochta údaraithe, gnólachtaí gnó infheistíochta beartaithe nó gnólachtaí gnó infheistíochta, |
(b) i mír (f) trí “nó thar a cheann” a chur isteach i ndiaidh “mar ghnólacht gnó infheistíochta” agus tá an mhír arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (f) aon duine a airbheartaíonn gníomhú, nó a gcreideann an t-údarás maoirseachta le réasún go bhfuil sé ag gníomhú, mar ghnólacht gnó infheistíochta nó thar a cheann, |
(c) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (f):
“(g) stiúrthóirí an ghnólachta gnó infheistíochta sin nó iad siúd atá freagrach as bainistiú an ghnólachta gnó infheistíochta sin agus a mhainnigh comhoibriú le hoifigeach údaraithe arna cheapadh faoi alt 64 den Acht seo arna leasú le halt 48 d'Acht an Bhainc Ceannais, 1997, nó le cigire arna cheapadh faoi ailt 66, 67 nó 73 den Acht seo,”,
agus
(d) i bhfo-alt (5), trí “beidh éifeacht leis an ordachán ón dáta a shonróidh an t-údarás maoirseachta, agus” a chur in ionad “agus beidh éifeacht láithreach leis an ordachán sin,”.
Leasú ar alt 26 d'Acht 1995.
59.—Leasaítear leis seo alt 26 (arna leasú le hAcht an Bhainc Ceannais, 1997) d'Acht 1995—
(a) i bhfo-alt (1)—
(i) trí “nó gabháil do na seirbhísí sin ar fad nó d'aon cheann acu nó comhairle infheistíochta a sholáthar i ndáil leis na seirbhísí sin agus, le linn a bheith ag gabháil d'aon cheann de na seirbhísí sin, a tharchuireann orduithe, agus sin amháin, chuig gach ceann nó chuig aon cheann de na táirgeoirí táirgí seo a leanas, eadhon—” a chur in ionad “nó gabháil do na seirbhísí sin ar fad nó d'aon cheann acu agus, le linn a bheith ag gabháil d'aon cheann de na seirbhísí sin, a tharchuireann orduithe, agus sin amháin, chuig gach ceann nó chuig aon cheann díobh seo a leanas, eadhon—” agus
(ii) i bhfomhír (i) trí “nach idirghabhálaí táirgí infheistíochta gníomhaíochta srianta nó duine deimhnithe,” a chur in ionad “nach idirghabhálaí táirgí infheistíochta gníomhaíochta srianta, nó duine deimhnithe,”,
agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
(b) i bhfo-alt (2) trí “Maidir le duine ar idirghabhálaí táirgí infheistíochta gníomhaíochta srianta é ar lá a shonróidh an tAire, measfar, fad a bheidh sé ina idirghabhálaí táirgí infheistíochta gníomhaíochta srianta, agus d'ainneoin alt 10 den Acht seo, é a bheith ina ghnólacht gnó infheistíochta údaraithe chun críocha an Achta seo,” a chur in ionad “Maidir le hidirghabhálaí táirgí infheistíochta gníomhaíochta srianta, measfar, fad a bheidh sé ina idirghabhálaí táirgí infheistíochta gníomhaíochta srianta, agus d'ainneoin alt 10 den Acht seo, é a bheith ina ghnólacht gnó infheistíochta údaraithe chun críocha an Achta seo,”, agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (2) Maidir le duine ar idirghabhálaí táirgí infheistíochta gníomhaíochta srianta é ar lá a shonróidh an tAire, measfar, fad a bheidh sé ina idirghabhálaí táirgí infheistíochta gníomhaíochta srianta, agus d'ainneoin alt 10 den Acht seo, é a bheith ina ghnólacht gnó infheistíochta údaraithe chun críocha an Achta seo, ar choinníoll nach ndearnadh údarú an idirghabhálaí táirgí infheistíochta gníomhaíochta srianta a chúlghairm faoi alt 16(2) den Acht seo agus nach mbeidh an t-údarú sin athshuite agus nach mbeidh aon stiúrthóir, oifigeach nó bainisteoir den idirghabhálaí táirgí infheistíochta gníomhaíochta srianta ina stiúrthóir, oifigeach nó bainisteoir den sórt sin de ghnólacht gnó infheistíochta a mbeidh a údarú faoi alt 16(2) den Acht seo cúlghairthe agus gan a bheith athshuite. |
Leasú ar alt 28 d'Acht 1995.
60.—Leasaítear leis seo alt 28 (arna leasú le hAcht an Bhainc Ceannais, 1997) d'Acht 1995 tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (4)—
“(5) Is cion ag táirgeoir táirgí glacadh le haon orduithe a tharchuirfidh gnólacht gnó infheistíochta thar ceann cliaint nó le haon airgead ar leis an gcliant é mura rud é gur gnólacht gnó infheistíochta an gnólacht gnó infheistíochta—
(a) a bheidh údaraithe faoi alt 10 den Acht seo nó a mheastar a bheith údaraithe faoi alt 26 nó 63 den Acht seo, agus
(b) a mbeidh ceapachán tugtha i scríbhinn dó ag an táirgeoir táirgí de bhun Chuid IV den Acht seo agus gan an ceapachán sin i scríbhinn a bheith tarraingthe siar, cealaithe nó cúlghairthe ag an táirgeoir táirgí.”.
Leasú ar alt 31 d'Acht 1995.
61.—Leasaítear leis seo alt 31 d'Acht 1995 tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (5):
“(6) (a) Más rud é go ndéanfar ceapachán idirghabhálaí táirgí infheistíochta i scríbhinn a scor, cinnteoidh an t-idirghabhálaí táirgí infheistíochta go bhfoilseofar fógra ar a dtabharfar ‘fógra scoir', ar fógra é á rá gur scoireadh an ceapachán i scríbhinn, i gceann amháin nó níos mó de na nuachtáin a scaiptear sa Stát laistigh de cheithre lá dhéag ón am a gcuirfidh an táirgeoir táirgí scor an cheapacháin i scríbhinn in iúl.
(b) Más rud é nach ndéanfaidh idirghabhálaí táirgí infheistíochta, a ndearnadh a cheapachán i scríbhinn a scor, fógra scoir a fhoilsiú de réir cheanglais mhír (a), déanfaidh an táirgeoir táirgí a scoir an ceapachán i scríbhinn a chinntiú go bhfoilseofar fógra scoir i gceann amháin nó níos mó de na nuachtáin a scaiptear sa Stát.”.
Leasú ar alt 33 d'Acht 1995.
62.—Leasaítear leis seo alt 33 d'Acht 1995—
(a) tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (2):
“(2) (a) Féadfaidh údarás maoirseachta ceanglais a leagan amach i leith cuntas agus iniúchadh gnólachta gnó infheistíochta údaraithe atá comhdhéanta mar chomhlacht neamhchorpraithe daoine nó mar thrádálaí aonair lena n-áirítear ceanglais atá ar aon dul leo sin atá leagtha amach in Achtanna na gCuideachtaí agus féadfaidh sé dualgais nó oibleagáidí a fhorchur ar an iniúchóir nó ar an ngnólacht gnó infheistíochta údaraithe lena mbaineann.
(b) A luaithe is féidir tar éis iniúchadh a chríochnú tabharfaidh iniúchóir gnólachta gnó infheistíochta údaraithe scéala don údarás maoirseachta i dtaobh ar shainaithin sé aon sáruithe ar an Acht seo i gcúrsa iniúchadh a dhéanamh ar an ngnólacht gnó infheistíochta údaraithe.”;
agus
(b) tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (15):
“(16) Féadfaidh an t-údarás maoirseachta a cheangal ar iniúchóir gnólachta gnó infheistíochta bheartaithe aon fhaisnéis a thabhairt ar faisnéis í a cheanglaítear ar iniúchóir gnólachta gnó infheistíochta údaraithe a thabhairt faoi ailt 32 agus 35, agus faoin alt seo, den Acht seo.”.
Leasú ar alt 38 d'Acht 1995.
63.—Leasaítear leis seo alt 38 d'Acht 1995 i bhfo-alt (2) trí “go sroichfeadh” a chur in ionad “go mbeadh” agus trí “sealúchas cáilitheach nó go mbeadh sí níos mó ná é, nó” a chur in ionad “níos mó ná sealúchas cáilitheach, nó” i mír (a) agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA (2) Sa Chuid seo ciallaíonn “idirbheart fála” duine nó níos mó ná duine amháin atá ag gníomhú de chomhbheart d'fháil scaireanna nó leasa eile, go díreach nó go neamhdhíreach, i ngnólacht gnó infheistíochta údaraithe: Ar choinníoll, tar éis na fála beartaithe— (a) go sroichfeadh an chionmhaireacht de na cearta vótála nó den chaipiteal a bheidh á sealbhú ag an duine nó ag na daoine a dhéanfaidh an t-idirbheart fála sealúchas cáilitheach nó go mbeadh sí níos mó ná é, nó (b) go sroichfeadh an chionmhaireacht de na cearta vótála nó den chaipiteal a bheidh á sealbhú ag an duine nó ag na daoine a dhéanfaidh an t-idirbheart fála 20 faoin gcéad, 33 faoin gcéad nó 50 faoin gcéad, nó go mbeadh sí níos mó ná na méideanna sin, nó (c) go dtiocfadh gnólacht gnó infheistíochta údaraithe chun bheith ina fhochuideachta de chuid an fhaighteora. |
Leasú ar alt 52 d'Acht 1995.
64.—Leasaítear leis seo alt 52 d'Acht 1995 leis seo tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (7):
“(7) (a) Maidir le haon leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir, sannaí oifigiúil nó creidiúnaí de chuid gnólachta gnó infheistíochta, ní bheidh aige ná ní bhfaighidh sé aon chúlárach nó ceart in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil a bhaineann leis na hionstraimí infheistíochta sin a gheobhaidh, a shealbhóidh, a rialóidh nó a íocfaidh gnólacht gnó infheistíochta thar ceann cliaint go dtí go mbeidh gach éileamh cuí de chuid cliant nó de chuid a n-oidhrí, a gcomharbaí nó a sannaithe in aghaidh airgid cliaint agus ionstraimí infheistíochta cliaint nó doiciméad teidil a bhaineann leis na hionstraimí infheistíochta sin glanta go hiomlán.
(b) D'ainneoin mhír (a) den fho-alt seo, maidir le leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir nó sannaí oifigiúil, féadfaidh cúlárach nó ceart a bheith aige in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil a bhaineann leis na hionstraimí infheistíochta sin a gheobhaidh, a shealbhóidh, a rialóidh nó a íocfaidh gnólacht gnó infheistíochta thar ceann cliaint i leith cibé caiteachais réasúnacha a thabhaítear le linn dóibh a gcuid feidhmeanna a fheidhmiú faoin Acht seo nó faoin Acht um Chúiteamh d'Infheisteoirí, 1998, nó a thabhaítear le linn airgead cliaint agus ionstraimí infheistíochta a dháileadh ar chliaint an ghnólachta gnó infheistíochta i gcás ina mbeidh sócmhainní an ghnólachta gnó infheistíochta ídithe.
(c) Déanfaidh leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir nó sannaí oifigiúil iarratas chuig an gCúirt sula lorgóidh sé cúlárach nó ceart in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil a bhaineann leis na hionstraimí infheistíochta sin a gheobhaidh, a shealbhóidh, a rialóidh nó a íocfaidh gnólacht gnó infheistíochta thar ceann cliaint faoi mhír (b) den fho-alt seo agus cinnfidh an Chúirt an t-ábhar agus déanfaidh sí cibé ordú is cuí léi.”.
Leasú ar alt 54 d'Acht 1995.
65.—Leasaítear leis seo alt 54 d'Acht 1995—
(a) trí “údaraithe” a scriosadh cibé áit a bhfuil sé i ndiaidh “gnólacht gnó infheistíochta”, “gnólachta gnó infheistíochta“, agus “ghnólachta gnó infheistíochta”, agus
(b) trí “maidir le haon duine amháin nó níos mó d'oifigigh nó d'úinéirí tairbhiúla nó d'iaroifigigh nó d'iarúinéirí tairbhiúla, nó d'aon daoine díobh,” a chur in ionad “maidir le haon duine amháin nó níos mó d'oifigigh nó d'iaroifigigh, nó díobh araon,”, cibé áit a bhfuil sé,
agus tá an t-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA 54.—(1) Más rud é— (a) go mbeidh gnólacht gnó infheistíochta á fhoirceannadh agus nach mbeidh sé ábalta a fhiacha go léir a íoc agus go mbeidh sárú déanta aige ar alt 19, 52(3), 52(5) nó 52(6) den Acht seo, agus (b) go measann an Chúirt, maidir leis an sárú sin, gurbh é ba chuid den chúis le neamhábaltacht gnólachta gnó infheistíochta a fhiacha go léir a íoc nó gurbh é a bhí mar thoradh air ná éiginnteacht shubstaintiúil maidir le méid, suíomh nó úinéireacht, nó éiginnteacht eile i dtaobh, sócmhainní agus dliteanas gnólachta gnó infheistíochta nó airgead nó ionstraimí infheistíochta chliaint an ghnólachta gnó infheistíochta sin nó gur chuir sé bac substaintiúil ar a fhoirceannadh ordúil, féadfaidh an Chúirt, ar iarratas ón leachtaitheoir nó ón nglacadóir nó ó údarás maoirseachta nó ó aon chreidiúnaí nó cliant nó infheisteoir, más cuí léi déanamh amhlaidh, a dhearbhú, maidir le haon duine amháin nó níos mó d'oifigigh nó d'úinéirí tairbhiúla nó d'iaroifigigh nó d'iarúinéirí tairbhiúla, nó d'aon daoine díobh, de chuid an ghnólachta gnó infheistíochta sin atá ag mainneachtain, go mbeidh dliteanas pearsanta air nó orthu, gan aon teorainn dliteanais, as fiacha uile agus dliteanais eile an ghnólachta gnó infheistíochta sin, nó as cibé cuid díobh a shonróidh an Chúirt. (2) (a) I gcás ina ndéanfaidh an Chúirt dearbhú faoi fho-alt (1) den alt seo, féadfaidh sí cibé ordacháin a thabhairt is cuí léi chun éifeacht a thabhairt don dearbhú agus, go háirithe, féadfaidh sí foráil a dhéanamh chun go mbeidh dliteanas aon duine den sórt sin faoin dearbhú ina mhuirear ar aon fhiach nó oibleagáid a bheidh dlite dó de ghnólacht gnó infheistíochta, nó ar aon mhorgáiste nó muirear nó ar aon leas in aon mhorgáiste nó muirear ar aon sócmhainní de chuid gnólachta gnó infheistíochta a bheidh ar seilbh aige nó dílsithe dó nó ar seilbh ag aon chuideachta nó duine eile thar a cheann, nó dílsithe di nó dó, nó ag aon duine nó d'aon duine a bheidh ag éileamh mar shannaí ón duine atá faoi dhliteanas faoin dearbhú nó tríd nó ó aon chuideachta nó duine a bheidh ag gníomhú thar a cheann, nó tríthi nó tríd, agus féadfaidh sí, ó am go ham, cibé ordú breise is gá a dhéanamh chun aon mhuirear a fhorchuirtear faoin bhfo-alt seo a fhorfheidhmiú. (b) I mír (a) den fho-alt seo, folaíonn “sannaí” aon duine ar chuige nó ar ina fhabhar a rinneadh, le treoracha an duine faoi dhliteanas, an fiach, an oibleagáid nó an morgáiste a chruthú, a eisiúint nó a aistriú, nó a cruthaíodh an leas, ach ní fholaíonn sé sannaí ar chomaoin luachmhar (gan comaoin ar mhodh pósta a áireamh) a bheidh tugtha de mheon macánta agus gan fógra maidir le haon cheann de na hábhair ar ar a bhforais a rinneadh an dearbhú. (3) Ní dhéanfaidh an Chúirt dearbhú faoi fho-alt (1) den alt seo i leith duine má mheasann sí— (a) gur ghlac sé gach beart réasúnach chun a áirithiú go gcomhlíonfadh gnólacht gnó infheistíochta alt 19, 52(3), 52(5) nó 52(6) den Acht seo, nó (b) go raibh cúis réasúnach aige chun a chreidiúint, agus gur chreid sé, gur cuireadh de dhualgas ar dhuine inniúil iontaofa, agus é ag gníomhú faoi mhaoirseacht nó rialú stiúrthóra a bhfuil an fhreagracht sin tugtha go foirmiúil dó, a chinntiú gur comhlíonadh alt 19, 52(3), 52(5) nó 52(6) den Acht seo agus go raibh sé in ann an dualgas sin a chomhlíonadh. (4) Beidh éifeacht leis an alt seo d'ainneoin go bhféadfadh sé go ndlífear an duine lena mbaineann a ionchúiseamh i gcion coiriúil i leith na n-ábhar ar ar a bhforas a bheidh an dearbhú le déanamh nó gur ciontaíodh an duine sin i gcion den sórt sin. (5) San alt seo folaíonn “oifigeach”, i ndáil le gnólacht gnó infheistíochta, duine a bheidh ciontaithe i gcion faoi alt 34 nó 79(7) den Acht seo nó alt 194 d'Acht na gCuideachtaí, 1990, i ndáil le ráiteas a bhaineann leis an ngnólacht gnó infheistíochta lena mbaineann do choinneáil taifead cuntasaíochta cuí. (6) Aon duine, ar stiúrthóir gnólachta gnó infheistíochta é, a mhainneoidh gach beart réasúnach a ghlacadh chun a áirithiú go gcomhlíonfaidh gnólacht gnó infheistíochta ceanglais alt 19, 52(3), 52(5) nó 52(6) den Acht seo nó a bheidh, mar gheall ar a ghníomh toiliúil féin, ina chúis le haon mhainneachtain ag gnólacht gnó infheistíochta faoi na hailt sin, beidh sé ciontach i gcion: Ar choinníoll, áfach— (a) in aon imeachtaí in aghaidh duine i leith ciona faoin alt seo, arb é a bheidh ann mainneachtain bearta réasúnacha a ghlacadh chun a áirithiú go gcomhlíonfaidh gnólacht gnó infheistíochta ceanglais an ailt seo, gur cosaint é a chruthú go raibh cúis réasúnach aige chun a chreidiúint, agus gur chreid sé, gur cuireadh de dhualgas ar dhuine inniúil iontaofa a chinntiú gur comhlíonadh na ceanglais sin agus go raibh sé in ann an dualgas sin a chomhlíonadh, agus (b) nach gcuirfear pianbhreith phríosúnachta ar dhuine mar gheall ar chion den sórt sin, mura rud é, i dtuairim na Cúirte, go ndearnadh an cion go toiliúil. |
Leasú ar alt 65 d'Acht 1995.
66.—Leasaítear leis seo alt 65 d'Acht 1995 i bhfo-alt (2) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (h):
“(hh) cumarsáid a dhéanamh le haon chliant de chuid gnólachta gnó infheistíochta chun na seirbhísí gnó infheistíochta a soláthraíodh don chliant a dheimhniú;”.
Leasú ar alt 74 d'Acht 1995.
67.—Leasaítear leis seo alt 74 d'Acht 1995—
(a) i bhfo-alt (7), trí “cinneadh a dhéanamh i dtaobh ar tharla” a chur in ionad “an t-iarratas a dhíbhe nó féadfaidh sé cinneadh a dhéanamh gur tharla” agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (7) Tar éis fiosrúcháin ag Coiste arna cheapadh faoi fho-alt (5) den alt seo, féadfaidh an Coiste sin cinneadh a dhéanamh i dtaobh ar tharla sárú ar choinníoll nó ar cheanglas, agus féadfaidh sé gach ceann nó aon cheann de na nithe seo a leanas a dhéanamh: (a) iomardú a eisiúint chuig gnólacht gnó infheistíochta nó chuig comhlacht gairmiúil, (b) a ordú go n-íocfaidh gnólacht gnó infheistíochta nó comhlacht gairmiúil suim shonraithe nach mó ná £500,000 leis an údarás maoirseachta i leith aon sáraithe ar choinníoll nó ar cheanglas, (c) socrú a dhéanamh chun cibé sonraí is cuí leis maidir le cinneadh a dhéantar faoin bhfo-alt seo a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát, (d) cibé ordú is cuí leis a dhéanamh i dtaobh costas. |
(b) i bhfo-alt (8), trí “laistigh de dhá mhí ó dháta chinneadh an Choiste nó cibé tréimhse bhreise is cuí leis an gCúirt” a chur isteach roimh “agus féadfaidh an Chúirt cinneadh an Choiste a athrú nó a neamhniú” agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an mír seo.
AN TÁBLA (8) Féadfaidh gnólacht gnó infheistíochta nó comhlacht gairmiúil achomharc a dhéanamh chuig an gCúirt in aghaidh cinnidh ón gCoiste arna eisiúint faoi fho-alt (7) den alt seo laistigh de dhá mhí ó dháta chinneadh an Choiste nó cibé tréimhse bhreise is cuí leis an gCúirt agus féadfaidh an Chúirt cinneadh an Choiste a athrú nó a neamhniú. |
Leasú ar alt 75 d'Acht 1995.
68.—Leasaítear leis seo alt 75 d'Acht 1995 tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (2):
“(2) Féadfar aon leabhair nó doiciméid a mbeidh seilbh glactha orthu faoin alt seo a choimeád ar feadh tréimhse sé mhí nó—
(i) más rud é, laistigh den tréimhse sin, go dtosófar aon imeachtaí coiriúla den sórt a luaitear i bhfo-alt (1)(a) d'alt 78 den Acht seo (ar imeachtaí iad a bhfuil baint ag na leabhair nó ag na doiciméid leo), go dtí go dtabharfar na himeachtaí sin chun críche, nó
(ii) más rud é, laistigh den tréimhse sin, go dtosóidh an Garda Síochána imscrúdú ar nithe a bhaineann le fo-alt (1)(a) d'alt 78 den Acht seo (agus go mbeidh baint ag na leabhair nó ag na doiciméid leis an imscrúdú), go dtí go dtabharfar an t-imscrúdú chun críche.”.
Leasú ar alt 79 d'Acht 1995.
69.—Leasaítear leis seo alt 79 d'Acht 1995—
(a) i bhfo-alt (1), trí “28(5),” a chur isteach roimh “30”, agus
(b) trí fho-alt (7) a scriosadh agus an fo-alt seo a leanas a chur ina ionad:
“(7) Aon duine, i gcomhlíonadh airbheartaithe aon fhorála den Acht seo nó aon rialacháin arna dhéanamh faoin gcéanna—
(a) a sholáthróidh freagra nó míniú, a thabharfaidh ráiteas, nó a dhéanfaidh aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh atá bréagach i bponc ábhartha, agus a fhios aige é nó í a bheith bréagach, nó
(b) a dhéanfaidh, go meargánta, freagra nó míniú a sholáthar, ráiteas a thabhairt nó aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh atá bréagach i bponc ábhartha, nó
(c) a dhéanfaidh faisnéis a choimeád siar nó a fhágáil ar lár go feasach,
beidh sé ciontach i gcion.”.
Leasú ar alt 8 den Acht um Stocmhalartáin, 1995.
70.—Leasaítear leis seo alt 8 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (4):
“(5) (a) Féadfaidh an Banc socrú a dhéanamh chun fógraí a fhoilsiú in aon cheann de na nuachtáin a scaiptear sa Stát nó in áit eile nó san Iris Oifigiúil, i gcás ina gcreideann an Banc le réasún go bhfuil cuideachta atá cláraithe sa Stát nó aon duine eile atá ag oibriú sa Stát ag gníomhú mar stocmhalartán nó ag éileamh nó á thabhairt le tuiscint ina leith féin gur stocmhalartán í nó é gan cheadú de réir mar a cheanglaítear in alt 8(2) den Acht seo.
(b) Féachfaidh an Banc le fógra seacht lá a thabhairt don stocmhalartán i dtaobh é a bheith ar intinn aige foilsiú a dhéanamh de réir mhír (a) den fho-alt seo.”.
Leasú ar alt 14 den Acht um Stocmhalartáin, 1995.
71.—Leasaítear leis seo alt 14 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (7):
“(7) Déanfaidh an Banc fógra faoi chúlghairm ceadaithe stocmhalartáin láithrigh a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scapitear sa Stát laistigh de 28 lá ó chúlghairm an cheadaithe.”.
Leasú ar alt 17 den Acht um Stocmhalartáin, 1995.
72.—Leasaítear leis seo alt 17 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (2)—
“(3) (a) Féadfaidh an Banc socrú a dhéanamh chun fógraí a fhoilsiú in aon cheann de na nuachtáin a scaiptear sa Stát nó in áit eile nó san Iris Oifigiúil, i gcás ina gcreideann an Banc le réasún go bhfuil cuideachta atá cláraithe sa Stát nó aon duine eile atá ag oibriú sa Stát ag gníomhú mar bhallghnólacht nó ag éileamh nó á thabhairt le tuiscint ina leith féin gur ballghnólacht í nó é gan údarú de réir mar a cheanglaítear in alt 17(2) den Acht seo.
(b) Féachfaidh an Banc le fógra seacht lá a thabhairt don bhallghnólacht i dtaobh é a bheith ar intinn aige foilsiú a dhéanamh de réir mhír (a) den fho-alt seo.”.
Leasú ar alt 18 den Acht um Stocmhalartáin, 1995.
73.—Leasaítear leis seo alt 18 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (3)—
“(3) (a) Aon uair a chinnfidh an Banc diúltú údarú a dheonú do bhallghnólacht beartaithe faoin alt seo, seirbheálfaidh sé fógra ar an mballghnólacht beartaithe i dtaobh a chinnidh diúltú é a údarú agus luafaidh sé na cúiseanna atá leis agus féadfaidh an ballghnólacht beartaithe, laistigh de 21 lá ón bhfógra sin a fháil, achomharc a dhéanamh chun na Cúirte in aghaidh an chinnidh.
(b) Mura ndéanfaidh an ballghnólacht beartaithe achomharc laistigh den tréimhse atá sonraithe i mír (a) den fho-alt seo, eiseoidh an Banc fógra chuig an mballghnólacht beartaithe i dtaobh a chinnidh diúltú é a údarú.
(c) Déanfaidh an Banc fógra i dtaobh an diúltaithe údarú a dheonú do bhallghnólacht beartaithe a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát laistigh de 28 lá ón dáta a dhéantar an cinneadh údarú a dhiúltú.”.
Leasú ar alt 24 den Acht um Stocmhalartáin, 1995.
74.—Leasaítear leis seo alt 24 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (8)—
“(8) Déanfaidh an Banc fógra i dtaobh cúlghairm a dhéanamh ar údarú ballghnólachta údaraithe a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát laistigh de 28 lá ón dáta a chúlghairtear an t-údarú.”.
Leasú ar alt 29 den Acht um Stocmhalartáin, 1995.
75.—Leasaítear leis seo alt 29 den Acht um Stocmhalartáin, 1995—
(a) i bhfo-alt (1)—
(i) tríd an mír seo a leanas a chur in ionad mhír (i):
“(i) stiúrthóirí agus iad siúd atá freagrach as bainistiú stocmhalartán ceadaithe, stocmhalartán a bhí ceadaithe tráth, stocmhalartán beartaithe nó stocmhalartán agus ballghnólachtaí údaraithe, ballghnólachtaí a bhí údaraithe tráth, ballghnólachtaí beartaithe nó ballghnólachtaí;”,
(ii) trí na míreanna seo a leanas a chur isteach i ndiaidh mhír (i):
“(j) aon duine a airbheartaíonn gníomhú nó a gcreideann an Banc le réasún go bhfuil sé ag gníomhú mar stocmhalartán nó thar a cheann nó mar bhallghnólacht nó thar a cheann;
(k) stiúrthóirí stocmhalartáin nó ballghnólachta, nó iad siúd atá freagrach as bainistiú an stocmhalartáin nó an bhallghnólachta sin, a mhainnigh comhoibriú le hoifigeach údaraithe arna cheapadh faoi alt 55 den Acht seo, nó le cigire arna cheapadh faoi alt 57, 58 nó 64 den Acht seo,”,
(b) i bhfo-alt (5), trí “agus éifeacht a bheith leis an ordachán sin ó dháta a shonróidh an Banc” a chur in ionad “agus éifeacht láithreach a bheith leis an ordachán sin”.
Leasú ar alt 34 den Acht um Stocmhalartáin, 1995.
76.—Leasaítear leis seo alt 34 den Acht um Stocmhalartáin, 1995—
(a) trí fho-alt (2) a ainmniú mar mhír (a) agus an mhír seo a leanas a chur isteach i ndiaidh mhír (a):
“(b) A luaithe is féidir tar éis iniúchadh a críochnú tabharfaidh iniúchóir stocmhalartáin cheadaithe nó ballghnólachta údaraithe scéala don Bhanc i dtaobh ar shainaithin sé, i gcúrsa an stocmhalartán ceadaithe nó an ballghnólacht údaraithe a iniúchadh, aon sáruithe ar an Acht.”,
(b) tríd an bhfo-alt seo a leanas a chur isteach i ndiaidh fho-alt (15):
“(16) Féadfaidh an Banc a cheangal ar iniúchóir stocmhalartáin bheartaithe nó ballghnólachta bheartaithe aon fhaisnéis a thabhairt ar faisnéis í a cheanglaítear ar iniúchóir stocmhalartáin cheadaithe nó ballghnólachta údaraithe a thabhairt in ailt 34 agus 36 den Acht seo.”.
Leasú ar alt 39 den Acht um Stocmhalartáin, 1995.
77.—Leasaítear leis seo alt 39 den Acht um Stocmhalartáin, 1995, i bhfo-alt (2) trí “go sroichfeadh” a chur in ionad “go mbeadh” agus trí “sealúchas cáilitheach nó go mbeadh sí níos mó ná é, nó” a chur in ionad “níos mó ná sealúchas cáilitheach, nó” i mír (a) agus tá an fo-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA (2) Sa Chuid seo ciallaíonn “idirbheart fála” duine nó níos mó ná duine amháin, atá ag gníomhú de chomhbheart, d'fháil scaireanna nó leasa eile, go díreach nó go neamhdhíreach, i stocmhalartán ceadaithe nó i mballghnólacht údaraithe ar choinníoll, tar éis na fála beartaithe— (a) go sroichfeadh an chionmhaireacht de na cearta vótála nó den chaipiteal a bheidh á sealbhú ag an duine nó ag na daoine a dhéanfaidh an t-idirbheart fála sealúchas cáilitheach nó go mbeadh sí níos mó ná é, nó (b) go sroichfeadh an chionmhaireacht de na cearta vótála nó den chaipiteal a bheidh á sealbhú ag an duine nó ag na daoine a dhéanfaidh an t-idirbheart fála 20 faoin gcéad, 33 faoin gcéad nó 50 faoin gcéad, nó go mbeadh sí níos mó ná na méideanna sin, nó (c) go dtiocfadh an stocmhalartán ceadaithe nó an ballghnólacht údaraithe chun bheith ina fhochuideachta de chuid an fhaighteora. |
Leasú ar alt 52 den Acht um Stocmhalartáin, 1995.
78.—Leasaítear leis seo alt 52 den Acht um Stocmhalartáin, 1995, tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (5):
“(5) (a) Maidir le haon leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir nó creidiúnaí de chuid ballghnólachta, ní bheidh aige ná ní bhfaighidh sé aon chúlárach nó ceart in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil cliaint a bhaineann leis na hionstraimí infheistíochta sin a gheofar, a shealbhófar, a rialófar nó a íocfar thar ceann an chliaint go dtí go mbeidh gach éileamh cuí de chuid an chliaint nó de chuid oidhrí, chomharbaí nó shannaithe an chliaint in aghaidh airgead an chliaint nó ionstraimí infheistíochta nó dhoiciméid teidil an chliaint glanta go hiomlán.
(b) D'ainneoin mhír (a) d'alt 52(5) den Acht seo, maidir le leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir nó creidiúnaí, féadfaidh cúlárach nó ceart a bheith aige in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil cliaint a bhaineann leis na hionstraimí infheistíochta sin a gheobhaidh, a shealbhóidh, a rialóidh nó a íocfaidh ballghnólacht thar ceann cliaint i leith cibé caiteachais réasúnacha a thabhaítear le linn dóibh a gcuid feidhmeanna a fheidhmiú faoin Acht seo nó faoin Acht um Chúiteamh d'Infheisteoirí, 1998, nó a thabhaítear le linn airgead cliaint agus ionstraimí infheistíochta a dháileadh ar chliaint an bhallghnólachta i gcás ina mbeidh sócmhainní an bhallghnólachta ídithe.
(c) Déanfaidh leachtaitheoir, glacadóir, riarthóir, scrúdaitheoir nó sannaí oifigiúil iarratas chuig an gCúirt sula lorgóidh sé cúlárach nó ceart in aghaidh airgid cliaint nó ionstraimí infheistíochta cliaint nó doiciméad teidil a bhaineann leis na hionstraimí infheistíochta sin a gheobhaidh, a shealbhóidh, a rialóidh nó a íocfaidh ballghnólacht thar ceann cliaint faoi mhír (b) den fho-alt seo agus cinnfidh an Chúirt an t-ábhar agus déanfaidh sí cibé ordú is cuí léi.”.
Leasú ar alt 54 den Acht um Stocmhalartáin, 1995.
79.—Leasaítear leis seo alt 54 den Acht um Stocmhalartáin, 1995—
(a) trí “ceadaithe” a scriosadh i ndiaidh “stocmhalartán” agus “cheadaithe” a scriosadh i ndiaidh “stocmhalartáin” cibé áit a bhfuil siad,
(b) trí “údaraithe” a scriosadh i ndiaidh “ballghnólacht”, “ballghnólachta” agus “bhallghnólachta”, cibé áit a bhfuil sé, agus
(c) trí “maidir le haon duine amháin nó níos mó d'oifigigh nó d'úinéirí tairbhiúla nó d'iaroifigigh nó d'iarúinéirí tairbhiúla, nó d'aon daoine díobh,” a chur in ionad “maidir le haon duine amháin nó níos mó d'oifigigh nó d'iaroifigigh nó díobh araon”, cibé áit a bhfuil sé,
agus tá an t-alt arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA 54.—(1) Más rud é— (a) go mbeidh stocmhalartán nó ballghnólacht á fhoirceannadh agus nach mbeidh sé ábalta a fhiacha go léir a íoc agus go mbeidh sárú déanta aige ar alt 15, 27 nó 52(3) den Acht seo, agus (b) go measann an Chúirt, maidir leis an sárú sin, gurbh é ba chuid den chúis le neamhábaltacht an stocmhalartáin nó an bhallghnólachta a fhiacha go léir a íoc nó gurbh é a bhí mar thoradh air ná éiginnteacht shubstaintiúil maidir le méid, suíomh nó úinéireacht, nó éiginnteacht eile i dtaobh, shócmhainní agus dhliteanais an stocmhalartáin nó an bhallghnólachta nó airgead nó ionstraimí infheistíochta chliaint an stocmhalartáin nó an bhallghnólachta sin nó gur chuir sé bac substaintiúil ar a fhoirceannadh ordúil, féadfaidh an Chúirt, ar iarratas ón leachtaitheoir nó ón nglacadóir nó ón mBanc nó ó aon chreidiúnaí nó cliant nó infheisteoir, más cuí léi déanamh amhlaidh, a dhearbhú, maidir le haon duine amháin nó níos mó d'oifigigh nó d'úinéirí tairbhiúla nó d'iaroifigigh nó d'iarúinéirí tairbhiúla, nó d'aon duine díobh, de chuid an stocmhalartáin nó an bhallghnólachta sin, atá ag mainneachtain, go mbeidh dliteanas pearsanta air nó orthu, gan aon teorainn dliteanais, as fiacha uile agus dliteanais eile an stocmhalartáin nó an bhallghnólachta sin, nó as cibé cuid díobh a shonróidh an Chúirt. (2) (a) I gcás ina ndéanfaidh an Chúirt dearbhú faoi fho-alt (1) den alt seo, féadfaidh sí cibé ordacháin a thabhairt is cuí léi chun éifeacht a thabhairt don dearbhú, agus, go háirithe, féadfaidh sí foráil a dhéanamh chun go mbeidh dliteanas aon duine den sórt sin faoin dearbhú ina mhuirear ar aon fhiach nó oibleagáid a bheidh dlite dó ón stocmhalartán nó ón mballghnólacht, nó ar aon mhorgáiste nó muirear nó aon leas in aon mhorgáiste nó muirear ar aon sócmhainní de chuid an stocmhalartáin nó an bhallghnólachta a bheidh ar seilbh aige nó dílsithe dó nó ar seilbh ag aon chuideachta eile nó duine eile thar a cheann, nó dílsithe di nó dó, nó ag aon duine nó d'aon duine a bheidh ag éileamh mar shannaí ón duine atá faoi dhliteanas faoin dearbhú nó tríd nó ó aon chuideachta nó duine a bheidh ag gníomhú thar a cheann, nó tríthi nó tríd, agus féadfaidh sí, ó am go ham, cibé ordú breise is gá a dhéanamh chun aon mhuirear a fhorchuirtear faoin bhfo-alt seo a fhorfheidhmiú. (b) I mír (a) den fho-alt seo, folaíonn “sannaí” aon duine ar chuige nó ar ina fhabhar a rinneadh, le hordacháin ón duine faoi dhliteanas, an fiach, an oibleagáid nó an morgáiste a chruthú, a eisiúint nó a aistriú, nó a cruthaíodh an leas, ach ní fholaíonn sé sannaí ar chomaoin luachmhar (gan comaoin ar mhodh pósta a áireamh) a bheidh tugtha de mheon macánta agus gan fógra maidir le haon cheann de na hábhair ar ar a bhforais a rinneadh an dearbhú. (3) Ní dhéanfaidh an Chúirt dearbhú faoi fho-alt (1) den alt seo i leith duine má mheasann sí— (a) gur ghlac sé gach beart réasúnach chun a áirithiú go gcomhlíonfadh an stocmhalartán nó an ballghnólacht alt 15, 27 nó 52(3) den Acht seo, nó (b) go raibh cúis réasúnach aige chun a chreidiúint, agus gur chreid sé, gur cuireadh de dhualgas ar dhuine inniúil iontaofa, agus é ag gníomhú faoi mhaoirseacht nó rialú stiúrthóra a bhfuil an fhreagracht sin tugtha go foirmiúil dó, a chinntiú gur comhlíonadh alt 15, 27 nó 52(3) den Acht seo agus go raibh sé in ann an dualgas sin a chomhlíonadh. (4) Beidh éifeacht leis an alt seo d'ainneoin go bhféadfadh sé go ndlífear an duine lena mbaineann a ionchúiseamh i gcion coiriúil i leith na n-ábhar ar ar a bhforas a bheidh an dearbhú le déanamh nó gur ciontaíodh an duine sin i gcion den sórt sin. (5) San alt seo folaíonn “oifigeach”, i ndáil le stocmhalartán nó ballghnólacht, duine a bheidh ciontaithe i gcion faoi alt 194 d'Acht na gCuideachtaí, 1990, nó alt 35 nó 70(7) den Acht seo, i ndáil le ráiteas a bhaineann leis an stocmhalartán nó leis an mballghnólacht lena mbaineann do choinneáil taifead cuntasaíochta cuí. (6) Aon duine, ar stiúrthóir stocmhalartáin nó ballghnólachta é, a mhainneoidh gach beart réasúnach a ghlacadh chun a áirithiú go gcomhlíonfaidh an stocmhalartán nó an ballghnólacht ceanglais alt 15, 27 nó 52(3) den Acht seo, nó a bheidh, mar gheall ar a ghníomh toiliúil féin, ina chúis le haon mhainneachtain ag an stocmhalartán nó ag an mballghnólacht faoi na hailt sin, beidh sé ciontach i gcion: Ar choinníoll, áfach— (a) in aon imeachtaí in aghaidh duine i leith ciona faoin alt seo, arb é a bheidh ann mainneachtain bearta réasúnacha a ghlacadh chun a áirithiú go gcomhlíonfaidh an stocmhalartán nó an ballghnólacht ceanglais an ailt seo, gur cosaint é a chruthú go raibh cúis réasúnach aige chun a chreidiúint, agus gur chreid sé, gur cuireadh de dhualgas ar dhuine inniúil iontaofa a chinntiú gur comhlíonadh na ceanglais sin agus go raibh sé in ann an dualgas sin a chomhlíonadh, agus (b) nach gcuirfear pianbhreith phríosúnachta ar dhuine mar gheall ar chion den sórt sin, mura rud é, i dtuairim na Cúirte, go ndearnadh an cion go toiliúil. |
Leasú ar alt 56 den Acht um Stocmhalartáin, 1995.
80.—Leasaítear leis seo alt 56 den Acht um Stocmhalartáin, 1995, i bhfo-alt (2)—
(a) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (a):
“(aa) aon áitreabh nó aon chuid d'áitreabh a gcoinnítear, nó a bhfuil forais réasúnacha ann chun a chreidiúint ina leith go gcoinnítear, leabhair, taifid nó doiciméid eile ann a dhaingniú le haghaidh iniúchadh tráth is faide anonn,”,
(b) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (b):
“(b) faoi réir breitheamh den Chúirt Dúiche d'eisiúint barántais chun na críche sin, aon leabhair, taifid nó doiciméid eile a gheobhaidh an t-oifigeach i gcúrsa a iniúchta a thógáil chun siúil ar feadh tréimhse réasúnaí le haghaidh tuilleadh scrúdaithe,”,
(c) trí na míreanna seo a leanas a chur isteach i ndiaidh mhír (c):
“(cc) a cheangal ar aon duine a bhfuil nó a raibh trealamh sonraí á úsáid aige nó á úsáid thar a cheann nó ar aon duine atá i bhfeighil an trealaimh sonraí nó i bhfeighil aon ghairis nó ábhair ghaolmhair, nó a bhfuil baint aige le hoibriú an chéanna ar shlí eile, cúnamh réasúnach a thabhairt don oifigeach údaraithe i ndáil leis sin,
(ccc) aon duine eile atá fostaithe i dtaca leis an tseirbhís ghnó infheistíochta nó leis an gcomhairle infheistíochta a ghairm, aon tráth réasúnach, chun aon fhaisnéis a theastóidh le réasún ón oifigeach údaraithe maidir leis an ngníomhaíocht sin a thabhairt don oifigeach agus aon leabhair, taifid nó doiciméid eile atá faoi chumhacht nó faoi urláimh an duine sin a thabhairt ar aird don oifigeach údaraithe,”,
agus
(d) tríd an mír seo a leanas a chur isteach i ndiaidh mhír (d):
“(dd) cumarsáid a dhéanamh le haon chliant de chuid stocmhalartáin nó ballghnólachta chun na seirbhísí infheistíochta a soláthraíodh don chliant a dheimhniú.”.
Leasú ar alt 65 den Acht um Stocmhalartáin, 1995.
81.—Leasaítear leis seo alt 65 den Acht um Stocmhalartáin, 1995—
(a) i bhfo-alt (7), trí “cinneadh a dhéanamh i dtaobh ar tharla” a chur in ionad “an t-iarratas a dhíbhe nó féadfaidh sí cinneadh a dhéanamh gur tharla”, agus
(b) i bhfo-alt (8), trí “laistigh de dhá mhí ó dháta an chinnidh sin nó cibé tréimhse bhreise is cuí leis an gCúirt agus féadfaidh an Chúirt cinneadh an Choiste a athrú nó a neamhniú” a chur isteach i ndiaidh “den alt seo”,
agus tá na fo-ailt sin arna leasú amhlaidh leagtha amach sa Tábla a ghabhann leis an alt seo.
AN TÁBLA (7) Tar éis fiosrúcháin ag Coiste arna cheapadh faoi fho-alt (5) den alt seo, féadfaidh an Coiste sin cinneadh a dhéanamh i dtaobh ar tharla sárú ar choinníoll nó ar cheanglas agus féadfaidh sé gach ceann nó aon cheann de na nithe seo a leanas a dhéanamh— (a) iomardú a eisiúint chuig stocmhalartán ceadaithe nó chuig ballghnólacht, (b) a ordú go n-íocfaidh stocmhalartán ceadaithe nó ballghnólacht suim shonraithe nach mó ná £500,000 leis an mBanc i leith aon sáraithe ar choinníoll nó ar cheanglas, (c) cibé sonraí is cuí leis maidir le cinneadh a dhéantar faoin bhfo-alt seo a fhoilsiú san Iris Oifigiúil agus i nuachtán amháin nó níos mó a scaiptear sa Stát, (d) cibé ordú is cuí leis a dhéanamh i dtaobh costas. (8) Féadfaidh stocmhalartán ceadaithe nó ballghnólacht achomharc a dhéanamh chuig an gCúirt in aghaidh cinnidh ón gCoiste arna eisiúint faoi fho-alt (7) den alt seo laistigh de dhá mhí ó dháta an chinnidh sin nó cibé tréimhse bhreise is cuí leis an gCúirt agus féadfaidh an Chúirt cinneadh an Choiste a athrú nó a neamhniú. |
Leasú ar alt 66 den Acht um Stocmhalartáin, 1995.
82.—Leasaítear leis seo alt 66 den Acht um Stocmhlartáin, 1995, tríd an bhfo-alt seo a leanas a chur in ionad fho-alt (2):
“(2) Féadfar aon leabhair nó doiciméid a mbeidh seilbh glactha orthu faoin alt seo a choimeád ar feadh tréimhse sé mhí nó—
(ii) más rud é, laistigh den tréimhse sin, go dtosófar aon imeachtaí coiriúla den sórt sin a luaitear i bhfo-alt (1)(a) d'alt 69 den Acht seo (ar imeachtaí iad a bhfuil baint ag na leabhair nó ag na doiciméid leo), go dtí go dtabharfar na himeachtaí sin chun críche, nó
(ii) más rud é, laistigh den tréimhse sin, go dtosóidh an Garda Síochána imscrúdú ar nithe a bhaineann le fo-alt (1)(a) d'alt 69 den Acht seo (agus go mbeidh baint ag na leabhair nó ag na doiciméid leis an imscrúdú), go dtí go dtabharfar an t-imscrúdú chun críche.”.
Leasú ar alt 70 den Acht um Stocmhalartáin, 1995.
83.—Leasaítear leis seo alt 70 den Acht um Stocmhalartáin, 1995, trí fho-alt (7) a scriosadh agus an fo-alt seo a leanas a chur ina ionad:
“(7) Aon duine, i gcomhlíonadh airbheartaithe aon fhorála den Acht seo nó aon rialacháin arna dhéanamh faoin gcéanna—
(a) a sholáthróidh freagra nó míniú, a thabharfaidh ráiteas nó a dhéanfaidh aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh atá bréagach i bponc ábhartha, agus a fhios aige é nó í a bheith bréagach, nó
(b) a dhéanfaidh, go meargánta, freagra nó míniú a sholáthar, ráiteas a thabhairt, nó aon tuairisceán, tuarascáil, deimhniú, clár comhardaithe nó doiciméad eile a thabhairt ar aird, a thaisceadh nó a sheachadadh atá bréagach i bponc ábhartha, nó
(c) a dhéanfaidh faisnéis a choimeád siar nó a fhágáil ar lár go feasach,
beidh sé ciontach i gcion.”.
1 O.J. Uimh. L322, 17.12.1977.
2 O.J. Uimh. L386, 30.12.1989.
3 O.J. Uimh. L375, 31.12.1985.
1 O.J. Uimh. L141, 11.06.1993.
1 O.J. Uimh. L141, 11.06.1993.
1 O.J. Uimh. L141, 11.06.1993.
2 O.J. Uimh. L322, 17.12.1977.
AN CHÉAD SCEIDEAL
Aisghairm
Uimhir agus Bliain | Gearrtheideal | Méid na hAisghairme |
a.47 (a mhéid a fhorchuirtear oibleagáid leis banna a shealbhú) | ||
Uimh. 9 de 1995 | An tAcht um Stocmhalartáin, 1995 | a.51 |
Uimh. 11 de 1995 | An tAcht um Idirghabhálaithe Infheistíochta, 1995 | a.28(4), 50, 51 (a mhéid a fhorchuirtear oibleagáid leis banna a shealbhú) |
AN DARA SCEIDEAL
Foráil Fhorlíontach i nDáil le hOrdachán ó Údarás Maoirseachta faoi Alt 27
1. Sa Sceideal seo, folaíonn tagairt do ghnólacht infheistíochta tagairt do stiúrthóirí gnólachta infheistíochta agus dóibh siúd atá freagrach as bainistiú gnólachta infheistíochta.
2. Féadfaidh údarás maoirseachta ordachán arna thabhairt faoi alt 27 den Acht seo a chúlghairm mura mbeidh ordú faoi alt 28 den Acht seo déanta ag an gCúirt i leith an ordacháin.
3. Féadfaidh gnólacht infheistíochta a mbeidh ordachán tugtha dó faoi alt 27 den Acht seo iarratas a dhéanamh chun na Cúirte ar ordú chun an t-ordachán a athrú nó a chur ar ceal agus féadfaidh an Chúirt an t-ordú sin a dheonú.
4. I gcás ina ndéanfaidh údarás maoirseachta iarratas chun na Cúirte ar ordú chun ordachán faoi alt 27 den Acht seo a dhaingniú, féadfaidh an Chúirt ordú a dheonú chun an t-ordachán a dhaingniú nó a chur ar ceal, nó é a dhaingniú agus a thréimhse feidhme a fhadú ar feadh cibé tréimhse, nach faide ná 12 mhí ón dáta a thosaigh an t-ordachán d'éifeacht a bheith leis, is cuí leis an gCúirt, ag féachaint do na himthosca.
5. Féadfaidh an Chúirt, i dteannta nó in ionad ordaithe faoi alt 28, cibé ordú eile a dhéanamh sa chás a mheasfaidh sí a bheith riachtanach, lena n-áirítear ordú á ordú d'aon duine a shealbhaíonn airgead nó sócmhainní eile don ghnólacht infheistíochta nó do chliant de chuid an ghnólachta gnó infheistíochta sin, nó thar a gceann, nó do dhuine sonraithe, gan aon cheann de na sócmhainní sin a dhiúscairt ach amháin ar cibé coinníollacha agus i cibé imthosca a bheidh sonraithe san ordú.
6. Beidh críoch le hordachán a bheidh daingnithe ag an gCúirt:
(a) ag deireadh na tréimhse feidhme a shonróidh an Chúirt,
(b) tar éis don Chúirt ordú críochnaithe a dhéanamh ar iarratas ón údaráis maoirseachta,
(c) ar ordú foirceanta a dhéanamh i leith an ghnólachta infheistíochta nó, i gcás gnólacht infheistíochta a bheith comhdhéanta mar chomhlacht neamhchorpraithe daoine, ar ordú díscaoilte a dhéanamh, nó, i gcás gur trádálaí aonair é gnólacht infheistíochta, ar bhreithniú féimheachta a dhéanamh,
(d) tar éis don Chúirt ordú foirceanta a dhéanamh i gcás go measfaidh an Chúirt nach ann a thuilleadh do na himthosca ba chúis leis an ordachán agus go mbeadh sé éagórach agus míchothrom gan an t-ordú a dhéanamh,
cibé acu is túisce a tharlóidh.
7. Féadfaidh an Chúirt, le hordú, ordú arna dhéanamh aici faoi mhír 4 a chúlghairm nó a leasú.
8. I gcás ina dtabharfaidh an t-údarás maoirseachta ordachán de réir alt 27—
(a) déanfaidh an gnólacht infheistíochta dá dtabharfar an t-ordachán gach beart is gá d'fhonn a áirithiú nach ndéanfar a chuid sócmhainní nó sócmhainní a gcliant nó a n-infheisteoirí, cibé áit a sealbhaítear iad, a laghdú gan údarú roimh ré ón údarás maoirseachta, agus
(b) féadfaidh an t-údarás maoirseachta a ordú d'fhoras creidmheasa nó d'aon fhoras atá díolmhaithe faoi alt 7 d'Acht an Bhainc Ceannais, 1971, nó d'aon fhoras airgeadais eile a shealbhaíonn cuntas de shaghas ar bith de chuid an ghnólachta infheistíochta, lena n-áirítear sealúchais d'ionstraimí infheistíochta de chuid an ghnólachta infheistíochta a mbeidh an t-ordachán tugtha dó, íocaíochtaí nó idirbhearta eile ón gcuntas a chur ar fionraí gan údarú roimh ré ón údarás maoirseachta.
AN TRÍÚ SCEIDEAL
TREOIR 97/9/CE Ó PHARLAIMINT NA hEORPA AGUS ÓN gCOMHAIRLE
an 3 Márta 1997
maidir le scéimeanna cúitimh d'infheisteoirí
TÁ PARLAIMINT NA hEORPA AGUS COMHAIRLE AN AONTAIS EORPAIGH,
Ag féachaint don Chonradh ag bunú an Chomhphobail Eorpaigh, agus go háirithe d'Airteagal 57(2) de,
Ag féachaint do thuairim an Choiste Eacnamaíoch agus Shóisialta2,
Ag féachaint do thuairim na hInstitiúide Eorpaí Airgeadaíochta3,
Ag gníomhú dóibh de réir an nós imeachta atá leagtha síos in Airteagal 189b den Chonradh4 i bhfianaise an téacs chomhpháirtigh a cheadaigh an Coiste Idir-réitigh an 18 Nollaig 1996,
(1) De bhrí gur ghlac an Chomhairle an 10 Bealtaine 1993 Treoir 93/22/CEE maidir le seirbhísí infheistíochta i réimse na n-urrús5; de bhrí gur ionstraim bhunriachtanach an Treoir sin chun an margadh inmheánach a bhaint amach do ghnólachtaí infheistíochta;
(2) De bhrí go leagtar rialacha críonnachta síos le Treoir 93/22/CEE nach mór do ghnólachtaí infheistíochta a chomhall gach tráth, lena n-áirítear rialacha arb é is cuspóir leo cearta infheisteora a chosaint a mhéid is féidir i leith airgid nó ionstraimí ar leo é nó iad;
(3) De bhrí, áfach, nach féidir cosaint iomlán a chur ar fáil le haon chóras maoirseachta, go háirithe i gcás ina ndéantar gníomhartha calaoise;
(4) De bhrí gur gné thábhachtach de chomhlánú agus de cheartfheidhmiú an mhargaidh inmheánaigh sa réimse seo infheisteoirí a chosaint agus muinín sa chóras airgeadais a choinneáil; de bhrí, chun na críche sin, gur den bhunriachtanas é go mbeadh scéim chúitimh d'infheisteoirí ag gach Ballstát, lena ráthaítear leibhéal íosta comhchuibhithe cosanta don infheisteoir beag ar a laghad i gcás nach mbeadh gnólacht infheistíochta in ann freastal dá oibleagáidí i leith a chuid cliant is infheisteoirí;
(5) De bhrí go mbeidh infheisteoirí beaga in ann seirbhísí infheistíochta a cheannach, dá bhrí sin, ó bhrainsí de ghnólachtaí infheistíochta Comhphobail nó ar bhonn seirbhísí a sholáthar thar teorainn ar bhealach chomh muiníneach is a dhéanfaí ó ghnólachtaí infheistíochta baile, agus a fhios acu go mbeadh leibhéal íosta comhchuibhithe cosanta ar fáil dóibh i gcás nach mbeadh gnólacht infheistíochta in ann freastal dá oibleagáidí i leith a chuid cliant is infheisteoirí;
(6) De bhrí, d'uireasa comhchuibhiú íosta den sórt sin, go bhféadfadh gur dhóigh le Ballstát ósta go raibh cúis mhaith aige, ar chúinsí cosanta infheisteoirí, comhaltas ina scéim chúitimh a bheith mar cheanglas le linn do ghnólacht infheistíochta Comhphobail, agus é ag oibriú trí bhrainse nó faoin tsaoirse chun seirbhísí a sholáthar, gan a bheith páirteach i scéim chúitimh d'infheisteoirí ina Bhallstát baile nó a bheith páirteach i scéim nár measadh a chothrom de chosaint a bheith á sholáthar aici; de bhrí go bhféadfadh ceanglas den sórt sin dochar a dhéanamh d'oibriú an mhargaidh inmheánaigh;
(7) De bhrí, d'ainneoin go bhfuil roinnt comhshocraíochtaí cúitimh d'infheisteoirí ag an gcuid is mó de na Ballstáit faoi láthair, nach gcumhdaíonn na comhshocraíochtaí sin i gcoitinne gach gnólacht infheistíochta a bhfuil údarú aonair acu dá bhforáiltear i dTreoir 93/22/CEE;
(8) De bhrí, dá réir sin, gur cóir a cheangal ar gach Ballstát scéim nó scéimeanna cúitimh d'infheisteoirí a bheith aige ina mbeadh gach gnólacht infheistíochta den sórt sin páirteach; de bhrí nach mór go gcumhdóidh gach scéim airgead agus ionstraimí atá á sealbhú ag gnólacht infheistíochta i dtaca le hoibríochtaí infheistíochta infheisteora, is airgead agus infheistíochtaí nach féidir a thabhairt ar ais don infheisteoir i gcás nach bhfuil gnólacht infheistíochta in ann freastal dá oibleagáidí i leith a chuid cliant is infheisteoirí; de bhrí go bhfuil sé seo gan dochar go huile do na rialacha agus na nósanna imeachta is infheidhme i ngach Ballstát maidir leis na cinntí a bheidh le glacadh i gcás dócmhainneachta gnólachta infheistíochta nó i gcás é a fhoirceannadh;
(9) De bhrí go bhfolaíonn an míniú ar ghnólacht infheistíochta forais chreidmheasa atá údaraithe chun seirbhísí infheistíochta a sholáthar; de bhrí nach mór a cheangal freisin ar gach foras creidmheasa den sórt sin a bheith páirteach i scéim chúitimh d'infheisteoirí chun a ghnó infheistíochta a chumhdach; de bhrí, áfach, nach gá a cheangal ar fhoras creidmheasa den sórt sin a bheith páirteach in dhá scéim ar leithligh i gcás ina ndéanann aon scéim amháin freastal do cheanglais na Treorach seo agus Threoir 94/19/CE an 30 Bealtaine 1994 ó Pharlaimint na hEorpa agus ón gComhairle maidir le scéimeanna ráthaíochta taiscí1; de bhrí, áfach, i gcás gnólachtaí infheistíochta ar forais chreidmheasa iad, go bhféadfadh sé a bheith deacair, i gcásanna áirithe, idirdhealú idir taiscí arna gcumhdach le Treoir 94/19/CE agus airgead a shealbhaítear i dtaca le gnó infheistíochta; de bhrí gur cóir a cheadú do Bhallstáit a chinneadh cén Treoir a mbeidh feidhm aici maidir le héilimh den sórt sin;
(10) De bhrí go gceadaítear do Bhallstát le Treoir 94/19/CE foras creidmheasa a dhíolmhú ón oibleagáid a bheith páirteach i scéim ráthaíochta taiscí i gcás an foras creidmheasa sin a bheith páirteach i gcóras a chosnaíonn an foras creidmheasa féin agus, go háirithe, a chinntíonn a shócmhainneacht; de bhrí, i gcás gur gnólacht infheistíochta freisin é foras creidmheasa atá páirteach i gcóras den sórt sin, gur cóir a cheadú do Bhallstát freisin, faoi réir coinníollacha áirithe, é a dhíolmhú ón oibleagáid a bheith páirteach i scéim chúitimh d'infheisteoirí;
(11) De bhrí gur cóir gur leor leibhéal íosta comhchuibhithe cúitimh ECU 20 000 do gach infheisteoir chun leasanna an infheisteora bhig a chosaint i gcás nach bhfuil gnólacht infheistíochta in ann freastal dá oibleagáidí i leith a chuid cliant is infheisteoirí; de bhrí go ndealródh sé, dá réir sin, a bheith réasúnach an leibhéal íosta comhchuibhithe cúitimh a shocrú ag ECU 20 000; de bhrí, amhail mar atá i dTreoir 94/19/CE, go bhféadfadh gur ghá forálacha idirthréimhseacha teoranta chun a chumasú do scéimeanna cúitimh déanamh de réir an fhigiúir sin ós rud é go bhfuil comhfheidhm leis seo maidir le Ballstáit nach bhfuil, tráth an Treoir seo a ghlacadh, aon scéim den sórt sin acu;
(12) De bhrí gur glacadh an figiúr céanna i dTreoir 94/19/CE;
(13) De bhrí, d'fhonn infheisteoirí a spreagadh cúram cuí a glacadh le linn dóibh gnólachtaí infheistíochta a roghnú, go bhfuil sé réasúnach a cheadú do Bhallstáit a cheangal ar infheisteoirí cion d'aon chaillteanas a iompar; de bhrí, áfach, nach mór infheisteoir a chumhdach i leith 90% ar a laghad d'aon chaillteanas fad is atá an cúiteamh a íoctar níos lú ná íosmhéid an Chomhphobail;
(14) De bhrí go dtairgtear le scéimeanna Ballstát áirithe léibhéil cumhdaigh atá níos airde ná an leibhéal íosta comhchuibhithe cosanta faoin Treoir seo; de bhrí, áfach, nach dealraitheach é a bheith inmhianaithe a cheangal go ndéanfaí aon athrú sna scéimeanna sin ina leith sin;
(15) De bhrí go bhféadfadh sé gurb é a thiocfaidh, laistigh den chríoch chéanna, de scéimeanna a choinneáil sa Chomhphobal lena gcuirtear leibhéil cumhdaigh ar fáil atá níos airde ná an t-íosmhéid comhchuibhithe, ná neamhionannais i dtaca le cúiteamh agus coinníollacha neamhchothroma iomaíochta idir gnólachtaí infheistíochta náisiúnta agus brainsí de ghnólachtaí ó Bhallstáit eile; de bhrí, d'fhonn cur i gcoinne na míbhuntáistí sin, gur chóir a údarú do bhrainsí a bheith páirteach i scéimeanna a dtíortha ósta ionas go bhféadfaidh siad an cumhdach céanna a thairiscint dá n-infheisteoirí a thairgtear le scéimeanna na dtíortha ina bhfuil siad suite; de bhrí gur cuí go léireodh an Coimisiún, ina thuarascáil maidir le feidhm na Treorach seo, an méid a d'fheidhmigh brainsí an rogha sin agus aon deacrachtaí a bhain dóibh nó do na scéimeanna cúitimh d'infheisteoirí le linn na forálacha sin a chur chun feidhme; de bhrí nach gcuirtear as an áireamh go bhféadfaí cumhdach forlíontach den sórt sin a thairiscint le scéimeanna Ballstát baile astu féin, faoi réir na gcoinníollacha a bheidh leagtha síos sna scéimeanna sin;
(16) De bhrí go bhféadfadh suaití margaidh teacht chun cinn de bharr brainsí de ghnólachtaí infheistíochta, arna mbunú i mBallstáit seachas a mBallstáit tionscnaimh, do thairiscint leibhéal cumhdaigh atá níos airde ná iad sin a thairgeann gnólachtaí infheistíochta atá údaraithe ina mBallstáit ósta; de bhrí nach cuí go dtiocfadh leibhéal nó scóip an chumhdaigh a bhíonn á thairiscint le scéimeanna cúitimh chun bheith ina ghléas iomaíochta; de bhrí gur gá, dá réir sin, le linn tréimhse tosaigh ar a laghad, coinníoll a leagan síos nár mhó leibhéal ná scóip an chumhdaigh a thairgtear le scéim Bhallstáit baile d'infheisteoirí ag brainsí atá suite i mBallstát eile ná an leibhéal nó an scóip uasta a thairgtear leis an scéim chomhréireach sa Bhallstát ósta; de bhrí gur cóir aon suaití margaidh a athbhreithniú go luath, ar bhonn na taithí a bheidh faighte agus i bhfianaise forbairtí san earnáil airgeadais;
(17) De bhrí nach mór do Bhallstát a bheith in ann earnálacha áirithe infheistíochtaí nó infheisteoirí atá liostaithe go sonrach a eisiamh ón gcumhdach a thugtar le scéimeanna cúitimh d'infheisteoirí más rud é nach measann sé go bhfuil gá acu le cosaint speisialta;
(18) De bhrí go bhfuil scéimeanna cúitimh d'infheisteoirí ag roinnt Ballstát atá faoi chúram eagraíochtaí gairmiúla; de bhrí go bhfuil scéimeanna i mBallstáit eile a bunaíodh agus atá á rialáil ar bhonn reachtúil; de bhrí nach gcruthaíonn an éagsúlacht stádais sin fadhb ach amháin maidir le comhaltas éigeantach i scéimeanna agus maidir le heisiamh ó scéimeanna; de bhrí gur gá, dá réir sin, bearta a dhéanamh chun cumhachtaí scéimeanna sa réimse sin a theorannú;
(19) De bhrí nach mór cúiteamh a thabhairt don infheisteoir gan aon rómhoill a luaithe a bhunaítear bailíocht an éilimh atá aige; de bhrí nach mór don scéim chúitimh féin a bheith in ann tréimhse réasúnach a shocrú chun éilimh a thíolacadh; de bhrí, áfach, nach féidir a agairt in aghaidh infheisteora go bhfuil an tréimhse sin istigh, ar infheisteoir é nach raibh in ann, ar chúis mhaith, a éileamh a thíolacadh laistigh den am atá ceadaithe;
(20) De bhrí gur gné bhunriachtanach de chosaint an infheisteora é faisnéis a thabhairt d'infheisteoirí maidir le comhshocraíochtaí cúitimh; de bhrí gur ceanglaíodh le hAirteagal 12 de Threoir 93/22/CEE ar ghnólachtaí infheistíochta a chur in iúl d'infheisteoirí, roimh ghnó a dhéanamh leo, go bhféadfadh feidhm a bheith ag scéim chúitimh; de bhrí, dá réir sin, gur cóir rialacha a leagan síos leis an Treoir seo maidir le faisnéis a thabhairt do na daoine sin a bhfuil sé beartaithe acu a bheith ina n-infheisteoirí, ar faisnéis í a bhaineann leis na scéimeanna cúitimh a chumhdaíonn a ngnó infheistíochta;
(21) De bhrí, áfach, go bhféadfadh an úsáid neamhrialáilte a bhaintear as tagairtí do mhéid agus scóip scéime cúitimh i bhfógraíocht difear a dhéanamh do chobhsaíocht an chórais airgeadais nó do mhuinín infheisteoirí; de bhrí gur cóir do Bhallstáit, dá réir sin, rialacha a leagan síos chun tagairtí den sórt sin a theorannú;
(22) De bhrí, i bprionsabal, go gceanglaíonn an Treoir seo ar gach gnólacht infheistíochta a bheith páirteach i scéim chúitimh d'infheisteoirí; de bhrí go gceadaítear leis na Treoracha a rialaíonn iontráil aon ghnólachta infheistíochta a bhfuil a cheannoifig i dtír nach ball, agus go háirithe le Treoir 93/22/CEE, do Bhallstáit a shocrú an cóir, agus cé na coinníollacha ar faoina réir is cóir, a cheadú do bhrainsí de na gnólachtaí infheistíochta sin oibriú laistigh dá gcríocha; de bhrí nach dteachtfaidh na brainsí sin an tsaoirse chun seirbhísí a sholáthar faoin dara mír d'Airteagal 59 den Chonradh, nó an ceart bunaíochta i mBallstáit seachas sna cinn sin ina bhfuil siad bunaithe; de bhrí, dá réir sin, nach mór do Bhallstát a ligeann na brainsí sin isteach a chinneadh conas prionsabail na Treorach seo a chur i bhfeidhm i leith na mbrainsí sin de réir Airteagal 5 de Threoir 93/22/CEE agus de réir an ghá le hinfheisteoirí a chosaint agus iomláine an chórais airgeadais a chothabháil; de bhrí gur den bhunriachtanas é go mbeadh infheisteoirí ag na brainsí sin ar an eolas go hiomlán faoi na comhshocraíochtaí cúitimh is infheidhme ina leith;
(23) De bhrí nach bhfuil sé riachtanach ar fad de réir na Treorach seo go ndéanfar na modhanna ina mbeidh scéimeanna cúitimh d'infheisteoirí le maoiniú a chomhchuibhiú, á chur san áireamh, ar thaobh amháin, nach mór, i bprionsabal, do na gnólachtaí infheistíochta iad féin costas maoinithe na scéimeanna sin a iompar agus, ar an taobh eile, nach mór go mbeidh cumas maoinithe na scéimeanna sin i gcomhréir lena ndliteanais; de bhrí nach mór, áfach, nach ndéanfaidh sé sin cobhsaíocht chóras airgeadais an Bhallstáit lena mbaineann a chur i gcontúirt;
(24) De bhrí go bhféadfadh sé nach mbeidh de thoradh ar an Treoir seo go mbeidh dliteanas ar na Ballstáit nó ar a n-údaráis inniúla i leith infheisteoirí más rud é go mbeidh siad tar éis a chinntiú gur tugadh isteach aon scéim amháin nó níos mó chun infheisteoirí a chúiteamh nó a chosaint faoi na coinníollacha a fhorordaítear sa Treoir seo agus gur aithníodh an scéim nó na scéimeanna sin go hoifigiúil;
(25) De bhrí, mar chríoch, gur gá íosleibhéal comhchuibhithe ar chomhshocraíochtaí cúitimh d'infheisteoirí chun an margadh inmheánach a chomhlánú do ghnólachtaí infheistíochta ós rud é go mbeidh sé indéanta dá bharr ag infheisteoirí gnó a dhéanamh leis na gnólachtaí sin le breis muiníne, go háirithe le gnólachtaí ó Bhallstáit eile, agus go bhféadfar, dá bharr, aon deacrachtaí a sheachaint a bheadh ann de bharr Ballstáit ósta d'fheidhmiú rialacha náisiúnta cosanta d'infheisteoirí ar rialacha iad nach bhfuil comhordaithe ag leibhéal an Chomhphobail; de bhrí gur Treoir Chomhphobail cheangailteach an t-aon ionstraim chuí chun an cuspóir inmhianaithe a bhaint amach i gcás comhshocraíochtaí cúitimh d'infheisteoirí a fhreagraíonn do chumhdach Threoir 93/22/CEE a bheith in easnamh i gcoitinne; de bhrí nach bhfuil éifeacht leis an Treoir seo ach maidir leis an gcomhchuibhiú íosta is gá, go gceadaíonn sí do Bhallstáit cumhdach níos leithne nó níos airde a fhorordú más mian leo agus go dtugann sí an scóip is gá do Bhallstáit i dtaca le heagrú agus maoiniú scéimeanna cúitimh d'infheisteoirí,
TAR ÉIS AN TREOIR SEO A GHLACADH:
Airteagal 1
Chun críche na Treorach seo:
1. ciallóidh ‘gnólacht infheistíochta’ gnólacht infheistíochta arna mhíniú in Airteagal 1 (2) de Threoir 93/22/CEE
— arna údarú de réir Airteagal 3 de Threoir 93/22/CEE,
nó
— arna údarú mar fhoras creidmheasa de réir Threoir 77/780/CEE1 ón gComhairle agus Threoir 89/646/CEE2 ón gComhairle, a gcumhdaíonn a n-údarú ceann amháin nó níos mó de na seirbhísí infheistíochta atá liostaithe i Roinn A den Iarscríbhinn a ghabhann le Treoir 93/22/CEE;
2. ciallóidh ‘gnó infheistíochta’ aon seirbhís infheistíochta arna mhíniú in Airteagal 1 (1) de Threoir 93/22/CEE agus an tseirbhís dá dtagraítear i bpointe 1 de Roinn C den Iarscríbhinn a ghabhann leis an Treoir sin;
3. ciallóidh ‘ionstraimí’ na hionstraimí atá liostaithe i Roinn B den Iarscríbhinn a ghabhann le Treoir 93/22/CEE;
4. ciallóidh ‘infheisteoir’ aon duine a mbeidh airgead nó ionstraimí tugtha ar iontaoibh aige nó aici do ghnólacht infheistíochta i dtaca le gnó infheistíochta;
5. ciallóidh ‘brainse’ áit ghnó ar cuid de ghnólacht infheistíochta í, nach bhfuil aon phearsantacht dhlíthiúil aici agus a sholáthraíonn seirbhísí infheistíochta a bhfuil an gnólacht infheistíochta údaraithe ina leith; measfar gur brainse amháin na háiteanna gnó go léir a bheidh bunaithe sa Bhallstát céanna ag gnólacht infheistíochta a bhfuil ceanncheathrú aige i mBallstát eile;
6. ciallóidh ‘gnó comhinfheistíochta’ gnó infheistíochta arna sheoladh do chuntas beirte nó níos mó nó a mbeidh cearta air ag beirt nó níos mó, ar cearta iad a fhéadfar a fheidhmiú trí shíniú ag duine amháin nó níos mó de na daoine sin;
7. ciallóidh ‘údaráis inniúla’ na húdaráis a mhínítear in Airteagal 22 de Threoir 93/22/CEE; féadfaidh sé, más cuí, gurb iad na húdaráis sin na cinn a mhínítear in Airteagal 1 de Threoir 92/30/CEE an 6 Aibreán 1992 ón gComhairle maidir le maoirsiú foras creidmheasa ar bhonn comhdhlúite1.
Airteagal 2
1. Cinnteoidh gach Ballstát go ndéanfar, laistigh dá chríoch, aon scéim chúitimh amháin d'infheisteoirí nó níos mó a thabhairt isteach agus a aithint go hoifigiúil. Ach amháin sna himthosca a shamhlaítear sa dara fomhír agus in Airteagal 5(3), ní fhéadfaidh aon ghnólacht infheistíochta atá údaraithe sa Bhallstát sin gnó infheistíochta a sheoladh mura bhfuil sé páirteach i scéim den sórt sin.
Féadfaidh Ballstát, áfach, foras creidmheasa, ar foras é a bhfuil feidhm ag an Treoir seo maidir leis, a dhíolmhú ón oibleagáid a bheith páirteach i scéim chúitimh d'infheisteoirí más rud é go bhfuil an foras creidmheasa sin díolmhaithe cheana féin faoi Airteagal 3(1) de Threoir 94/19/CE ón oibleagáid a bheith páirteach i scéim ráthaíochta taiscí, ar choinníoll go ndéanfar an chosaint agus an fhaisnéis a thugtar do thaisceoirí a thabhairt freisin d'infheisteoirí ar na téarmaí céanna agus go dteachtfaidh infheisteoirí cosaint dá réir atá comhionann ar a laghad leis an gcosaint sin a thugtar le scéim chúitimh d'infheisteoirí.
Aon Bhallstát a bhaineann leas as an rogha sin, cuirfidh sé an méid sin in iúl don Choimisiún; déanfaidh sé, go háirithe, tréithe na gcóras cosanta atá i gceist agus na forais chreidmheasa atá á gcumhdach acu chun críocha na Treorach seo a nochtadh, mar aon le haon athruithe ina dhiaidh sin ar an bhfaisnéis a chuirtear ar fáil. Cuirfidh an Coimisiún an méid sin in iúl don Chomhairle.
2. Cuirfidh sceim cumhdach ar fáil d'infheisteoirí de réir Airteagal 4 más rud é:
— go mbeidh cinneadh déanta ag na húdaráis inniúla gur dealraitheach dóibh, de réir a dtuairime, nach bhfuil gnólacht ionstraime, de thuras na huaire, ar chúiseanna a bhaineann go díreach lena imthosca airgeadais, in ann freastal dá oibleagáidí a éiríonn as éilimh infheisteoirí agus nach bhfuil aon luathdhóchúlacht ann go mbeidh sé in ann déanamh amhlaidh,
nó
— go mbeidh rialú déanta ag údarás breithiúnach, ar chúiseanna a bhaineann go díreach le himthosca airgeadais gnólachta infheistíochta, ar rialú é a mbeidh sé mar éifeacht aige cumas infheisteoirí chun éilimh a dhéanamh ina choinne a fhionraí,
cibé acu is luaithe.
Cuirfear cumhdach ar fáil d'éilimh a éireoidh as éagumas gnólachta infheistíochta:
— airgead atá dlite d'infheisteoirí nó ar leo é agus atá á shealbhú thar a gceann i dtaca le gnó infheistíochta a aisíoc,
nó
— aon ionstraimí ar le hinfheisteoirí iad agus atá á sealbhú, á riaradh nó á mbainistiú thar a gceann i dtaca le gnó infheistíochta a thabhairt ar ais dóibh,
de réir na gcoinníollacha dlíthiúla agus conarthacha is infheidhme.
3. Maidir le haon éileamh faoi mhír 2 ar fhoras creidmheasa a bheadh, i mBallstát ar leith, faoi réir na Treorach seo agus Threoir 94/19/CE, díreoidh an Ballstát sin é chuig scéim faoi cheann amháin nó faoi cheann eile de na Treoracha sin de réir mar is cuí leis an mBallstát sin. Ní bheidh éileamh i dteideal cúitimh níos mó ná uair amháin faoi na Treoracha sin.
4. Déanfar méid éilimh infheisteora a ríomh de réir na gcoinníollacha dlíthiúla agus conarthacha, go háirithe na cinn sin a bhaineann le fritháireamh agus frithéilimh, is infheidhme maidir leis an measúnú, ar dháta an chinnidh nó an rialaithe dá dtagraítear i mír 2, ar mhéid an airgid nó ar luach, arna chinneadh i gcás inar féidir faoi threoir mhargadhluach, na n-ionstraimí ar leis an infheisteoir iad agus nach bhfuil an gnólacht infheistíochta in ann a aisíoc nó a thabhairt ar ais.
Airteagal 3
Maidir le héilimh a éireoidh as idirbhearta a mbeidh ciontú coiriúil faighte i dtaca leo mar gheall ar sciúradh airgid, arna mhíniú in Airteagal 1 de Threoir Uimh. 91/308/CEE an 10 Meitheamh, 1991, ón gComhairle maidir le cosc a chur le húsáid an chórais airgeadais le haghaidh sciúradh airgid1, eisiafar iad ó aon chúiteamh faoi scéimeanna cúitimh d'infheisteoirí.
Airteagal 4
1. Cinnteoidh Ballstáit go ndéanfaidh scéimeanna socrú maidir le cumhdach nach lú ná ECU 20 000 do gach infheisteoir i leith na n-éileamh dá dtagraítear in Airteagal 2 (2).
Go dtí an 31 Nollaig, 1999, féadfaidh Ballstáit inar lú an cumhdach, nuair a ghlacfar an Treoir seo, ná ECU 20 000, an leibhéal cumhdaigh sin is ísle a choimeád, ar choinníoll nach lú ná ECU 15 000 é. Beidh an rogha sin ar fáil freisin do Bhallstáit lena mbainfidh na forálacha idirthréimhseacha sa dara mír d'Airteagal 7 (1) de Threoir 94/19/CE.
2. Féadfaidh Ballstát foráil a dhéanamh go ndéanfaidh scéimeanna infheisteoirí áirithe a eisiamh ó chumhdach nó go dtabharfar leibhéal níos ísle cumhdaigh dóibh. Déanfar na heisiaimh sin a liostú in Iarscríbhinn I.
3. Ní choiscfidh an tAirteagal seo forálacha a choimeád nó a ghlacadh lena dtugtar cumhdach níos mó nó níos cuimsithí d'infheisteoirí.
4. Féadfaidh Ballstát an cumhdach dá bhforáiltear i mír 1 nó an clúdach dá dtagraítear i mír 3 a theorannú do chéatadán sonraithe d'éileamh infheisteora. Ní mór an céatadán a bheidh cumhdaithe a bheith comhionann le 90% den éileamh nó a bheith os a chionn sin, áfach, ar choinníoll gur lú an méid a bheidh le híoc faoin scéim ná ECU 20 000.
Airteagal 5
1. Mura gcomhlíonann gnólacht infheistíochta, ar a gceanglaítear le hAirteagal 2 (1) a bheith páirteach i scéim, na hoibleagáidí atá air mar bhall den scéim sin, cuirfear an méid sin in iúl do na húdaráis inniúla a d'eisigh a údarú agus, i gcomhar leis an scéim chúitimh, glacfaidh na húdaráis inniúla sin gach beart is cuí, lena n-áirítear pionóis a fhorchur, chun a chinntiú go gcomhlíonfaidh an gnólacht infheistíochta a oibleagáidí.
2. Má theipeann ar na bearta sin comhlíonadh ag an ngnólacht infheistíochta a áirithiú, féadfaidh an scéim, i gcás go gceadaítear faoin dlí náisiúnta ball a eisiamh, le toiliú sainráite na n-údarás inniúil, fógra nach lú ná 12 mhí a thabhairt go bhfuil sé beartaithe aici an gnólacht infheistíochta a eisiamh ó bhallraíocht sa scéim. Leanfaidh an scéim de chumhdach a sholáthar faoin dara fomhír d'Airteagal 2 (2) i leith gnó infheistíochta a dhéanfar le linn na tréimhse sin. Más rud é, ar dhul in éag do thréimhse an fhógra, nach bhfuil a oibleagáidí comhlíonta ag an ngnólacht infheistíochta, féadfaidh an scéim chúitimh, tar éis toiliú sainráite na n-údarás inniúil a fháil sa chás sin freisin, é a eisiamh.
3. I gcás go gceadaítear amhlaidh faoin dlí náisiúnta, agus le toiliú sainráite na n-údarás inniúil a d'eisigh a údarú, féadfaidh gnólacht infheistíochta a bheidh eisiata ó scéim chúitimh d'infheisteoirí leanúint de sheirbhísí infheistíochta a sholáthar más rud é, sula ndearnadh é a eisiamh, go ndearna sé socruithe cúitimh ionadacha lena gcinntítear go mbeidh cumhdach ag infheisteoirí is comhionann ar a laghad leis an gcumhdach a bheidh á thairiscint ag an scéim ag a bhfuil aitheantas oifigiúil agus go mbeidh tréithe an chumhdaigh comhionann le tréithe na scéime sin.
4. Mura féidir le gnólacht infheistíochta, a bhfuil sé beartaithe é a eisiamh faoi mhír 2, socruithe ionadacha a dhéanamh lena gcomhlíontar na coinníollacha a fhorchuirtear i mír 3, déanfaidh na húdaráis inniúla a d'eisigh a údarú é a tharraingt siar gan mhoill.
Airteagal 6
Tar éis údarú gnólachta infheistíochta a tharraingt siar, leanfar de chumhdach faoin dara fomhír d'Airteagal 2 (2) a sholáthar i leith gnó infheistíochta arna dhéanamh suas go dtí an uair a dhéanfar an tarraingt siar sin.
Airteagal 7
1. Maidir le scéimeanna cúitimh d'infheisteoirí a thabharfar isteach agus a aithneofar go hoifigiúil i mBallstát de réir Airteagal 2 (1), déanfaidh siad infheisteoirí a chumhdach freisin ag brainsí a bheidh arna mbunú ag gnólachtaí infheistíochta i mBallstáit eile.
Go dtí an 31 Nollaig, 1999, ní rachaidh leibhéal ná scóip, lena n-áirítear céatadán, an chumhdaigh dá bhforálfar thar leibhéal ná scóip uasta an chumhdaigh a bheidh á thairiscint ag an scéim chúitimh chomfhreagrach laistigh de chríoch an Bhallstáit ósta. Roimh an dáta sin, déanfaidh an Coimisiún tuarascáil a tharraingt suas ar bhonn na taithí a bheidh faighte le linn an fhomhír seo agus Airteagal 4 (1) de Threoir 94/19/CE dá dtagraítear thuas a chur i bhfeidhm agus breithneoidh sé an gá leanúint de na forálacha sin. Más cuí, cuirfidh an Coimisiún togra le haghaidh Treorach faoi bhráid Pharlaimint na hEorpa agus na Comhairle, d'fhonn a mbailíocht a fhadú.
I gcás go rachaidh leibhéal nó scóip, lena n-áirítear céatadán, an chumhdaigh a bheidh á thairiscint ag scéim chúitimh d'infheisteoirí an Bhallstáit ósta thar leibhéal nó scóip an chumhdaigh a sholáthrófar sa Bhallstát ina bhfuil gnólacht infheistíochta údaraithe, déanfaidh an Ballstát ósta a chinntiú go mbeidh scéim arna haithint go hoifigiúil ann laistigh dá chríoch ar féidir le brainse ceangal léi go toildeonach d'fhonn cur leis an gcumhdach a bheidh ag a chuid infheisteoirí cheana féin de bhua a bhallraíochta i scéim a Bhallstáit baile.
Má théann brainse isteach i scéim den sórt sin, beidh an scéim sin ina scéim a chumhdaíonn an earnáil forais lena mbaineann an brainse nó is mó dá bhfreagraíonn an brainse ina Bhallstát ósta.
Cinnteoidh Ballstáit go mbunófar coinníollacha, atá oibiachtúil agus a fheidhmítear i gcoitinne, maidir le ballraíocht ag brainsí i ngach scéim chúitimh d'infheisteoirí. Beidh ballraíocht faoi réir an choinníll go ndéanfaidh brainse na hoibleagáidí iomchuí ballraíochta a chomhlíonadh, lena n-áirítear go háirithe gach ranníoc agus gach muirear eile a íoc. Leanfaidh na Ballstáit na treoirphrionsabail a leagtar amach in Iarscríbhinn II le linn an mhír seo a chur chun feidhme.
2. Más rud é nach ndéanfaidh brainse a mbeidh rogha na ballraíochta toildeonaí feidhmithe aige faoi mhír 1 na hoibleagáidí atá air mar bhall de scéim chúitimh d'infheisteoirí a chomhlíonadh, cuirfear an méid sin in iúl do na húdaráis inniúla a d'eisigh a údarú agus, i gcomhar leis an scéim chúitimh, déanfaidh siad gach beart is gá chun a chinntiú go gcomhlíonfaidh an brainse na hoibleagáidí réamhluaite.
Mura gcinnteofar, de thoradh na mbeart sin, go gcomhlíonfaidh an brainse na hoibleagáidí dá dtagraítear san Airteagal seo, féadfaidh an scéim chúitimh, le toiliú na n-údarás inniúil a d'eisigh an t-údarú, tar éis tréimhse cuí fógra nach lú ná 12 mhí, an brainse a eisiamh. Leanfaidh an scéim chúitimh, a raibh an brainse ina bhall toildeonach di, de ghnó infheistíochta, a bheidh déanta roimh dháta an eisiaimh, a chumhdach tar éis an dáta sin. Cuirfear tarraingt siar an chumhdaigh fhorlíontaigh agus an dáta a mbeidh éifeacht léi in iúl d'infheisteoirí.
Airteagal 8
1. Beidh feidhm ag an gcumhdach dá bhforáiltear in Airteagal 4 (1), (3) agus (4) maidir le héileamh comhiomlán an infheisteora ar an ngnólacht infheistíochta céanna faoin Treoir seo gan aird a thabhairt ar líon na gcuntas, ar an airgeadra ná ar an suíomh sa Chomhphobal.
Féadfaidh Ballstáit foráil a dhéanamh, áfach, go ndéanfar cistí in airgeadraí seachas airgeadraí na mBallstát sin agus an ecu a eisiamh ó chumhdach nó gur faoi réir cumhdaigh is ísle a bheidh siad. Ní bhainfidh an rogha seo le hionstraimí.
2. Cuirfear scair gach infheisteora i ngnó comhinfheistíochta san áireamh nuair a bheidh an cumhdach dá bhforáiltear in Airteagal 4 (1), (3) agus (4) á ríomh.
Cheal forálacha speisialta, déanfar éilimh a roinnt go cothrom idir infheisteoirí.
Féadfaidh Ballstáit foráil a dhéanamh go bhféadfar, maidir le héilimh a bhaineann le gnó comhinfheistíochta a bhfuil teideal ag beirt nó níos mó chucu mar bhaill de chomhpháirtíocht ghnó, de chumann nó de ghrúpáil den tsamhail chéanna, nach bhfuil pearsantacht dhlíthiúil aige nó aici, d'fhonn na teorainneacha a ríomh dá bhforáiltear in Airteagal 4 (1), (3) agus (4), iad a chomhiomlánú agus go bhféadfar déileáil leo amhail is dá mba rud é go n-éiríonn siad as infheistíocht arna déanamh ag infheisteoir aonair.
3. I gcás nach bhfuil teideal iomlán ag infheisteoir ar na suimeanna nó ar na hurrúis a bheidh á sealbhú, is é nó í an duine ag a bhfuil an teideal iomlán a gheobhaidh an cúiteamh, ar choinníoll go ndearnadh an duine sin a aithint, nó gur féidir an duine sin a aithint, roimh dháta an chinnidh nó an rialaithe dá dtagraítear in Airteagal 2 (2).
Má tá teideal iomlán ag beirt nó níos mó, déanfar scair gach duine acu faoi na socruithe ar faoina réir a dhéantar bainistiú ar na suimeanna nó ar na hurrúis a chur san áireamh nuair a dhéantar na teorainneacha atá leagtha síos in Airteagal 4 (1), (3) agus (4) a ríomh.
Ní bheidh feidhm ag an bhforáil seo maidir le gnóthais chomhinfheistíochta.
Airteagal 9
1. Glacfaidh an scéim chúitimh bearta cuí chun an cinneadh nó an rialú dá dtagraítear in Airteagal 2 (2) a chur in iúl d'infheisteoirí agus, má tá cúiteamh le tabhairt dóibh, cúiteamh a thabhairt dóibh a luaithe is féidir. Féadfaidh sí tréimhse a shocrú a mbeidh ceangal ar infheisteoirí a n-éilimh a chur isteach lena linn. Ní bheidh an tréimhse sin níos lú ná cúig mhí ó dháta an chinnidh nó an rialaithe réamhluaite sin nó ón dáta a dhéantar an cinneadh nó an rialú sin a phoibliú.
Má bhíonn an tréimhse sin caite, ní fhéadfaidh an scéim leas a bhaint as sin, áfach, chun cumhdach a shéanadh ar infheisteoir nach raibh in ann a cheart ar chúiteamh a éileamh in am.
2. Beidh an scéim in ann éileamh infheisteora a íoc a luaithe is féidir agus ar a dhéanaí laistigh de thrí mhí tar éis cáilitheacht agus méid an éilimh a bhunú.
In imthosca eisceachtúla ar fad agus i gcásanna speisialta féadfaidh scéim chúitimh iarratas a dhéanamh chun na n-údarás inniúil ar fhadú ar an teorainn ama. Ní rachaidh aon fhadú den sórt sin thar thrí mhí.
3. D'ainneoin na teorann ama a leagtar síos i mír 2, i gcás go mbeidh infheisteoir nó aon duine eile, ag a bhfuil teideal chuig gnó infheistíochta nó leas i ngnó infheistíochta, cúisithe i leith ciona a éiríonn as sciúradh airgid nó a bhaineann le sciúradh airgid arna mhíniú in Airteagal 1 de Threoir 91/308/CEE, féadfaidh an scéim chúitimh aon íocaíocht a chur ar fionraí go dtí go dtabharfar breith na cúirte.
Airteagal 10
1. Déanfaidh Ballstáit a chinntiú go ndéanfaidh gach gnólacht infheistíochta bearta cuí chun an fhaisnéis is gá chun an scéim chúitimh d'infheisteoirí a bhfuil an gnólacht infheistíochta agus a chuid brainsí laistigh den Chomhphobal ina mbail di a aithint nó aon socrú ionadach dá bhforáiltear faoin dara fomhír d'Airteagal 2 (1) nó Airteagal 5 (3) a chur ar fáil d'infheisteoirí iarbhír agus d'infheisteoirí beartaitheacha. Déanfar forálacha na scéime cúitimh d'infheisteoirí nó aon socrú ionadach is infheidhme, lena n-áirítear méid agus scóip an chumhdaigh a chuireann an scéim chúitimh ar fáil agus aon rialacha a bheidh leagtha síos ag na Ballstáit de bhun Airteagal 2 (3) a chur in iúl d'infheisteoirí. Cuirfear an fhaisnéis sin ar fáil ar mhodh is intuigthe go héasca.
Ar í a iarraidh tabharfar faisnéis freisin i dtaobh na gcoinníollacha lena rialaítear cúiteamh agus i dtaobh na bhfoirmiúlachtaí is gá a chomhlíonadh chun cúiteamh a fháil.
2. Déanfar an fhaisnéis dá bhforáiltear i mír 1 a chur ar fáil ar an modh a fhorordaítear le dlí náisiúnta i dteanga oifigiúil nó i dteangacha oifigiúla an Bhallstáit a bhfuil brainse bunaithe ann.
3. Bunóidh Ballstáit rialacha lena dteorannófar an úsáid a bhainfear as an bhfaisnéis dá dtagraítear i mír 1 i bhfógraíocht d'fhonn cosc a chur leis an úsáid sin difear a dhéanamh do chobhsaíocht an chórais airgeadais nó do mhuinín infheisteoirí. Go háirithe, féadfaidh Ballstát an fhógraíocht sin a theorannú do thagairt fhíorasach don scéim lena mbaineann gnólacht infheistíochta.
Airteagal 11
1. Déanfaidh gach Ballstát fiosrú lena fháil amach an bhfuil cumhdach is comhionann leis an gcumhdach a fhorordaítear sa Treoir seo ag brainsí arna mbunú ag gnólacht infheistíochta a bhfuil a cheannoifig lasmuigh den Chomhphobal. Mura bhfuil an clúdach sin ann, féadfaidh Ballstát, faoi réir Airteagal 5 de Threoir 93/22/CEE, coinníoll a leagan síos go rachaidh brainsí arna mbunú ag gnólacht infheistíochta a bhfuil a cheannoifig lasmuigh den Chomhphobal isteach i scéimeanna cúitimh d'infheisteoirí atá ag feidhmiú laistigh dá chríoch.
2. Déanfaidh gnólacht infheistíochta, a bhfuil a cheannoifig lasmuigh den Chomhphobal, gach faisnéis iomchuí a bhaineann leis na socruithe cúitimh a chumhdaíonn a n-infheistíochtaí a sholáthar d'infheisteoirí iarbhír agus beartaitheacha ag brainsí arna mbunú ag an ngnólacht infheistíochta sin.
3. Déanfar an fhaisnéis dá bhforáiltear i mír 2 a chur ar fáil ar an modh a fhorordaítear le dlí náisiúnta i dteanga oifigiúil nó i dteangacha oifigiúla an Bhallstáit a bhfuil brainse bunaithe ann agus dréachtófar i bhfoirm shoiléir intuigthe í.
Airteagal 12
Gan dochar d'aon chearta eile a bheidh acu faoin dlí náisiúnta, féadfaidh ceart seachaíochta a bheith ag scéimeanna a thugann íocaíochtaí d'fhonn infheisteoirí a chúiteamh maidir le cearta na n-infheisteoirí sin in imeachtaí leachtaithe le haghaidh méideanna is comhionann lena n-íocaíochtaí.
Airteagal 13
Déanfaidh Ballstáit a chinntiú go bhféadfaidh ceart infheisteora ar chúiteamh a bheith ina ábhar caingne ag an infheisteoir in aghaidh na scéime cúitimh.
Airteagal 14
Tráth nach déanaí ná an 31 Nollaig, 1999, cuirfidh an Coimisiún tuarascáil faoi bhráid Pharlaimint na hEorpa agus na Comhairle maidir le feidhm na Treorach seo maille le tograí, más cuí, chun í a athbhreithniú.
Airteagal 15
1. Déanfaidh na Ballstáit na dlíthe, na rialacháin agus na forálacha riaracháin a thabhairt i bhfeidhm is gá chun go ndéanfaidís an Treoir seo a chomhlíonadh tráth nach déanaí ná an 26 Meán Fómhair, 1998. Cuirfidh siad an méid sin in iúl don Choimisiún láithreach.
Nuair a ghlacfaidh na Ballstáit na bearta sin, beidh tagairtí iontu don Treoir seo nó beidh na tagairtí sin ag gabháil leo tráth a bhfoilsithe go hoifigiúil. Leagfaidh na Ballstáit síos na modhanna chun na tagairtí sin a dhéanamh.
2. Déanfaidh na Ballstáit téacsanna na bpríomhfhorálacha den dlí náisiúnta a ghlacfaidh siad sa réimse a chumhdaítear leis an Treoir seo a chur in iúl don Choimisiún.
Airteagal 16
Déanfar Airteagal 12 de Threoir 93/22/CEE a aisghairm le héifeacht ón dáta dá dtagraítear in Airteagal 15 (1).
Airteagal 17
Tiocfaidh an Treoir seo i bhfeidhm lá a foilsithe in Iris Oifigiúil na gComhphobal Eorpach.
Airteagal 18
Is chuig na Ballstáit a dhírítear an Treoir seo.
Arna dhéanamh sa Bhruiséil, an 3 Márta, 1997.
Ar son Pharlaimint na hEorpa | Ar son na Comhairle |
An tUachtarán | An tUachtarán |
J.M. GIL-ROBLES | M. DE BOER |
IARSCRÍBHINN I
LIOSTA EISIAMH DÁ dTAGRAÍTEAR IN AIRTEAGAL 4(2)
1. Infheisteoirí gairmiúla agus infheisteoirí forais, lena n-áirítear:
— gnólachtaí infheistíochta arna mhíniú in Airteagal 1(2) de Threoir 93/22/CEE,
— forais chreidmheasa arna mhíniú sa chéad fhleasc d'Airteagal 1 de Threoir 77/780/CEE ón gComhairle,
— forais airgeadais arna mhíniú in Airteagal 1(6) de Threoir 89/646/CEE ón gComhairle,
— gnóthais árachais,
— gnóthais chomhinfheistíochta,
— cistí pinsean agus scoir.
Infheisteoirí gairmiúla agus infheisteoirí forais eile.
2. Forais osnáisiúnta, údaráis riaracháin rialtais agus lárnacha.
3. Údaráis chúigeacha, réigiúnacha, áitiúla agus chathrach.
4. Stiúrthóirí, bainisteoirí, agus baill ar a bhfuil dliteanas pearsanta, de chuid gnólachtaí infheistíochta, daoine a shealbhaíonn 5% nó níos mó de chaipiteal na ngnólachtaí infheistíochta sin, daoine atá freagrach as na hiniúchtaí reachtúla a sheoladh ar dhoiciméid chuntasaíochta gnólachtaí infheistíochta agus infheisteoirí ag a bhfuil stádas dá samhail i ngnólachtaí eile laistigh den ghrúpa céanna le gnólacht den sórt sin.
5. Garghaolta agus tríú páirtithe ag gníomhú thar ceann na n-infheisteoirí dá dtagraítear i bpointe 4.
6. Gnólachtaí eile sa ghrúpa céanna.
7. Infheisteoirí ar a bhfuil aon fhreagracht as fíorais áirithe, nó a bhain tairbhe as fíorais áirithe, a bhaineann le gnólacht infheistíochta agus ba chúis le deacrachtaí airgeadais an ghnólachta nó ba chuid den chúis le meath ar staid airgeadais an ghnólachta.
8. Cuideachtaí de mhéid a fhágann nach gceadaítear dóibh cláir chomhardaithe ghiorraithe a tharraingt suas faoi Airteagal 11 den Cheathrú Treoir 78/660/CEE an 25 Iúil, 1978, ón gComhairle, ar bhonn Airteagal 54(3)(g) den Chonradh maidir le cuntais bhliantúla cineálacha áirithe cuideachtaí1.
IARSCRÍBHINN II
TREOIRPHRIONSABAIL
(Dá dtagraítear sa chúigiú fomhír d'Airteagal 7 (1))
I gcás go ndéanfaidh brainse iarratas chun dul isteach i scéim de chuid Ballstáit ósta le haghaidh cumhdaigh fhorlíontaigh, déanfaidh scéim an Bhallstáit ósta, go déthaobhach le scéim an Bhallstáit baile, rialacha agus nósanna imeachta cuí a bhunú le haghaidh cúiteamh a íoc le hinfheisteoirí sa bhrainse sin. Beidh feidhm ag na prionsabail seo a leanas maidir leis na nósanna imeachta sin a tharraingt suas agus le linn na coinníollacha ballraíochta a cheapadh is infheidhme maidir leis an mbrainse sin (dá dtagraítear in Airteagal 7 (1)):
(a) coimeádfaidh scéim an Bhallstáit ósta lánchearta chun a chuspóir agus a rialacha a fheidhmítear go ginearálta a fhorchur ar ghnólachtaí infheistíochta rannpháirteacha; beidh ar a cumas a cheangal go soláthrófar faisnéis iomchuí agus beidh sí i dteideal an fhaisnéis sin a fhíorú le húdaráis inniúla an Bhallstáit baile;
(b) freastalóidh scéim an Bhallstáit ósta ar éilimh ar chúiteamh forlíontach tar éis d'údaráis inniúla an Bhallstáit baile an cinneadh nó an rialú dá dtagraítear in Airteagal 2(2) a chur in iúl di. Coimeádfaidh scéim an Bhallstáit ósta lánchearta chun teideal infheisteora a fhíorú de réir a caighdeán agus a nósanna imeachta féin roimh chúiteamh forlíontach a íoc;
(c) comhoibreoidh scéimeanna an Bhallstáit ósta agus an Bhallstáit baile lena chéile go hiomlán d'fhonn a chinntiú go bhfaigheann infheisteoirí cúiteamh go pras agus sna méideanna cearta. Go háirithe, aontóidh siad i dtaobh conas a dhéanfaidh frithéileamh, atá ann agus a d'fhéadfadh a bheith ina chúis le fritháireamh faoi cheachtar scéim, difear don chúiteamh a íocfaidh gach scéim leis an infheisteoir;
(d) beidh scéim an Bhallstáit ósta i dteideal muirear a ghearradh ar bhrainsí as cumhdach forlíontach ar bhonn iomchuí lena gcuirtear san áireamh an cumhdach a bheidh á mhaoiniú le scéim an Bhallstáit baile. Chun muirearú a urasú, beidh scéim an Bhallstáit ósta i dteideal glacadh leis nach mbeidh ina dhliteanas, i ngach cúinse, ach anbharr an chumhdaigh a bheidh arna thairiscint aici thar an gcumhdach a bheidh arna thairiscint ag an mBallstát baile ar neamhaird leis an mBallstát baile d'íoc aon chúitimh iarbhír i leith éileamh ó infheisteoirí laistigh de chríoch an Bhallstáit ósta.
1 O.J. Uimh. C 321, 27.11.1993, l.15 agus O.J. Uimh. C 382, 31.12.1994, l.27.
2 O.J. Uimh. C 127, 7.5.1994, l.1.
3 Tuairim a tugadh an 28 Iúil 1995.
4Tuairim ó Pharlaimint na hEorpa an 19 Aibreán 1994 (O.J. Uimh. C 128, 9.5.1994, l.85), Comhsheasamh na Comhairle an 23 Deireadh Fómhair 1995 (O.J. Uimh. C 320, 30.11.1995. l.9) agus Cinneadh ó Pharlaimint na hEorpa an 12 Márta 1996 (O.J. Uimh. C 96, 1.4.1996, l.28). Cinneadh ón gComhairle an 17 Feabhra 1997 agus Cinneadh ó Pharlaimint na hEorpa an 19 Feabhra 1997 (O.J. Uimh. C 85, 17.3.1997).
5O.J. Uimh. L 141, 11.6.1993, l.27
1O.J. Uimh. L 135, 31.5.1994, l.51
1 An Chéad Treoir 77/780/CEE ón gComhairle an 12 Nollaig 1977 maidir le comhordú dlíthe, rialachán agus forálacha riaracháin a bhaineann le dul i mbun an ghnó a ghabhann le foras creidmheasa agus leanúint den ghnó sin (O.J. Uimh. L 322, 17.12.1977, l.30). Treoir arna leasú an uair dheireanach le Treoir 89/646/CEE (O.J. Uimh. L 386, 30.12.1989, l.1).
2 An Dara Treoir 89/646/CEE ón gComhairle an 15 Nollaig 1989 maidir le comhordú dlíthe, rialachán agus forálacha riaracháin a bhaineann le dul i mbun an ghnó a ghabhann le foras creidmheasa agus leanúint den ghnó sin agus ag leasú Threoir 77/780/CEE (O.J. Uimh. L 386, 30.12.1989, l.1). Treoir arna leasú an uair dheireanach le Treoir 92/30/CEE (O.J. Uimh. L 110, 28.4.1992, l.52).
1O.J. Uimh. L 110, 28.4.1992, l. 52.
1 O.J. Uimh. L 166, 28.6.1991, l.77.
1 O.J. Uimh. L 222, 14.8.1978, l. 11. Treoir arna leasú go deireanach le Treoir 94/8/CE (O.J. Uimh. L 82, 25.3.1994, l.33).
Number 37 of 1998
INVESTOR COMPENSATION ACT, 1998
ARRANGEMENT OF SECTIONS
Preliminary and General
Section | |
Appointment of supervisory authority and competent authority. | |
Administration of Investor Compensation
Alteration of memorandum of association and articles of association of Company. | |
Non-application of section 182 (Removal of directors) of Act of 1963. | |
Payment of Compensation to Investors
Determination that an investment firm cannot meet its obligations. | |
Miscellaneous
Investment firms joining compensation schemes in other Member States. | |
Membership of compensation scheme by investment firm authorised in another Member State. | |
Miscellaneous Amendments
Repeals
Supplementary provision in relation to a Direction by a Supervisory Authority under Section 27
Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on Investor-Compensation Schemes
Acts Referred to | |
1989, No. 17 | |
1971, No. 24 | |
1989, No. 16 | |
1997, No. 8 | |
1963, No. 33 | |
1990, No. 33 | |
Companies Acts, 1963 to 1990 | |
1986, No. 25 | |
1994, No. 15 | |
1989, No. 3 | |
1995, No. 11 | |
1941, No. 23 | |
Petty Sessions (Ireland) Act, 1851 | 14 & 15 Vict., c. 93 |
1954, No. 36 | |
Solicitors Acts, 1954 to 1994 | |
1960, No. 37 | |
1994, No. 27 | |
1995, No. 9 | |
1965, No. 27 | |
1997, No. 39 | |
Trustee Act, 1893 | c. 53 |
1989, No. 21 | |
Number 37 of 1998
INVESTOR COMPENSATION ACT, 1998
PART I
Preliminary and General
Short title and commencement.
1.—(1) This Act may be cited as the Investor Compensation Act, 1998.
(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.
Interpretation.
2.—(1) In this Act, unless the context otherwise requires—
“Act of 1963” means the Companies Act, 1963;
“Act of 1989” means the Insurance Act, 1989;
“Act of 1994” means the Solicitors (Amendment) Act, 1994;
“Act of 1995” means the Investment Intermediaries Act, 1995;
“administrator” means, where a liquidator or official assignee has been appointed to an investment firm by the Court, that liquidator or official assignee, or where an administrator has been appointed to an investment firm by the supervisory authority, that administrator;
“approved professional body” has the meaning assigned to it by the Act of 1995;
“authorised investment business firm” has the meaning assigned to it by subsection (4);
“authorised investment firm” means—
(a) an authorised investment business firm, or
(b) an authorised member firm, or
(c) a credit institution the authorisation of which by the Bank under Directive No. 77/780/EEC of 12 December 1977(1) and Directive No. 89/646/EEC of 15 December 1989(2) extends to one or more of the investment services listed in section A of the Annex to the Investment Services Directive, or
(d) an insurance intermediary;
“authorised member firm” has the meaning assigned to it by the Stock Exchange Act, 1995;
“authorised officer” means a person authorised for the purposes of section 9;
“Bank” means the Central Bank of Ireland;
“Board” means the Board of the Company;
“branch”, in the case of an investment firm which is subject to the Investment Services Directive, means a place of business which is part of an investment firm, which has no separate legal personality and which provides investment services for which the investment firm has been authorised by the Bank or by a competent authority in another Member State, and all the places of business set up in the same Member State by an investment firm which has its head office in another Member State shall be regarded as a single branch;
“certified person” has the meaning assigned to it by section 55 of the Act of 1995;
“client” means a person who has entrusted money or investment instruments to an investment firm in connection with the provision of investment business services by the investment firm;
“close relative” means a brother, sister, parent or spouse of a client or a child of the client or of the spouse of the client, where “spouse”, in relation to the client, shall not include a spouse who is living separately and apart from the client;
“Company” means the Investor Compensation Company Limited;
“compensatable loss” has the meaning assigned to it by section 30(1);
“competent authority” means a competent authority for the purposes of the Investor Compensation Directive;
“Court” means the High Court;
“credit institution” means a credit institution within the meaning of Article 1 of Council Directive No. 77/780/EEC of 12 December 1977(1) as amended by Council Directive No. 89/646/EEC of 15 December 1989(2) but does not include the institutions referred to in Article 2(2) of the first mentioned Directive;
“director” includes any person occupying the position of director by whatever name called and any person who effectively directs or has a material influence over the business of an investment firm and includes a shadow director within the meaning of the Companies Act, 1990;
“ECU” has the same meaning as in Council Regulations (EC) No. 3320/94 of 22 December 1994 on the consolidation of the existing Community legislation on the definition of the ECU following the entry into force of the Treaty on European Union(3) ;
“eligible investor” means a person, not being an excluded investor, who is a client of an investment firm and has made an application for payment under section 34;
“employee” has the same meaning as in the Act of 1995;
“excluded investor” means a client of an investment firm which has been the subject of a determination by the supervisory authority under section 31 or a ruling and, in relation to that investment firm, is—
(a) a professional or institutional client, including:
(i) an investment firm;
(ii) an investment firm for the purposes of the Investment Services Directive;
(iii) a credit institution as defined in Article 1 of Council Directive No. 77/780/EEC;
(iv) a financial institution as defined in Article 1(6) of Council Directive No. 89/646/EEC of 15 December 1989(2) ;
(v) an insurance undertaking;
(vi) an undertaking for collective investment; or
(vii) a pension or retirement fund, or
(b) a local authority, or
(c) a director, manager or personally liable member of the investment firm, a holder of at least 5 per cent. of the capital of the investment firm, a person responsible for carrying out the statutory audit of the investment firm or a client with similar status in a group undertaking, or
(d) a close relative or a third party acting on behalf of a client referred to in paragraph (c), or
(e) another firm in a group undertaking, or
(f) a client who has any responsibility for, or has taken advantage of, facts relating to the investment firm which gave rise to the firm's financial difficulties or contributed to the deterioration of its financial situation, or
(g) a company which is of such a size that it is not permitted to draw up abridged balance sheets under Article 11 of the Fourth Council Directive No. 78/660/EEC of 25 July 1978(1) based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or
(h) a client specified by the supervisory authority as an excluded investor in accordance with section 35(8);
“functions” includes powers and duties and references to the performance of functions include, as respects powers and duties, references to the exercise of the powers and the carrying out of the duties;
“group undertaking”, in relation to an investment firm, means a group undertaking within the meaning of the Companies (Amendment) Act, 1986, of which the investment firm is a part;
“insurance intermediary” has the meaning assigned to it by the Act of 1989 but excludes a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force where the activities of the solicitor arise only incidentally to the provision of legal services;
“insurance undertaking” has the meaning assigned to it by the European Communities (Non-Life Insurance) Framework Regulations, 1994 (S.I. No. 359 of 1994), or under the European Communities (Life Assurance) Framework Regulations, 1994 (S.I. No. 360 of 1994);
“investment business firm” has the meaning assigned to it by the Act of 1995;
“investment business services” has the meaning assigned to it by the Act of 1995 and includes the activities of an insurance intermediary;
“investment firm” means—
(a) an authorised investment business firm or a person (being a person who was an authorised investment business firm) whose authorisation has been revoked,
(b) an authorised member firm or a person (being a person who was an authorised member firm) whose authorisation has been revoked,
(c) a credit institution licensed in the State or a credit institution whose authorisation by the Bank under Council Directive 77/780/EEC of 12 December 1977 as amended by Council Directive 89/646/EEC of 15 December 1989 as amended and extended from time to time extends to one or more of the investment services listed in the Annex to the Investment Services Directive or a credit institution whose authorisation by the Bank under Council Directive 77/780/EEC of 12 December 1977 as amended by Council Directive 89/646/EEC of 15 December 1989 as amended and extended from time to time has been revoked or a credit institution whose authorisation by the Bank under Council Directive 77/780/EEC of 12 December 1977 as amended by Council Directive 89/646/EEC of 15 December 1989 as amended and extended from time to time no longer extends to one or more of the investment services listed in the Annex to the Investment Services Directive, or
(d) an insurance intermediary or a person who was formerly an insurance intermediary;
“investment instruments” has the meaning assigned to it by the Act of 1995;
“investment product intermediary” has the meaning assigned to it by the Act of 1995;
“Investment Services Directive” means Council Directive No. 93/22/EEC of 10 May 1993(1) ;
“Investor Compensation Directive” means Directive No. 97/9/EC of the European Parliament and of the Council of 3 March 1997(2) ;
“joint investment business” means investment business services provided for the account of two or more persons or over which two or more persons have rights that may be exercised by means of the signature of one or more of those persons;
“local authority” means a local authority for the purposes of the Local Government Act, 1941 and where appropriate a provincial, regional, local and municipal authority;
“member firm” has the meaning assigned to it by the Stock Exchange Act, 1995;
“Member State” means a Member State of the European Communities;
“Minister” means the Minister for Finance;
“prescribed” means prescribed by regulations made by the Minister and cognate words shall be construed accordingly;
“product producer” means a product producer for the purposes of the Act of 1995 or an insurance undertaking;
“professional investor” means a client of an investment firm who the investment firm can show has sufficient and appropriate expertise in investment instruments to be categorised as a professional investor and who has acknowledged in writing to that investment firm that he or she has been made aware of the consequences of being categorised as a professional investor and is categorised by that investment firm as a professional investor;
“restricted activity investment product intermediary” has the meaning assigned to it by the Act of 1995;
“ruling” means a decision made by a court in relation to an investment firm for reasons which are directly related to the financial circumstances of the investment firm which has the effect that clients of the investment firm are precluded for the time being from pursuing claims against the investment firm for the return of money owed to or belonging to the client and held on behalf of the client by the investment firm in connection with the provision of investment business services and for the return of investment instruments belonging to the client and held, administered or managed by the investment firm on behalf of the client in connection with the provision of investment business services;
“solicitor” has the meaning assigned to it in section 3 (as substituted by the Act of 1994) of the Solicitors Act, 1954;
“supervisory authority” means the supervisory authority referred to in section 8(1);
“written appointment” means an appointment in writing for the purposes of section 27 of the Act of 1995 or an appointment in writing for the purposes of section 44 or 49 of the Act of 1989.
(2) A word or expression that is used in this Act and is also used in the Investor Compensation Directive has, unless the contrary intention is indicated, the same meaning in this Act as it has in that Directive.
(3) In this Act—
(a) a reference to a section or a Schedule is to a section of or Schedule to this Act, unless it is indicated that reference to some other enactment is intended,
(b) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended, and
(c) a reference to any enactment shall be construed as a reference to that enactment as amended, adapted or extended by or under any subsequent enactment including this Act.
(4) In this Act, “authorised investment business firm” has the meaning assigned to it by the Act of 1995 and, where the Minister has not made regulations under section 2(8)(a) of the Act of 1995, this definition excludes a restricted activity investment product intermediary who is a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force unless that restricted activity investment product intermediary has informed the supervisory authority and the Company that he or she is a restricted activity investment product intermediary.
(5) Notwithstanding subsection (1), an authorised investment business firm—
(a) to which the Minister has given a certificate under section 446(2) of the Taxes Consolidation Act, 1997,
(b) which is not an investment firm within the meaning of the Investor Compensation Directive, and
(c) where any investment business services provided by the firm are part of the trading operations of the investment firm to which the certificate given to it by the Minister under section 446(2) of the Taxes Consolidation Act, 1997, refers,
shall not be an authorised investment firm or an investment firm for the purposes of this Act.
(6) References in this Act to books, records or other documents, or to any of them, shall be construed as including any document or information kept in a non-legible form (whether stored electronically or otherwise) which is capable of being reproduced in a legible form and all the electronic or other automatic means, if any, by which such document or information is so capable of being reproduced and to which the person, whose books, records or other documents (as so construed) are inspected for the purposes of this Act, has access.
Service of notices.
3.—(1) Where a notice, direction or other document is authorised or required by or under this Act or regulations made thereunder to be served on a person, it shall, unless otherwise specified in this Act, be addressed to the person by name and shall be served on or given to the person in one of the following ways—
(a) by delivering it to the person, or by leaving it at the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, at that address,
(b) by sending it by ordinary prepaid post addressed to the person at the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, at that address, or
(c) in the case of an officer or employee of an investment firm, by sending it to the person by ordinary pre-paid post addressed to the person at the address of the principal office of that investment firm.
(2) A notice, direction or other document referred to in subsection (1) may—
(a) in the case of an investment firm or any body corporate, be served on the secretary or other employee or officer of that investment firm or body corporate,
(b) in the case of a partnership, be served on any partner, or
(c) in the case of an unincorporated association other than a partnership, be served on any member of its governing body.
Expenses.
4.—(1) The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister, be paid out of monies provided by the Oireachtas.
(2) The expenses incurred by the Bank in the administration of this Act shall be paid out of the general fund of the Bank except where otherwise provided in this Act or any other enactment.
Power to make regulations.
5.—(1) The Minister may make regulations for enabling this Act to have effect.
(2) Regulations under this Act may contain such incidental, supplementary and consequential provisions as appear to the Minister to be expedient for any purpose of this Act.
(3) The Minister may make regulations for prescribing any matter referred to in this Act as prescribed.
Laying of regulations before Houses of Oireachtas.
6.—Every regulation made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
Repeals.
7.—The Acts mentioned in column (2) of the First Schedule to this Act are hereby repealed to the extent mentioned in column (3) of that Schedule.
Appointment of supervisory authority and competent authority.
8.—(1) The Bank shall be the supervisory authority for investor compensation under this Act.
(2) The Bank shall be the competent authority in the State for the purposes of the Investor Compensation Directive.
(3) Subject to subsection (4), the supervisory authority shall carry out its functions under this Act in accordance with this Act in order to promote—
(a) the protection of the clients of investment firms,
(b) the maintenance of an effective system of compensation for the clients of investment firms, and
(c) the maintenance of the proper and orderly regulation and supervision of investment firms and financial markets.
(4) The supervisory authority shall carry out its functions under this Act having regard to the Investor Compensation Directive, the text of which is set out for convenience of reference in the Third Schedule.
Authorised officers.
9.—(1) Subsections (2) and (3) shall apply in relation to an investment firm in respect of insurance business carried on by that investment firm as an insurance intermediary.
(2) Where the supervisory authority forms the view that an insurance intermediary may be unable to repay money belonging to a client of that insurance intermediary, the supervisory authority may authorise in writing a person to be an authorised officer to investigate whether the insurance intermediary is unable to repay money to or otherwise discharge its obligations towards clients of the insurance intermediary and to make a report to the supervisory authority in respect of that insurance intermediary.
(3) Sections 64 and 65 of the Act of 1995 shall apply to an authorised officer appointed under subsection (2) as if the person appointed were appointed for the purposes of the Act of 1995 and the powers available to an authorised officer under those sections applied in relation to insurance intermediaries for the purposes of this Act.
(4) The following shall be authorised officers for the purposes of this Act—
(a) in relation to investment firms which are investment business firms—
(i) an authorised officer appointed under section 64 of the Act of 1995, or
(ii) an inspector appointed under section 66 or 73 of the Act of 1995;
(b) in relation to investment firms which are stock exchange member firms—
(i) an authorised officer appointed under section 55 of the Stock Exchange Act, 1995, or
(ii) an inspector appointed under section 57 or 64 of the Stock Exchange Act, 1995;
(c) in relation to investment firms which are credit institutions—
(i) an authorised person appointed under section 41 of the Building Societies Act, 1989, or
(ii) an inspector appointed under section 45 of the Building Societies Act, 1989, or
(iii) an authorised officer appointed under section 17 of the Central Bank Act, 1971 (as amended by section 36 of the Central Bank Act, 1989, and by Regulation 39 of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992)), or
(iv) an authorised officer for the purposes of section 24 of the Trustee Savings Bank Act, 1989,
and the rights and powers of such authorised officers shall, with the necessary modifications, apply in relation to obtaining such information as the supervisory authority may require to enable it to exercise any of its functions under this Act.
PART II
Administration of Investor Compensation
Formation of Company.
10.—(1) As soon as may be after the commencement of this section, the Minister shall take such steps as appear to him or her to be necessary or desirable to procure that a limited company to be known as “The Investor Compensation Company Limited” and in this Act referred to as “the Company” and satisfying the conditions laid down by this Act shall be formed and registered by the Bank under the Companies Acts, 1963 to 1990.
(2) The following conditions shall be satisfied by the Company—
(a) the Company shall be a company limited by guarantee,
(b) the name of the Company shall be “The Investor Compensation Company Limited”, and
(c) the memorandum of association and articles of association of the Company shall be in a form consistent with this Act.
Alteration of memorandum of association and articles of association of Company.
11.—(1) Notwithstanding anything contained in the Companies Acts, 1963 to 1990, no alteration in the memorandum of association or articles of association of the Company which has been made shall be valid unless made with the prior approval of the supervisory authority.
(2) The supervisory authority shall have power to require changes to be made to the memorandum of association and the articles of association of the Company.
Objects and powers of Company.
12.—(1) The principal objects of the Company shall be stated in its memorandum of association to be—
(a) to establish and maintain, having consulted the supervisory authority, arrangements for the making of payments to clients of investment firms in accordance with this Act,
(b) to maintain a fund or funds out of which payments shall be made in accordance with this Act and, where appropriate, the Investor Compensation Directive, and to meet such other payments or expenses as may be paid out of the fund or funds in accordance with this Act,
(c) to advise the supervisory authority on matters relating to compensation for clients of investment firms, and
(d) to process claims for compensation by clients of investment firms as expeditiously as possible and to ensure that compensation is paid without undue delay.
(2) Nothing in this section shall prevent or restrict the inclusion among the objects of the Company as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the attainment of the principal objects referred to in subsection (1) and are not inconsistent with this Act or with any conditions or requirements imposed on the Company by the supervisory authority.
(3) The Company shall have power to do anything which appears to it to be requisite, advantageous or incidental to, or which appears to it to facilitate, either directly or indirectly, the performance by it of its functions as specified in this Act or in its memorandum of association.
Powers of Company.
13.—(1) The Company shall have power to borrow or raise money, subject to the approval of the supervisory authority.
(2) Subject to the approval of the supervisory authority, the Company may place monies paid into the fund or funds maintained by the Company in accordance with section 19 on deposit or may invest such monies in securities in which trustees are authorised by law to invest trust funds.
Accounts of Company and audits.
14.—(1) The Company shall keep all proper and usual accounts of all monies paid into the fund or funds maintained by the Company in accordance with section 19 and of all disbursements from such fund or funds including an income and expenditure account and a balance sheet.
(2) The supervisory authority shall have power to request an audit or audits of the accounts of the Company from time to time.
Performance of functions.
15.—The Company may, if it reasonably considers it is appropriate to do so, having regard to its duties generally under this Act, perform any of its functions through or by any of its officers or employees or any other person duly authorised by the Company.
Non-application of section 182 (Removal of directors) of Act of 1963.
16.—Section 182 (Removal of directors) of the Act of 1963 shall not apply to the Company.
Members of Company.
17.—The Minister may, with the consent of the Minister for Enterprise, Trade and Employment, prescribe bodies or persons to be members of the Company, or, where a body is an unincorporated body of persons, to nominate an individual or body corporate to be a member of the Company.
Directors of Company.
18.—(1) The articles of association of the Company shall provide that the appointment of directors shall be subject to this Act.
(2) The number of directors of the Company, including the chairperson and deputy chairperson, shall be such number as shall be prescribed from time to time by the Minister, with the agreement of the Minister for Enterprise, Trade and Employment.
(3) The Minister, with the agreement of the Minister for Enterprise, Trade and Employment, may from time to time prescribe bodies which appear to the Minister to represent the financial services industry and each such body may nominate a director to be appointed by the Company.
(4) The Minister for Enterprise, Trade and Employment, with the agreement of the Minister, may from time to time prescribe bodies or individuals which appear to the Minister for Enterprise, Trade and Employment to represent the interests of the clients of investment firms and,
(a) in the case of bodies so prescribed, each such body may nominate a director to be appointed by the Company, and
(b) in the case of individuals so prescribed, the Company shall appoint each such individual to be a director of the Company.
(5) The Governor of the Bank shall nominate and appoint the chairperson and deputy chairperson of the Board.
(6) The Minister may, with the agreement of the Minister for Enterprise, Trade and Employment, prescribe that a body (or its successors) prescribed in accordance with subsection (3) or (4) may nominate and appoint more than one director where it appears to the Minister to be in the interests of ensuring the equal representation of the financial services industry and of investors, provided that the number of directors to be nominated by bodies representing the financial services industry shall be equal to the number representing the interests of investors.
(7) The Governor of the Bank and each body or person referred to in subsection (3) may nominate and appoint one or more persons to be each an alternate director to the director or directors of the Company appointed by him or her.
(8) The directors of the Company may act notwithstanding one or more vacancies in their number.
Establishment of fund.
19.—(1) The Company shall establish and maintain a fund or funds out of which payments shall be made in accordance with this Act to clients of investment firms and may establish and maintain in respect of specified classes or categories of investment firms particular funds in accordance with this Act.
(2) A fund shall not be established by the Company unless it has been approved of by the supervisory authority.
(3) The supervisory authority shall not approve of the establishment of a fund unless it is satisfied that the approval is not liable to prejudice the operation of any other funds maintained by the Company or by an investor compensation scheme approved of under section 25.
(4) The supervisory authority may, following consultation with the Company, revoke the approval of the establishment of a fund or funds under subsection (2) where the supervisory authority considers that conditions have materially changed since the granting of the approval such that, if approval for the establishment of the fund were sought at that time, a different decision would be taken in relation to the approval.
(5) The supervisory authority may, when approving of a fund under subsection (2) or subsequently, impose conditions or requirements on the Company.
(6) Conditions or requirements imposed under subsection (5) may relate inter alia to the fund or funds maintained by the Company or to such other matters as the supervisory authority may consider appropriate.
(7) Where funds are credited by the Company to a fund established in respect of a particular class or category of investment firm, those funds shall be used exclusively for making payments to clients in accordance with section 34 in respect of those investment firms and no other.
(8) Notwithstanding subsection (7), where the Company, having consulted the supervisory authority, considers it appropriate to do so, the Company may make payments from a fund maintained to make payments in respect of a class or category of investment firm in order to meet its obligations under this Act in respect of other investment firms, subject to such payments being repaid from the assets of the fund or funds maintained by the Company to make payments under section 34 in respect of such other investment firms, together with payment of interest on the amount of such payments at a rate of interest to be determined by the Company.
Administrative services for Company.
20.—(1) The Bank may provide administrative services to the Company or may establish a subsidiary in accordance with section 23 of the Central Bank Act, 1997, which may, among other things, provide those services.
(2) The expenses of the Bank or of a subsidiary of the Bank in providing administrative services to the Company, including the expenses of an administrator appointed in accordance with section 33, shall be met from the resources of the company.
Contributions of investment firms.
21.—(1) This section applies to investment firms but does not apply to certified persons in respect of whom an investor compensation scheme has been approved of under section 25.
(2) An authorised investment firm shall pay to the Company such contribution to the fund or funds maintained by the Company as the Company may specify from time to time.
(3) (a) The Company may specify different rates or amounts of contributions or different bases for the calculation of contributions for different classes or categories of investment firm.
(b) Notwithstanding the generality of paragraph (a), the Company, when specifying rates or amounts of contributions or bases for the calculation of contributions for investment firms which are investment firms for the purposes of the Investment Services Directive, may take account of any money or investment instruments entrusted to such a firm, before or after the commencement of this Act, where such money or investment instruments were entrusted by the client in connection with the provision of investment business services which are investment business for the purposes of the Investor Compensation Directive.
(4) Where an investment firm does not comply with its obligations under this section, the investment firm shall, in addition to the payment of a sum to discharge its obligations under subsection (2), be liable to pay interest to the Company on all or any part of a contribution which has not been paid by the date or dates specified by the Company at a rate of 1.25 per cent. per month (or part of a month), on and from the date on which the contribution becomes due or such other amount of interest as may be prescribed by the Minister under this section.
(5) Any sums due under this section shall be recoverable as a simple contract debt in any court of competent jurisdiction.
(6) (a) The supervisory authority may impose conditions or requirements on authorised investment firms in relation to its functions under this Act.
(b) Without prejudice to the generality of paragraph (a), the supervisory authority may impose conditions or requirements in relation to the provision of information which the supervisory authority requires to exercise its functions under this Act.
(c) An authorised investment firm may appeal to the Court against the imposition of any condition or requirement imposed under paragraph (a) and, on hearing an appeal under this section, the Court may confirm, vary or rescind any condition or requirement imposed on an authorised investment firm under this section.
Maintenance of funds.
22.—(1) Where the Company has specified that amounts standing to the credit of a fund maintained by the Company in accordance with section 19 shall be used to make payments in accordance with this Act solely to clients of a class or classes or category or categories of investment firm specified by the Company, the contributions paid by such investment firms under section 21(2) shall stand to the credit of that fund.
(2) Subject to subsection (3), the Company shall, having consulted the supervisory authority, decide—
(a) the contributions to be paid by authorised investment firms to the fund or funds maintained by the Company in accordance with section 19(1), and
(b) the amount of the balance to be maintained by the Company in a fund or funds maintained by the Company under section 19(1).
(3) In making a decision under subsection (2), the Company—
(a) shall endeavour to ensure that—
(i) the Company is in a position to meet any reasonably foreseeable obligation under this Act,
(ii) the Company maintains a sufficient balance in all funds maintained by it which will enable it to meet such obligations, and
(b) shall have regard to—
(i) the amount standing to the credit of the fund or funds maintained by the Company,
(ii) the funding capacity of those authorised investment firms which are obliged to make contributions to those funds in accordance with this section, and
(iii) any other matter which the Company, or the Company on the advice of the supervisory authority, considers relevant.
Costs of administration.
23.—Notwithstanding section 19, the costs of administration and management of the Board and of the Company shall be defrayed from the resources of the Company, including contributions paid by investment firms in accordance with section 21(2) to the fund or funds maintained by the Company.
Procedures to investigate complaints.
24.—The Board shall establish and maintain procedures to investigate complaints against it by investment firms and by investors.
Approval of investor compensation schemes.
25.—(1) The supervisory authority may, following an application being made to it by an approved professional body and following consultation with the Company, approve of or refuse to approve of a proposal for the establishment of a compensation scheme to provide compensation in accordance with this Act for a specified category or categories of certified person.
(2) An approved professional body which has applied under subsection (1) shall be informed—
(a) whether or not the approval has been granted, within six months of the date of receipt of the application for approval, or
(b) where additional information in relation to the application for approval has been sought by the supervisory authority, within a period of six months after the receipt by the supervisory authority of the additional information, or the period of twelve months after the receipt of the application for approval, whichever is the sooner.
(3) The supervisory authority may impose conditions or requirements in relation to a compensation scheme for which approval has been sought under subsection (1) or which has been approved of under that subsection.
(4) Conditions or requirements imposed under subsection (3) may relate among other things to—
(a) the terms and conditions under which investment firms may participate in an investor compensation scheme,
(b) the amount of the contributions to be made by members of the compensation scheme, and
(c) procedures for the enforcement of compliance by members of the compensation scheme with the obligations to which they are subject by virtue of being members of the compensation scheme.
(5) An application for approval under subsection (1) shall be in such form and contain such particulars as the supervisory authority shall specify from time to time.
(6) A proposed investor compensation scheme shall not be approved of by the supervisory authority unless the approved professional body applying to establish the scheme satisfies the supervisory authority—
(a) that it will enable compensation to be paid to clients of investment firms in accordance with this Act,
(b) that the rules of the proposed scheme contain sufficient provisions so as to enable it to operate in accordance with this Act and in accordance with any conditions or requirements, or both, as the supervisory authority may impose,
(c) as to the probity and competence of each of the directors and managers or other responsible persons of the proposed scheme,
(d) that the funding arrangements to be put in place and the manner in which the proposed scheme is to be constituted are such that the scheme shall have reasonable provisions in place to provide for compensation for investors, and
(e) that the operation of the scheme is not likely to prejudice the operation of any other investor compensation scheme approved by the supervisory authority or of the investor compensation arrangements established by the Company.
(7) Whenever the supervisory authority refuses to approve of a compensation scheme in accordance with this section, it shall serve notice on the persons proposing the compensation scheme stating that it refuses to approve of the compensation scheme and setting out the reasons for that refusal in the notice and the persons proposing the compensation scheme may, within 21 days of receipt of such notice, appeal to the Court against the decision.
(8) The supervisory authority may, at any time prior to the grant or refusal of approval, request further information from the approved professional body or may instruct an authorised officer to make such inquiries or carry out such investigation as may be necessary for the purpose of evaluating an application under this section.
(9) Any proposed amendment of or addition to, as appropriate, the memorandum of association or articles of association or rules of a company operating an investor compensation scheme approved under this section or of the rules of such a compensation scheme shall not be made without the consent in writing of the supervisory authority, and the supervisory authority may approve of, or refuse to approve of, such amendment or addition as it thinks fit.
(10) The supervisory authority may require changes to be made to the memorandum of association or articles of association of a company operating an investor compensation scheme under this section or to the rules under which such a compensation scheme operates.
Revocation of approval of compensation scheme.
26.—The supervisory authority may, following consultation with the Company, apply to the Court in a summary manner for an order revoking the approval of a compensation scheme under section 25 where—
(a) the supervisory authority considers that the compensation scheme has not complied with conditions or requirements imposed by the supervisory authority under section 25,
or
(b) conditions have materially changed since the granting of the approval such that, if an application for approval were made at the time of the application to the Court, a different decision would be taken in relation to the application for approval.
Failure by investment firms to comply with obligations.
27.—(1) The Company shall notify the supervisory authority where an investment firm which is not a member of a compensation scheme approved of by the supervisory authority under section 25 fails to comply with the obligations imposed on it by and under this Act.
(2) An approved professional body which has established a compensation scheme approved of by the supervisory authority under section 25 shall notify the supervisory authority where it has failed to ensure compliance by an investment firm which is a member of the scheme with the obligations to which it is subject by virtue of its membership of that scheme.
(3) Where the supervisory authority has been informed in accordance with subsection (1) or (2) that an investment firm has failed to comply with obligations or where an investment firm has failed to comply with conditions or requirements imposed under section 21, the supervisory authority may give a direction in writing to the investment firm and to the directors and those responsible for the management of that investment firm requiring the investment firm to do either or both of the following:
(a) to comply with such obligations, or with those conditions or requirements imposed under section 21 including the payment of any outstanding sums owed by it to the Company or to the compensation scheme approved of under section 25 by a date specified by the supervisory authority, or
(b) to suspend for such period (not exceeding twelve months) as shall be specified in the direction any or all of the following:
(i) the carrying on of the business of an investment firm;
(ii) the making of payments to which paragraph (a) does not relate;
(iii) the acquisition or disposal of any assets or liabilities;
(iv) entering into transactions of any kind specified by the supervisory authority or entering into them except in specified circumstances or to a specified extent;
(v) soliciting business from persons of a kind specified by the supervisory authority or otherwise than from such persons;
(vi) carrying on business in a manner specified by the supervisory authority or otherwise than in such a manner.
(4) A direction under subsection (3) shall have effect from the date specified by the supervisory authority.
(5) The Second Schedule shall apply as respects a direction by the supervisory authority under this section.
Application to Court for confirmation of direction.
28.—(1) Where the supervisory authority gives a direction under section 27, and, following a reasonable period, is satisfied that the said direction is not being complied with, it may apply to the Court in a summary manner for an order confirming the direction.
(2) The Court may, on an application being made under subsection (1), hear evidence from creditors and the Court may make such interim or interlocutory order, if any, as it considers fit, in any application under this section.
(3) While a direction made under section 27 is in force, no winding-up proceedings in relation to the investment firm or, in the case of an investment firm which is constituted as an unincorporated body of persons, no proceedings for an order of dissolution, or, in the case of an investment firm which is constituted as a sole trader, no bankruptcy proceedings, may be commenced or resolution for winding-up passed in relation to the investment firm, and no receiver shall be appointed over the assets or over any part of the assets of the investment firm and such assets shall not be attached, sequestered or otherwise distrained except with the prior sanction of the Court.
(4) The Court may hear proceedings or part of proceedings under this section otherwise than in public.
(5) A creditor who is affected by a direction under section 27(3) may apply to the Court to vary or set aside that direction where it affects the interests of the creditor to a material degree.
(6) Subject to subsection (7), where an investment firm fails to comply with a direction given under section 27, the supervisory authority shall—
(a) in the case of an investment firm which is an authorised investment business firm for the purposes of the Act of 1995, apply to the Court for an order revoking the authorisation of the investment firm in accordance with section 16(2) of the Act of 1995 and, for these purposes, the failure of the investment firm to comply with its obligations under this Act shall constitute circumstances in which the supervisory authority may apply to the Court in summary manner for an order revoking the authorisation of the investment business firm in accordance with section 16(2) of the Act of 1995,
(b) in the case of an investment firm which is an authorised member firm for the purposes of the Stock Exchange Act, 1995, apply to the Court for an order revoking the authorisation of the investment firm in accordance with section 24 of that Act and, for these purposes, the failure of the investment firm to comply with its obligations under this Act shall constitute circumstances in which the Bank may apply to the Court in summary manner for an order revoking the authorisation of the authorised member firm in accordance with section 24(2) of the Stock Exchange Act, 1995;
(c) in the case of an investment firm which is a credit institution, the Bank shall amend the authorisation of the credit institution under Council Directive No. 77/780/EEC of 12 December 1977 and Council Directive No. 89/646/EEC of 15 December 1989 so that the authorisation of the credit institution no longer permits the provision of investment services listed in the Annex to the Investment Services Directive and shall so inform the credit institution immediately, or
(d) in the case of an investment firm which is an insurance intermediary, inform the Company and the investment firm that the investment firm has failed to comply with its obligations under this Act.
(7) In the case of an investment firm which is subject to the Investor Compensation Directive, the supervisory authority shall give not less than twelve months notice to the investment firm of its intention to take action against the investment firm in accordance with paragraph (a), (b) or (c) of subsection (6) as appropriate.
Product producers.
29.—(1) Notwithstanding section 16 of the Central Bank Act, 1989, where the supervisory authority has revoked the authorisation of an investment business firm or, in the case of an investment firm which is an insurance intermediary, informed the Company that the investment firm has failed to comply with its obligations under this Act, the supervisory authority shall inform those product producers from whom the investment firm held a valid written appointment at that time that the investment firm has failed to comply with its obligations under this Act.
(2) Product producers who have been informed by the supervisory authority in accordance with subsection (1) that an investment firm has failed to comply with its obligations under this Act shall, on being so informed, cancel the written appointments of the investment firm.
(3) It shall be an offence for a product producer who has been informed by the supervisory authority in accordance with subsection (1) that an investment firm has failed to comply with its obligations under this Act to accept any orders transmitted by the investment firm on behalf of a client or any moneys belonging to a client after it has been so informed except with the approval in writing of the supervisory authority.
(4) A product producer shall not give a written appointment to an investment firm unless, to the best of its knowledge and belief, having caused reasonable inquiry to be made, the investment firm is not an investment business firm the authorisation of which has been revoked under section 16 of the Act of 1995 without being subsequently re-instated.
(5) A product producer shall not give a written appointment to an investment firm which is an insurance intermediary, except with the approval in writing of the supervisory authority, unless, to the best of its knowledge and belief, having caused reasonable inquiry to be made, the investment firm is not an investment firm to which section 28(6)(d) applies, and notwithstanding section 16 of the Central Bank Act, 1989, the supervisory authority may give such approval in writing.
PART III
Payment of Compensation to Investors
Interpretation for Part III.
30.—(1) In this Part—
“compensatable loss” means 90 per cent. of the amount of an investor's net loss or 20,000 ECUs whichever is the lesser;
“net loss”, in relation to every client of an investment firm, means the amount of the liability of the investment firm in respect of—
(a) money owed to or belonging to the client and held on behalf of the client by the investment firm in connection with the provision of investment business services by the investment firm, and
(b) investment instruments, the value of the investment instruments being determined, where possible, by reference to their market value, belonging to the client and held, administered or managed on behalf of the client by the investment firm in connection with the provision of investment business services by the investment firm,
on the day of a determination made under section 31(3) or a ruling, as appropriate, which the investment firm is unable to discharge in accordance with the legal and contractual conditions applicable but shall not include—
(i) any amount to which subsection (2) relates,
(ii) any monies or investment instruments held or maintained by an investment firm on behalf of an excluded investor,
(iii) money or investment instruments arising out of transactions in respect of which an offence has been committed under Part IV or section 57 or 58 of the Criminal Justice Act, 1994, or in respect of which there has been a criminal conviction for money laundering as defined in Article 1 of Council Directive No. 91/308/EEC of 10 June 1991(1) on prevention of the use of the financial system for the purpose of money laundering.
(2) In calculating the amount of a client's net loss—
(a) there shall be deducted from the total liability of the investment firm to the client of the investment firm the amount of any liability of any person to that investment firm in respect of which a right of set-off against that net loss existed immediately before the determination by the supervisory authority under section 31(3) or ruling or in respect of which such a right would have existed had—
(i) the money or investment instruments been repayable on demand, and
(ii) such liability fallen due,
immediately before such determination or ruling;
(b) no account shall be taken of any debt of the investment firm unless it has been proved;
(c) no account shall be taken of—
(i) money owed to or belonging to a client and held on behalf of the client by an investment firm in connection with the provision of investment services by the investment firm to the client and
(ii) investment instruments belonging to a client and held, administered or managed on behalf of the client by the investment firm in connection with the provision of investment services to the client,
where the money or investment instruments were entrusted by the client to the investment firm at any time when the investment firm was not an authorised investment firm, unless the supervisory authority is satisfied that, at the time the money or investment instruments were so entrusted, the client did not know and could not reasonably be expected to have known that the investment firm was not an authorised investment firm;
(d) account shall be taken, in the case of an insurance intermediary, of the amount of an insurance policy premium paid by the client to the insurance intermediary but not remitted to an insurance undertaking or, where a client of an insurance intermediary has suffered financial loss arising from the failure of the insurance intermediary to place on behalf of the client insurance of a class specified in Annex 1 to the European Communities (Life Assurance) Framework Regulations, 1994 or Annex 1 to the European Communities (Non-Life Insurance) Framework Regulations, 1994, the amount of that financial loss.
(3) Without prejudice to subsection (2),
(a) “net loss” includes money or investment instruments entrusted by a client to an investment firm, being an investment firm for the purposes of the Investor Compensation Directive, before or after the commencement of this Act, where such money or investment instruments were entrusted by the client in connection with the provision of investment business services which are investment business for the purposes of the Investor Compensation Directive;
(b) “net loss” includes, in the case of an investment firm which is not an investment firm for the purposes of the Investor Compensation Directive, money or investment instruments entrusted by a client to the investment firm after the commencement of this Act.
(4) Proof of debt for the purposes of subsection (2)(b) may be furnished by way of detailed statement of account, affidavit of debt or any prescribed means.
Determination that an investment firm cannot meet its obligations.
31.—(1) Where it appears to the supervisory authority that an investment firm is unable for the time being, for reasons which are directly related to its financial circumstances, to meet its obligations arising from claims by clients and to have no reasonably foreseeable opportunity of being able to do so, the supervisory authority shall serve notice on the investment firm that it proposes to make a determination to that effect.
(2) An investment firm which has been informed by the supervisory authority that the supervisory authority proposes to make a determination in accordance with subsection (1) may, within three weeks, appeal to the Court against the proposal of the supervisory authority and the Court may allow or disallow the appeal.
(3) Where there has been no appeal or the Court has disallowed the appeal under subsection (2), the supervisory authority may make a determination within the meaning of subsection (1).
(4) In making a determination in accordance with subsection (3), the supervisory authority shall have regard to—
(a) any report of an authorised officer,
(b) any report of an authorised officer which indicates that a director, manager or shareholder of the investment firm has been unable, having been given reasonable notice to do so, to produce evidence of the existence of the assets and liabilities of the investment firm, or
(c) any other information in the possession of the supervisory authority.
Applications for compensation.
32.—(1) On being informed by the supervisory authority that—
(a) a determination has been made under section 31(3), or
(b) a court has made a ruling,
the Company or, where applicable in the case of an investment firm which is or was a member of a compensation scheme approved of under section 25, the person responsible for administering that compensation scheme, shall—
(i) where possible, inform clients of the investment firm concerned by ordinary pre-paid post of the determination or ruling and invite applications for payments under section 34, by a date which shall not be less than five months from the date of the determination or ruling, and
(ii) publish notices in any of the newspapers circulating in the State or elsewhere or in the Iris Oifigiúil giving notice of the determination or ruling and inviting applications for payments under section 34, by a date which shall not be less than five months from the date of the determination or ruling.
(2) Where the supervisory authority is satisfied that an investor was unable for good reason to make an application for a payment under section 34 within the period of time stipulated by the Company or compensation scheme, the supervisory authority shall direct the Company or compensation scheme to treat the application as if it were made within the period of time stipulated.
(3) The Company and a compensation scheme approved of under section 25 shall not be liable to make a payment under section 34 where an application for payment is not made within the period of time stipulated by the Company or compensation scheme, where the supervisory authority has not directed the Company or compensation scheme to treat the application as if it were made within the period of time stipulated in accordance with the provisions of subsection (2).
(4) Nothing in this section shall prohibit an individual from applying for payment under section 34.
Appointment of an administrator.
33.—(1) The supervisory authority may appoint an administrator to an investment firm in respect of which a determination has been made in accordance with section 31(3) or in respect of which a court has made a ruling.
(2) An administrator appointed by the supervisory authority to an investment firm under subsection (1) shall have the powers of an authorised officer under the Act of 1995 in relation to the investment firm and the powers available to an authorised officer under that Act shall apply in relation to investment firms accordingly.
(3) The administrator shall deliver to the Company or to the compensation scheme approved of under section 25, of which the investment firm is or was a member, as appropriate, and to the supervisory authority, as soon as practicable, the names of eligible investors and a statement of the net loss of each such investor and a statement of the compensatable loss of each such investor.
(4) An administrator may apply to the Court to determine any question arising in relation to his or her functions under this Act.
Payment of compensation.
34.—(1) In the case of an investment firm in respect of which the supervisory authority has made a determination under section 31 or a court has made a ruling, where the investment firm was not a member of a compensation scheme approved of under section 25 at the time of the determination or ruling, the Company shall pay to each eligible investor an amount equal to the compensatable loss of that eligible investor.
(2) In the case of an investment firm in respect of which the supervisory authority has made a determination under section 31 or a court has made a ruling, where the investment firm was a member of a compensation scheme approved of under section 25 at the time of the determination or ruling, that compensation scheme shall pay to each eligible investor an amount equal to the compensatable loss of that eligible investor.
(3) Until the 31st day of December, 1999, where—
(a) compensatable loss arises from the provision of investment business services by an authorised investment firm in another Member State, and
(b) the investment business services provided are investment business for the purposes of the Investor Compensation Directive,
the Company shall pay to the eligible investor an amount which is equal to the lesser of—
(i) that compensatable loss, or
(ii) the amount to which the eligible investor would be entitled in accordance with Article 7 of the Investor Compensation Directive if the investment firm was an investment firm authorised in accordance with the Investment Services Directive in that other Member State or a credit institution authorised in accordance with Council Directive 77/780/EEC as amended by Council Directive 89/646/EEC in that other Member State.
(4) Where the Company has made a payment under subsection (1) and all or part of such payment relates to net losses of a client arising from investment business services provided by the investment firm while it was a member of a compensation scheme approved of under section 25, the relevant compensation scheme shall pay to the Company an amount which bears to the compensatable loss of the client the same proportion as the client's net loss arising while the investment firm was a member of the compensation scheme bears to the client's net loss.
(5) Where a compensation scheme approved of under section 25 has made a payment under subsection (2) and all or part of such payment relates to net losses of a client arising from investment business services provided by the investment firm while it was not a member of a compensation scheme approved of under section 25, the Company shall pay to the relevant compensation scheme an amount which bears to the compensatable loss of the client the same proportion as the client's net loss arising while the investment firm was not a member of the compensation scheme approved of under section 25 bears to the client's net loss.
(6) Where an investment firm has paid contributions to different funds maintained by the Company by virtue of a change in the class or category of investment firm to which the investment firm belonged, and net losses of clients of the investment firm arose while the investment firm belonged to such different classes or categories, the Company shall endeavour to ensure that payments made under this section shall be made from the fund maintained in respect of the appropriate class or category of investment firm.
(7) Where a dispute or difference arises in respect of payments under subsection (4), (5) or (6), that dispute or difference shall be resolved under regulations made by the Minister on the advice of the supervisory authority.
Further provisions relating to payment of compensation.
35.—(1) Subject to subsections (2) and (3), the Company or a compensation scheme approved of under section 25 shall make payments under section 34 in respect of compensatable losses of which it has been informed by the administrator under section 33(3) as soon as practicable and at the latest within three months of the date on which the administrator advises the Company or compensation scheme of the amount of an eligible investor's compensatable loss.
(2) (a) Subject to the approval of the supervisory authority and to such conditions or requirements as may be specified by the supervisory authority, the Company or a compensation scheme approved of under section 25 may, in exceptional circumstances, postpone the making of a payment under section 34.
(b) The supervisory authority, when giving approval or prescribing conditions or requirements for the purposes of paragraph (a), shall have regard to the requirements of Article 9 of the Investor Compensation Directive.
(3) Notwithstanding the time limits provided for in subsections (1) and (2), where an eligible investor has been charged with an offence under Part IV or section 57 or 58 of the Criminal Justice Act, 1994, or otherwise arising out of or in relation to money laundering as defined in Article 1 of Council Directive No. 91/308/EEC of 10 June 1991, the supervisory authority may direct the Company or a compensation scheme approved under section 25, as appropriate, to suspend any payment to the eligible investor pending the judgment of the court concerned in respect of the charge or charges.
(4) Where the Company or a compensation scheme approved of under section 25 has made a payment under section 34 to an eligible investor, proof of those payments shall be given to the Company or the investor compensation scheme by the person to whom the monies were so paid.
(5) Where the Company or an investor compensation scheme approved of under section 25 has made a payment under section 34 to an eligible investor, the Company or compensation scheme shall be subrogated to the rights of that eligible investor in liquidation proceedings against the investment firm for an amount equal to the amount paid by the Company or the compensation scheme under section 34 to that eligible investor.
(6) Where the Company or an investor compensation scheme approved of under section 25 has made a payment under section 34 to an eligible investor, the Company or compensation scheme shall be subrogated to the rights of that eligible investor in respect of any payments made under a bond held by the investment firm in accordance with section 51 of the Act of 1995 or section 47 of the Act of 1989 and in respect of any payments made under a policy of professional indemnity insurance held by the investment firm in respect of the eligible investor's net loss.
(7) A client of an investment firm may appeal to the Court against any refusal to make a payment under section 34 or against the amount of any payment made under that section.
(8) Where a claim for payment under section 34 arises in respect of monies belonging to an investor and held by an investment firm which is a credit institution in connection with investment business such that a claim for payment could also be made under the European Communities (Deposit Guarantee Schemes) Regulations, 1995 (S.I. No. 168 of 1995), in respect of those monies, the supervisory authority shall specify that the client is either—
(a) an excluded depositor for the purposes of the European Communities (Deposit Guarantee Schemes) Regulations, 1995, or
(b) an excluded investor for the purposes of this Act.
Provisions relating to restricted intermediaries.
36.—(1) In this section—
“receipted monies” means the value of client money or investment instruments forming part of the net loss of an eligible investor which were entrusted by the eligible investor to a restricted intermediary for transmission to an identifiable product producer from which the restricted intermediary held a valid written appointment at the time the money or investment instruments were so entrusted;
“restricted intermediary” means an investment firm which is or was—
(a) a restricted activity investment product intermediary, or
(b) an insurance intermediary which is not an authorised investment business firm (unless the investment firm is a restricted activity investment product intermediary),
or both and is not a member of a compensation scheme approved of under section 25.
(2) A product producer from which a restricted intermediary held a valid written appointment shall pay to the Company, in respect of each eligible investor to whom the Company is liable to make a payment under section 34 in respect of that restricted intermediary, an amount which bears to the compensatable loss of each such eligible investor the same proportion as the receipted monies of the eligible investor intended for transmission to that product producer bear to the net loss of the eligible investor.
(3) Product producers shall be subrogated to the Company in respect of any claim of the Company against an investment firm in respect of monies paid to the Company by product producers under this section.
(4) Nothing in any contract shall limit or vary the liability of a product producer under this section.
PART IV
Miscellaneous
Joint accounts and trustees.
37.—(1) Where—
(a) an eligible investor is a trustee making an application for payment under section 34 on behalf of a trust, and
(b) any beneficiary of the trust concerned is beneficially entitled against the trustees to any identifiable part of the amount so claimed, either absolutely or jointly with a fixed number of other beneficiaries,
then, the net loss in respect of which the trustee makes an application for payment under section 34 shall be treated, but only for the purpose of ascertaining a compensatable loss—
(i) where the beneficiary is entitled absolutely, as if legal ownership of the money and investment instruments which comprise the net loss had passed to the beneficiary,
(ii) where the beneficiary is entitled jointly with a number of other beneficiaries, as if the money and investment instruments which comprise the net loss were joint investment business maintained by the beneficiaries and legal and joint ownership had passed to the beneficiaries concerned.
(2) Where persons (being persons other than trustees or persons to whom subsection (1) applies) having, or treated by virtue of subsection (1) as having, joint ownership of money or investment instruments comprising a net loss are entitled to the money or investment instruments by virtue of their joint ownership of the monies or investment instruments, then, they shall, in the absence of special terms and conditions, each be treated, but only for the purpose of ascertaining a compensatable loss, as having a separate investment equal to the amount that would be produced by dividing equally the money and the value of the investment instruments concerned among the number of persons having joint ownership.
(3) Where two or more persons are entitled to money or investment instruments received, held, controlled or paid by an investment firm as members of a partnership, association or grouping of a similar nature, without legal personality (whether or not in equal shares), such money or investment instruments shall be treated as a single investment.
(4) The supervisory authority and, where necessary for the purposes of ascertaining a net loss, the administrator concerned may require any person claiming payment under section 34 to supply sufficient information to enable a decision to be made as to whether this section applies to such money or investment instruments.
(5) Where, in a case to which subsection (1) or (2) applies, a client's claim for payment under section 34 also relates to other money or investment instruments, that other money or investment instruments shall, for the purpose of ascertaining a net loss, be aggregated with any amount of money or investment instruments maintained by that person for the purpose of either or both subsections (1) and (2) and the compensatable loss so ascertained shall be divided and duly paid to the person concerned and either or both (as the circumstances may require) the trustees concerned and the said person jointly with others, in the same proportion or proportions as the amounts so aggregated bear to each other.
Information to investors and advertising.
38.—(1) Except where subsection (2) applies, investment firms shall make available to actual and intending investors such information concerning investor compensation as may be specified by the supervisory authority in a manner and form specified by the supervisory authority.
(2) Where a branch of an investment firm authorised or formerly authorised by the supervisory authority is established in another Member State in accordance with the provisions of the Investment Services Directive, the information provided for in subsection (1) shall be made available in the prescribed manner in the official language or languages of the Member State in which the branch is established.
(3) Except with the prior written consent of the supervisory authority, an investment firm shall not advertise or cause to be advertised the fact (however expressed) that monies or investment instruments placed with the investment firm are protected by or through an investor compensation fund.
Investment firms joining compensation schemes in other Member States.
39.—(1) This section applies where an investment firm has established a branch in another Member State in accordance with the provisions of Article 17 of the Investment Services Directive or in accordance with the provisions of Article 18 of Council Directive No. 89/646/EEC of 15 December, 1989 and has under the provisions of Article 7 of the Investor Compensation Directive joined an investor compensation scheme within the territory of that Member State.
(2) Where the supervisory authority has been notified that a branch established in another Member State which has joined an investor compensation scheme for the purposes of subsection (1) has not complied with the obligations imposed on it as a consequence of its membership of that investor compensation scheme, the supervisory authority shall, in collaboration with that investor compensation scheme, take all appropriate measures to ensure that those obligations are complied with.
(3) Sections 27 and 28 shall apply to an investment firm to which subsection (2) applies as if the obligations to which the investment firm is subject as a consequence of its membership of a compensation scheme in another Member State in accordance with Article 7 of the Investor Compensation Directive were obligations imposed on the investment firm by or under this Act.
Membership of compensation scheme by investment firm authorised in another Member State.
40.—(1) In this section—
“client” means an investor who has, in connection with investment business, entrusted money or investment instruments to a branch established in the State by an investment firm in accordance with the provisions of Article 17 of the Investment Services Directive or in accordance with the provisions of Article 18 of Council Directive No. 89/646/EEC;
“competent authority”, in relation to an investment firm, means a competent authority for the purposes of the Investor Compensation Directive in another Member State;
“eligible investor” means a client of an investment firm who is entitled to compensation in accordance with Article 2 and the first paragraph of Article 7.1 of the Investor Compensation Directive and who has made an application for compensation within the meaning of Article 2 of that Directive;
“investment business” has the same meaning as it has in the Investor Compensation Directive;
“investment firm” means an investment firm within the meaning of subsection (2);
“investor” has the same meaning as it has in the Investor Compensation Directive.
(2) An investment firm (within the meaning of the Investment Services Directive) which is authorised in another Member State for the purposes of that Directive or of Council Directive No. 89/646/EEC of 15 December 1989 which has established a branch in the State in accordance with the provisions of Article 17 of the Investment Services Directive and which wishes to exercise the option of participating in investor compensation arrangements in the State in accordance with Article 7.1 of the Investor Compensation Directive, shall notify the Company accordingly and shall then be and become an investment firm for the purposes of this Act.
(3) An investment firm shall supply all relevant information which the Company may request and shall pay a contribution to a fund maintained by the Company in accordance with subsection (4).
(4) The contribution to be paid by an investment firm to the Company in accordance with section 21 shall be determined by the Company, with the agreement of the supervisory authority, on an annual basis, having regard to Article 7 and the guiding principles set out in Annex II of the Investor Compensation Directive.
(5) The contribution to be paid by an investment firm to the Company in accordance with section 21 shall stand to the credit of the fund maintained by the Company which, in the view of the supervisory authority, most closely meets the requirements of the fourth paragraph of Article 7.1 of the Investor Compensation Directive.
(6) Sections 27, 28, 31, 32 and 33 shall not apply to an investment firm within the meaning of this section.
(7) The amount payable under section 34 to an eligible investor in the case of an investment firm shall be an amount equal to the amount by which the eligible investor's compensatable loss relating to money or investment instruments entrusted by the eligible investor to a branch of the investment firm in connection with investment business exceeds the amount of compensation payable to the eligible Investor in accordance with Article 2 and the first paragraph of Article 7.1 of the investor Compensation Directive.
(8) The Company shall make payment under subsection (8) as soon as practicable and at the latest within three months of the date on which the Company is informed by the competent authority of the amount of compensation payable to the eligible investor in accordance with Articles 2 and 7.1, first paragraph, of the Investor Compensation Directive, unless the competent authority agrees that payment may be made later than three months after that date.
(9) Where an investment firm has not complied with its obligations under this Act, the Company shall inform the competent authority and the supervisory authority and may, with the consent of the competent authority, notify the investment firm that, with effect from a specified date, being a date not less than 12 months after the date of the notification, the Company shall not be liable to make payments under section 34 to clients of the investment firm in respect of money or investment instruments entrusted by clients to the investment firm after the date specified by the Company unless the investment firm has complied in full with its obligations under this Act within 12 months of the date of the notification.
(10) If an investment firm does not comply fully with its obligations under this Act following a notification by the Company under subsection (9), the Company shall not, with effect from the date specified by the Company in accordance with subsection (9), be liable to make payments in accordance with section 34 to clients of the investment firm in respect of money or investment instruments entrusted by clients to the investment firm in connection with investment business after the date specified by the company.
(11) Where an investment firm has not complied in full with its obligations under this Act within 12 months of the date of the notification referred to in subsection (9), the Company shall, on the expiry of that period of 12 months, inform the investment firm and clients of the investment firm that the Company shall not be liable to make payments under section 34 to clients of the investment firm in respect of money or investment instruments entrusted by clients to the investment firm in connection with investment business after the date specified by the Company in accordance with subsection (9).
(12) Where an investment firm notifies the Company that it no longer wishes to exercise the option of participating in investor compensation arrangements in the State in accordance with Article 7.1 of the Investor Compensation Directive, the Company shall not, with effect from the date of such notification, be liable to make payments under section 34 to clients of the investment firm in respect of money or investment instruments entrusted by clients to the investment firm in connection with investment business after the date of such notification.
Compulsory insurance of authorised investment firms.
41.—(1) The supervisory authority may require authorised investment firms to effect a policy of professional indemnity insurance in a form specified by the supervisory authority (and different forms may be specified for different classes of authorised investment firm), indemnifying the authorised investment firm up to such sum, in such manner, in respect of such matters and valid for such minimum period as the supervisory authority may specify from time to time.
(2) When the supervisory authority requires an authorised investment firm to effect a policy of professional indemnity insurance it shall have regard to any existing statutory requirements for a particular category or categories of investment firm to hold professional indemnity insurance.
Exemption from liability for damages.
42.—(1) The supervisory authority or any employee or officer of the supervisory authority or a subsidiary established by the Bank for the purposes of section 20 or any employee or officer of the subsidiary or an authorised officer for the purposes of section 9 or any member of the Board of the supervisory authority or any member of the Board of the subsidiary shall not be liable in damages for anything done or omitted in the discharge or purported discharge of any of its functions under this Act unless it is shown that the act or omission was in bad faith.
(2) The Board of the Company or any employee or officer of the Company shall not be liable in damages for anything done or omitted in the discharge or purported discharge of any of its functions under this Act unless it is shown that the act or omission was in bad faith.
(3) Without prejudice to the generality of subsections (1) and (2), the approval, supervision, regulation or revocation of approval of a fund for the purposes of section 19 or an investor compensation scheme under this Act shall not constitute a warranty or other claim as to the solvency or performance of the fund or any investment firm which has contributed to the fund or investor compensation scheme or any of its members and the State and the supervisory authority and the Company shall not be liable in respect of any loss or losses incurred through the insolvency, default or performance of the fund or investment firm or investor compensation scheme or any of its members.
Offences and penalties.
43.—(1) A person who is guilty of an offence under section 29(3) or subsection (4), (7) or (8) of this section shall be liable—
(a) on summary conviction to a fine not exceeding £1,500 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 the 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 a body corporate or by an unincorporated body or person or by a sole trader and is proved to have been committed with the consent, connivance or approval of, or to be attributable to, or to have been facilitated by any neglect on the part of, any officer or employee of that entity or person purporting to act on behalf of that entity, that officer or employee shall be guilty of an offence and shall be liable to be proceeded against and punished as if that officer or employee were guilty of the first-mentioned offence, provided, however, that an officer or employee 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, or
(ii) a failure to comply with a condition or requirement imposed by the supervisory authority in accordance with this Act or with a direction issued by the supervisory authority under section 27,
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) This section is without prejudice to the statutory functions of the supervisory authority.
(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 subsection (1) or (4) is continued after conviction, the officer or employee shall be guilty of a further offence on every day on which the contravention, breach or failure continues and for each such offence the officer or employee shall be liable on summary conviction to a fine not exceeding £1,500 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 made thereunder—
(a) 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
(b) recklessly 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, or
(c) knowingly withholds or omits information,
shall be guilty of an offence.
(8) (a) An officer of a product producer or of an investment 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 product producer or any investment firm, or makes or is privy to the making of a false entry therein, shall, unless the officer proves that he or she had no intention not to comply with the law, be guilty of an offence.
(b) Any person mentioned in paragraph (a) 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 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 imposed.
(10) In any proceedings for an offence under this Act applicable to partnerships it shall be a defence for a partner charged to prove—
(a) that the commission of the offence was due to a mistake or the reliance on information supplied to the partner or to the act or default of another person, an accident or some other cause beyond his or her control, and
(b) that the partner took all reasonable precautions and exercised all due diligence to avoid the commission of such an offence by himself or herself or any other person under his or her 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.
Amendment of section 2(7) of Act of 1995.
44.—Section 2 of the Act of 1995 is hereby amended by the substitution for subsection (7) of the following:
“(7) Notwithstanding subsection (1) of this section, or any provision of Part VII of this Act, a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force shall not be an investment business firm by virtue of the provision in a manner incidental to the provision of legal services of investment business services or investment advice, where—
(a) he does not hold himself out as being an investment business firm, and
(b) when acting as an investment product intermediary he does not hold an appointment in writing other than from—
(i) an investment firm authorised in accordance with Directive 93/22/EEC of 10 May 1993(1) by a competent authority of another Member State, or an authorised investment business firm (not being a restricted activity investment productintermediary or a certified person), or a member firm within the meaning of the Stock Exchange Act, 1995, or
(ii) a credit institution authorised in accordance with Directives 77/780/EEC of 12 December, 1977(1) and 89/646/EEC of 15 December, 1989(2) , or
(iii) a manager of a collective investment undertaking authorised to market units in collective investments to the public,
which is situate in the State or the relevant branch of which is situate in the State.”.
Amendment of section 2 of Act of 1994.
45.—Section 2 of the Act of 1994 is hereby amended by—
(a) the insertion of the following definitions:
“‘authorised investment business firm’ has the meaning assigned to it in section 2 of the Investor Compensation Act, 1998;”;
“‘investment business services’ has the meaning assigned to it in section 2 of the Investor Compensation Act, 1998;”, and
(b) the substitution of the following definition for the definition of legal services:
“‘legal services’ means services of a legal or financial nature provided by a solicitor arising from that solicitor's practice as a solicitor, and includes any part of such services; and, for the avoidance of doubt, includes any investment business services provided by a solicitor who is not an authorised investment business firm;”.
Insertion of new section in Act of 1994.
46.—The Act of 1994 is hereby amended by the insertion of the following section after section 30:
“30A.—(1) Where it appears to the Society, after consultation with the Minister, that it is necessary to do so for the purpose of ensuring the fair and reasonable implementation in the public interest of the provisions of section 26 of the Act of 1994 and the provisions of sections 21 and 22 (as substituted by the Act of 1994) of the Act of 1960 (or regulations made by the Society relating thereto), the Society may make regulations, with the consent of the Minister, providing that a solicitor who—
(a) is an authorised investment business firm, or
(b) is, or who holds himself out as being, an insurance intermediary,
shall, as a condition of being issued with a practising certificate, effect and maintain, in respect of—
(i) the provision of investment business services as an authorised investment business firm, or
(ii) activities as an insurance intermediary,
such form or forms of indemnity against losses suffered by a client in consequence of the default, howsoever arising, of the solicitor or any employee, agent or independent contractor of the solicitor as shall be equivalent to the indemnity that would be provided to a client of a solicitor in the provision of legal services by means of the Compensation Fund or by means of the indemnity cover maintained pursuant to section 26 of this Act (or regulations made by the Society relating thereto).
(2) The Society shall not amend regulations made pursuant to subsection (1) of this section without the consent of the Minister.
(3) The Minister may—
(a) direct the Society to make regulations under subsection (1) of this section or to amend regulations made under subsection (1) or (2) of this section;
(b) by regulations vary upwards the maximum amount of indemnity against losses specified in regulations made by the Society pursuant to subsection (1) or (2) of this section having regard to changes in the value of money generally in the State since the said maximum amount was first specified.
(4) In this section, ‘insurance intermediary’ has the meaning assigned to it in section 2 of the Investor Compensation Act, 1998.”.
Provisions relating to solicitors.
47.—(1) (a) A solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force shall be an investment business firm—
(i) where the solicitor provides investment business services or investment advice in a manner which is not incidental to the provision of legal services, or
(ii) where the solicitor holds himself or herself out as being an investment business firm, or
(iii) where, when acting as an investment product intermediary in a manner incidental to the provision of legal services, the solicitor holds an appointment in writing other than from—
(I) an investment firm authorised in accordance with the Investment Services Directive by a competent authority of another Member State, or an authorised investment business firm (not being a restricted activity investment product intermediary or a certified person), or a member firm within the meaning of the Stock Exchange Act, 1995, or
(II) a credit institution authorised in accordance with Directives 77/780/EEC of 12 December, 1977, and 89/646/EEC of 15 December, 1989, or
(III) a manager of a collective investment undertaking authorised to market units in collective investments to the public,
which is situate in the State or the relevant branch of which is situate in the State,
and shall be required to be authorised as an authorised investment business firm pursuant to the provisions of the Act of 1995.
(b) A solicitor, in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force, who is an insurance intermediary or who holds himself out to be an insurance intermediary shall be an investment firm for the purposes of this Act and shall inform the supervisory authority and the Company that he or she is an investment firm for the purposes of this Act.
(2) (a) Section 26 of the Act of 1994 and sections 21 and 22 (as substituted by the Act of 1994) of the Act of 1960 (or regulations made by the Society relating thereto) shall not apply to a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force in relation to the provision by the solicitor of investment business services (whether or not including the activities of an insurance intermediary) as an authorised investment business firm, or in relation to a solicitor who is an insurance intermediary and who has informed the supervisory authority and the Company pursuant to subsection (1)(b) that he or she is an investment firm.
(b) No client of a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force and who is an authorised investment business firm, or who is an insurance intermediary and has informed the supervisory authority and the Company pursuant to subsection (1)(b) that he or she is an investment firm, shall, in respect of any loss suffered in consequence of the default, howsoever arising, of the solicitor, or any employee, agent or independent contractor of the solicitor in relation to the provision of investment business services as an authorised investment business firm or in relation to the solicitor acting as an insurance intermediary, be entitled to make a claim against the Compensation Fund (within the meaning of the Act of 1994) or against the indemnity cover maintained pursuant to section 26 of the Act of 1994 and regulations made thereunder.
(c) Nothing in this section shall otherwise affect the obligations of a solicitor in respect of whom a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) is in force or the rights of a client, arising under section 26 of the Act of 1994 or sections 21 and 22 (as substituted by the Act of 1994) of the Solicitors (Amendment) Act, 1960 (or regulations made by the Society relating thereto), in respect of the provision by the solicitor of legal services.
PART V
Miscellaneous Amendments
Amendment of section 16 of Central Bank Act, 1989.
48.—The Central Bank Act, 1989, is hereby amended in section 16(2) by the insertion of the following paragraph after paragraph (t):
“(tt) made to the Investor Compensation Company Limited or to a subsidiary established by the Bank for the purposes of providing administrative services to the Investor Compensation Company Limited,”.
Amendment of section 44 of Act of 1989.
49.—Section 44 of the Act of 1989 is hereby amended by the insertion after subsection (2) of the following subsection:
“(3) A person shall not act as or hold himself out to be an insurance broker unless he complies with the provisions of the Investor Compensation Act, 1998.”.
Amendment of section 46 of Act of 1989.
50.—Section 46 of the Act of 1989 is hereby amended in subsection (1) by the substitution for paragraph (b) of the following:
“(b) a person who complies with the requirements of this Act but is not a member of a recognised representative body,
and the person is in compliance with the Investor Compensation Act, 1998.”.
Amendment of section 49 of Act of 1989.
51.—Section 49 of the Act of 1989 is hereby amended in subsection (1) by the insertion after paragraph (a) of the following paragraph:
“(aa) he complies with the Investor Compensation Act, 1998,”.
Amendment of section 2 of Act of 1995.
52.—Section 2 of the Act of 1995 is hereby amended—
(a) in subsection (1)—
(i) in the definition of “investment advice” by the insertion in paragraph (d) after “and the purchase” of “or sale” and the paragraph as so amended is set out in the Table to this paragraph.
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(d) advice to undertakings on capital structure, industrial strategy and related matters and advice relating to mergers and the purchase or sale of undertakings,
(ii) in the definition of “investment advice” in paragraph (e) by the substitution for “is a necessary part of” of “arises from” and the paragraph as so amended is set out in the Table to this subparagraph.
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(e) advice given by persons in the course of the carrying on of any profession or business not otherwise constituting the business of an investment business firm, where the giving of such advice arises from other advice or services given in the course of carrying on that profession or business, and where the giving of investment advice is not remunerated or rewarded separately from such other advice or services;
(iii) in the definition of “investment business firm” by the insertion after “credit institution” of “or member firm (within the meaning of the Stock Exchange Act, 1995)” in each place it occurs and the definition as so amended is set out in the Table to this subparagraph.
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“investment business firm” means any person, other than a member firm within the meaning of the Stock Exchange Act, 1995, who provides one or more investment business services or investment advice to third parties on a professional basis and for this purpose where an individual provides an investment business service and where that service is carried on solely for the account of and under the full and unconditional responsibility of an investment business firm or an insurance undertaking or a credit institution or member firm (within the meaning of the Stock Exchange Act, 1995) that activity shall be regarded as the activity of the investment business firm, insurance undertaking or credit institution or member firm (within the meaning of the Stock Exchange Act, 1995) itself;
(iv) in the definition of “investment instruments”—
(I) in paragraph (a) by the insertion after “certificates representing securities,” of “or money market instruments,”,
(II) in paragraph (g) by the substitution for “financial instruments” of “investment instruments”,
(III) by the insertion after paragraph (j) of the following paragraph:
“(jj) a rolling spot foreign exchange contract,”,
(IV) by the insertion after paragraph (k) of the following paragraph:
“(kk) a tracker bond or similar instrument,”,
and
(V) by the insertion after subparagraph (III) of “and the Minister may, by regulation, having consulted the supervisory authority, amend this definition from time to time by adding to the list of instruments in this definition any other instruments which, in the opinion of the Minister, have characteristics similar to the instruments listed in this definition.”,
and the definition as so amended is set out in the Table to this subparagraph.
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“investment instruments” includes—
(a) transferable securities including shares, warrants, debentures including debenture stock, loan stock, bonds, certificates of deposits and other instruments creating or acknowledging indebtedness issued by or on behalf of any body corporate or mutual body, government and public securities, including loan stock, bonds and other instruments creating or acknowledging indebtedness issued by or on behalf of a government, local authority or public authority, bonds or other instruments creating or acknowledging indebtedness, certificates representing securities, money market instruments,
(b) non-transferable securities creating or acknowledging indebtedness issued by or on behalf of a government, local authority or public authority,
(c) units or shares in undertakings for collective investments in transferable securities within the meaning of European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, shares in an investment company, capital contributions to an investment limited partnership,
(d) financial futures contracts, including currency futures, interest rate futures, bond futures, share index futures and comparable contracts,
(e) commodity futures contracts,
(f) forward interest rate agreements,
(g) agreements to exchange payments based on movements in interest rates, currency exchange rates, commodities, share indices and other investment instruments,
(h) sale and repurchase and reverse repurchase agreements involving transferable securities,
(i) agreements for the borrowing and lending of transferable securities,
(j) certificates or other instruments which confer all or any of the following rights, namely—
(i) property rights in respect of any investment instrument referred to in paragraph (a) of this definition; or
(ii) any right to acquire, dispose of, underwrite or convert an investment instrument, being a right to which the holder would be entitled if he held any such investment to which the certificate or instrument relates; or
(iii) a contractual right (other than an option) to acquire any such investment instrument otherwise than by subscription,
(jj) a rolling spot foreign exchange contract,
(k) options including—
(i) options in any instrument in paragraphs (a) to (jj) of this definition, or
(ii) currency, interest rate, commodity and stock options including index option contracts,
(kk) a tracker bond or similar instrument,
(l) hybrid instruments involving two or more investment instruments,
and includes any investment instrument in dematerialised form,
but this definition shall not be construed as applying to—
(I) any instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services; or
(II) a cheque or other similar bill of exchange, a banker's draft or a letter of credit; or
(III) a banknote, a statement showing a balance in a current, deposit or savings account or (by reason of any financial obligation contained in it) to a lease or other disposition of property, or an insurance policy;
and the Minister, may by regulation, having consulted the supervisory authority, amend this definition from time to time by adding to the list of instruments in this definition any other instruments which, in the opinion of the Minister, have characteristics similar to the instruments listed in this definition;
(b) in subsection (6)—
(i) in paragraph (a) by the insertion after “provides investment business services” of “or investment advice”,
(ii) in paragraph (e) by the substitution for “64/25” of “64/225”,
(iii) by the substitution for paragraph (f) of the following paragraph—
“(f) collective investment undertakings and the depositaries and managers of such undertakings, insofar as the activities of the collective investment undertaking or the depositaries or the managers are subject to regulation by the Bank, or”, and
(iv) by the substitution for paragraph (h) of the following paragraphs:
“(h) credit institutions which provide investment business services or investment advice and which, in so doing, do not exceed the terms of authorisations under Directive No. 77/780/EEC of 12 December 1977(1) as amended by Council Directive 89/646/EEC of 15 December 1989(2) as amended and extended from time to time, or
(i) an investment business firm which the supervisory authority has determined does not require an authorisation because the provision of investment business services is only carried out because it is necessary to the main activities of the investment business firm, and, for these purposes, the determination of the supervisory authority shall be for a fixed period only and shall be subject to whatever reporting requirements the supervisory authority deems appropriate, or
(j) the personal representative of a deceased person in respect of his actions as a personal representative or a trustee in respect of his actions as a trustee of a trust, where ‘personal representative’ has the same meaning as it has in the Succession Act, 1965, and ‘trustee’ has the same meaning that it has in the Trustee Act, 1893, provided that this paragraph shall not apply where the principal objective of the trust is to provide investment services to members of the public, or
(k) notwithstanding the obligations imposed on liquidators and receivers under this Act, a person appointed as a liquidator or receiver of a company in respect of any activities relating to the liquidation or receivership, or
(l) any collective investment undertaking including its manager which is not established in the State but which:
(i) has received approval from the Bank, under the powers granted to it under other enactments, to market units of the undertaking in the State; or
(ii) has been authorised by the competent authority of another Member State under Council Directive 85/611/EEC(1) , or
(m) a practising member of an approved professional body, not being a certified person, who holds at his principal place of business, on behalf of clients, share certificates in private limited companies owned by those clients where the member holds the share certificates only in order to facilitate the orderly management of the private limited company's statutory records, where the holding of the share certificates arises from the provision of professional services by the member to the client.”.
Amendment of section 9 of Act of 1995.
53.—Section 9 of the Act of 1995 is hereby amended by the insertion after subsection (2) of the following subsection:
“(3)(a) The supervisory authority may arrange for the publication of notices in any of the newspapers circulating in the State or elsewhere or in the Iris Oifigiúil where the supervisory authority reasonably believes that a company registered in the State or any other person operating in the State is acting as an investment business firm or claiming or holding itself out to be an investment business firm without an authorisation as required in paragraph (a) or (b) of subsection (1) of this section.
(b) The supervisory authority shall endeavour to provide the investment business firm with seven days notice of its intention to publish in accordance with paragraph (a) of this subsection.”.
Amendment of section 10 of Act of 1995.
54.—Section 10 of the Act of 1995 is hereby amended—
(a) in subsection (3)—
(i) by the substitution for “Whenever a supervisory authority refuses” of “Whenever a supervisory authority decides to refuse”,
(ii) by the substitution for “intention” of “decision”,
(iii) by the designation of that subsection as paragraph (a) and the insertion after paragraph (a) of the following paragraphs:
“(b) If the proposed investment business firm does not make an appeal within the period specified in paragraph (a) of this subsection, the supervisory authority shall issue to the proposed investment business firm notice of its decision to refuse to authorise it.
(c) The supervisory authority shall publish notice of the refusal of authorisation to a proposed investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse the authorisation.”,
and the subsection as so amended is set out in the Table to this paragraph.
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(3) (a) Whenever a supervisory authority decides to refuse to grant authorisation to a proposed investment business firm under this section it shall serve notice on the proposed investment business firm of its decision to refuse to authorise it and stating the reasons therefore and the proposed investment business firm may within 21 days of receipt of such notice appeal to the Court against the decision.
(b) If the proposed investment business firm does not make an appeal within the period specified in paragraph (a) of this subsection, the supervisory authority shall issue to the proposed investment business firm notice of its decision to refuse to authorise it.
(c) The supervisory authority shall publish notice of the refusal of authorisation to a proposed investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse the authorisation.
(b) in subsection (5) by the insertion in paragraph (a) after “does not already exist,” of “or is an industrial or provident society,” and the paragraph as so amended is set out in the Table to this paragraph.
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(a) it is a company incorporated by statute or under the Companies Acts, or is incorporated outside the State or is a company made under Royal Charter or it draws up a partnership agreement, where it is constituted as an unincorporated body of persons, if such an agreement does not already exist, or is an industrial or provident society, or is a sole trader and the proposed investment business firm has made arrangements to ensure that its activities will be carried out in such a manner that the requirements of Article 3 (3) of Council Directive No. 93/22/EEC of 10 May 1993(1) , are complied with.
Amendment of section 14 of Act of 1995.
55.—Section 14 of the Act of 1995 is hereby amended in subsection (1) by the substitution for “Without prejudice to section 10 of this Act, where the supervisory authority grants an authorisation under that section, it may” of “The supervisory authority may, in respect of an authorised investment business firm, including an investment business firm which is deemed to be authorised under section 26 of this Act,” and the subsection as so amended is set out in the Table to this section.
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(1) The supervisory authority may, in respect of an authorised investment business firm, including an investment business firm which is deemed to be authorised under section 26 of this Act, do all or any of the following, namely:
(a) make its authorisation subject to such conditions or requirements, or both, as it considers fit, relating to the proper and orderly regulation and supervision of an authorised investment business firm,
(b) impose conditions or requirements or both which relate to matters in an associated undertaking or a related undertaking,
(c) at any time impose conditions or requirements or both on an authorised investment business firm and either amend or revoke any condition or requirement imposed under this paragraph or under paragraph (a) or (b) of this subsection:
Provided the said conditions or requirements do not contravene any guidelines in that behalf which may be issued by the Minister to the supervisory authority from time to time in the interests of the proper and orderly regulation of investment business firms or the protection of investors or both and that the guidelines are published in the Iris Oifigiúil.
Amendment of section 16 of Act of 1995.
56.—Section 16 of the Act of 1995 is hereby amended in subsection (8) by the insertion after “Iris Oifigiúil” of “and in one or more newspapers circulating in the State” and the subsection as so amended is set out in the Table to this section.
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(8) The supervisory authority shall publish notice of revocation of an authorisation of an authorised investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of such revocation.
Amendment of section 17 of Act of 1995.
57.—Section 17 of the Act of 1995 is hereby amended by the insertion after subsection (3) of the following subsection:
“(4) The supervisory authority shall maintain a register or registers of investment business firms of which it has been informed by a competent authority in another Member State under Articles 17 and 18 of the Council Directive No. 93/22/EEC of 10 May, 1993 on investment services in the securities field(1) .”.
Amendment of section 21 of Act of 1995.
58.—Section 21 of the Act of 1995 is hereby amended in subsection (1)—
(a) in paragraph (e) by the insertion after “authorised investment business firms” of “, former authorised investment business firms, proposed investment business firms or investment business firms” and the paragraph as so amended is set out in the Table to this paragraph.
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(e) directors and those responsible for the management of authorised investment business firms, former authorised investment business firms, proposed investment business firms or investment business firms,
(b) in paragraph (f) by the insertion after “acting as” of “or on behalf of” and the paragraph as so amended is set out in the Table to this paragraph.
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(f) any person purporting to act or whom the supervisory authority reasonably believes is acting as or on behalf of an investment business firm,
(c) by the insertion after paragraph (f) of the following paragraph:
“(g) directors of that investment business firm or those responsible for the management of that investment business firm who have failed to co-operate with an authorised officer appointed under section 64 of this Act as amended by section 48 of the Central Bank Act, 1997, or an inspector appointed under sections 66, 67 or 73 of this Act,”,
and
(d) in subsection (5) by the substitution for “which said direction shall have immediate effect,” of “the direction shall have effect from the date specified by the supervisory authority, and”.
Amendment of section 26 of Act of 1995.
59.—Section 26 (as amended by the Central Bank Act, 1997) of the Act of 1995 is hereby amended—
(a) in subsection (1)—
(i) by the substitution for “or engaging in all or any of these services and, in the course of engaging in any of these services transmits orders only to all or any of the following, namely—” of “or engaging in all or any of these services or providing investment advice in relation to these services and, in the course of engaging in any of these services transmits orders only to all or any of the following product producers, namely—” and
(ii) in subparagraph (i) by the substitution for “not being a restricted activity investment product intermediary, or a certified person,” of “not being a restricted activity investment product intermediary or a certified person,”,
and the subsection as so amended is set out in the Table to this paragraph.
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(1) In this Act “restricted activity investment product intermediary” means a person whose only investment business service is receiving and transmitting orders in 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, or receiving and transmitting—
(a) orders in shares in a company which are listed on a stock exchange or bonds so listed, or
(b) orders in prize bonds, or
(c) acting as a deposit agent or as a deposit broker,
or engaging in all or any of these services or providing investment advice in relation to these services and, in the course of engaging in any of these services transmits orders only to all or any of the following product producers, namely—
(i) investment firms authorised in accordance with Directive 93/22/EEC of 10 May, 1993(1) by a competent authority of another Member State, or to an authorised investment business firm, not being a restricted activity investment product intermediary or a certified person, or to a member firm, within the meaning of the Stock Exchange Act, 1995, in the State;
(ii) credit institutions authorised in accordance with Directives 77/780/EEC of 12 December, 1977(2) and 89/646/EEC of 15 December, 1989(3) ;
(iii) to such other branches of investment business firms or credit institutions authorised in a third country as the supervisory authority may approve from time to time;
(iv) collective investment undertakings authorised under the law of a Member State of the European Union to market units in collective investments to the public, and to the managers of such undertakings;
(v) investment companies with fixed capital as defined in Article 15(4) of Council Directive 77/91/EEC of 13 December, 1976(4) the securities of which are listed or dealt in on a regulated market in a Member State;
(vi) the Prize Bond Company Ltd. or any successor to it as operator of the Prize Bond scheme,
and which does not hold clients' funds or securities, so that in its dealings with clients it does not become a debtor to its clients, but this shall not prevent it from—
(I) taking non-negotiable cheques or similar instruments made out to one of the undertakings mentioned at subparagraphs (i) to (vi) of this subsection, for the purposes of the receipt and transmission of orders, or
(II) when acting as a deposit agent, taking cash from a client for the client's account with a credit institution.
(b) in subsection (2) by the substitution for “A restricted activity investment product intermediary shall, while it remains a restricted activity investment product intermediary, and notwithstanding section 10 of this Act, be deemed to be an authorised investment business firm for the purposes of this Act,” of “A person who is a restricted activity investment product intermediary on a day specified by the Minister shall, while it remains a restricted activity investment product intermediary, and notwithstanding section 10 of this Act, be deemed to be an authorised investment business firm for the purposes of this Act,”, and the subsection as so amended is set out in the Table to this paragraph.
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(2) A person who is a restricted activity investment product intermediary on a day specified by the Minister shall, while it remains a restricted activity investment product intermediary, and notwithstanding section 10 of this Act, be deemed to be an authorised investment business firm for the purposes of this Act, provided that the restricted activity investment product intermediary has not had its authorisation revoked under section 16(2) of this Act and not re-instated and that no director, officer or manager of the restricted activity investment produce intermediary has been such a director, officer or manager of an investment business firm which has had its authorisation under section 16(2) of this Act revoked and not re-instated.
Amendment of section 28 of Act of 1995.
60.—Section 28 (as amended by the Central Bank Act, 1997) of the Act of 1995 is hereby amended by the insertion after subsection (4) of the following subsection—
“(5) It shall be an offence for a product producer to accept any orders transmitted by an investment business firm on behalf of a client or any moneys belonging to the client unless the investment business firm is an investment business firm—
(a) which has been authorised under section 10 of this Act or is deemed to be authorised under section 26 or 63 of this Act, and
(b) to whom the product producer has given an appointment in writing pursuant to Part IV of this Act and the product producer has not withdrawn, cancelled or revoked the said appointment in writing.”.
Amendment of section 31 of Act of 1995.
61.—Section 31 of the Act of 1995 is hereby amended by the insertion after subsection (5) of the following subsection:
“(6) (a) Where the appointment in writing of an investment product intermediary is discontinued, the investment product intermediary shall ensure the publication of a notice to be known as a ‘notice of discontinuance’, being a notice that the appointment in writing has been discontinued, in one or more of the newspapers circulating in the State within fourteen days of being informed by the product producer of the discontinuance of the appointment in writing.
(b) Where an investment product intermediary the appointment in writing of whom has been discontinued does not publish a notice of discontinuance in accordance with the requirements of paragraph (a), the product producer who discontinued the appointment in writing shall ensure the publication of a notice of discontinuance in one or more of the newspapers circulating in the State.”.
Amendment of section 33 of Act of 1995.
62.—Section 33 of the Act of 1995 is hereby amended—
(a) by the substitution for subsection (2) of the following subsection:
“(2) (a) A supervisory authority may set out requirements in respect of the accounts and audit of an authorised investment business firm which is constituted as an unincorporated body of persons or as a sole trader including requirements which are analogous to those set out in the Companies Acts and may impose duties or obligations on the auditor or on the authorised investment business firm concerned.
(b) The auditor of an authorised investment business firm shall inform the supervisory authority as soon as possible after an audit has been finalised whether, in the course of an audit of the authorised investment business firm, he identified any breaches of this Act.”;
and
(b) by the insertion after subsection (15) of the following subsection:
“(16) The supervisory authority may require the auditor of a proposed investment business firm to furnish any information that is required to be furnished by the auditor of an authorised investment business firm under sections 32 and 35 and this section of this Act.”.
Amendment of section 38 of Act of 1995.
63.—Section 38 of the Act of 1995 is hereby amended in subsection (2) by the insertion in paragraph (a) before “exceed” of “reach or” and the subsection as so amended is set out in the Table to this section.
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(2) In this Part “acquiring transaction”means any direct or indirect acquisition by a person or more than one person acting in concert of shares or other interest in an authorised investment business firm:
Provided that after the proposed acquisition—
(a) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed a qualifying holding, or
(b) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed 20 per cent., 33 per cent. or 50 per cent., or
(c) an authorised investment business firm would become a subsidiary of the acquirer.
Amendment of section 52 of Act of 1995.
64.—Section 52 of the Act of 1995 is hereby amended by the substitution for subsection (7) of the following subsection:
“(7) (a) No liquidator, receiver, administrator, examiner, official assignee or creditor of an investment business firm shall have or obtain any recourse or right against client money or client investment instruments or documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client by an investment business firm, until all proper claims of clients or of their heirs, successors or assigns against client money and client investment instruments or documents of title relating to such investment instruments have been satisfied in full.
(b) Notwithstanding paragraph (a) of this subsection, a liquidator, receiver, administrator, examiner or official assignee may have recourse or right against client money or client investment instruments or documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client by an investment business firm in respect of such reasonable expenses as are incurred in the carrying out of their functions under this Act or under the Investor Compensation Act, 1998, or incurred in the distribution of client money and investment instruments to clients of the investment business firm where the assets of the investment business firm have been exhausted.
(c) A liquidator, receiver, administrator, examiner or official assignee shall apply to the Court before seeking recourse or right against client money or client investment instruments or documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client by an investment business firm under paragraph (b) of this subsection and the Court shall determine the matter and make such order as it sees fit.”.
Amendment of section 54 of Act of 1995.
65.—Section 54 of the Act of 1995 is hereby amended—
(a) by the deletion of “authorised” before “investment business firm” wherever it occurs, and
(b) by the substitution for “officers or former officers or both” of “officers or beneficial owners or former officers or former beneficial owners or any of these” wherever it occurs,
and the section as so amended is set out in the Table to this section.
TABLE
54.—(1) If—
(a) an investment business firm is being wound up and is unable to pay all of its debts and has contravened section 19, 52(3), 52(5) or 52(6) of this Act, and
(b) the Court considers that such contravention has contributed to the inability of an investment business firm to pay all of its debts or has resulted in substantial uncertainty as to the amount, location, ownership or otherwise of the assets and liabilities of an investment business firm or of the money or investment instruments of clients of the said investment business firm or has substantially impeded its orderly winding-up,
the Court, on the application of the liquidator or receiver or a supervisory authority or any creditor or client or investor, may, if it thinks it proper to do so, declare that any one or more of the officers or beneficial owners or former officers or former beneficial owners or any of these of the said investment business firm who is or are in default shall be personally liable, without any limitation of liability, for all, or such part as may be specified by the Court, of the debts and other liabilities of the said investment business firm.
(2) (a) Where the Court makes a declaration under subsection (1) of this section, it may give such directions as it thinks proper for the purpose of giving effect to the declaration and in particular may make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from an investment business firm to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of an investment business firm held by or vested in him or any company or other person on his behalf, or any person claiming as assignee from or through the person liable under the declaration or any company or person acting on his behalf, and may, from time to time, make such further order as may be necessary for the purpose of enforcing any charge imposed under this subsection.
(b) In paragraph (a) of this subsection “assignee” includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation or mortgage was created, issued or transferred or the interest created but does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the grounds of which the declaration is made.
(3) The Court shall not make a declaration under subsection (1) of this section in respect of a person if it considers that—
(a) he took all reasonable steps to secure compliance by an investment business firm with section 19, 52(3), 52(5) or 52(6) of this Act, or
(b) he had reasonable grounds for believing and did believe that a competent and reliable person, acting under the supervision or control of a director who has been formally allocated such responsibility, was charged with the duty of ensuring that section 19, 52(3), 52(5) or 52(6) of this Act was complied with and was in a position to discharge that duty.
(4) This section shall have effect notwithstanding that the person concerned may be liable to be prosecuted for a criminal offence in respect of the matters on the ground of which the declaration is to be made or that such person has been convicted of such an offence.
(5) In this section “officer”, in relation to an investment business firm, includes a person who has been convicted of an offence under section 34 or 79(7) of this Act or section 194 of the Companies Act, 1990 in relation to a statement concerning the keeping of proper accounting records by an investment business firm concerned.
(6) A person who, being a director of an investment business firm, fails to take all reasonable steps to secure compliance by an investment business firm with the requirements of section 19, 52(3), 52(5) or 52(6) of this Act, or has by his own wilful act been the cause of any default by an investment business firm thereunder, shall be guilty of an offence:
Provided, however, that—
(a) in any proceedings against a person in respect of an offence under this section consisting of a failure to take reasonable steps to secure compliance by an investment business firm with the requirements of this section, it shall be a defence to prove that he had reasonable grounds for believing and did believe that a competent and reliable person was charged with the duty of ensuring that those requirements were complied with and was in a position to discharge that duty, and
(b) a person shall not be sentenced to imprisonment for such an offence unless, in the opinion of the Court, the offence was committed wilfully.
Amendment of section 65 of Act of 1995.
66.—Section 65 of the Act of 1995 is hereby amended in subsection (2) by the insertion after paragraph (h) of the following paragraph:
“(hh) may communicate with any client of an investment business firm for the purpose of confirming the investment business services which were provided to the client;”.
Amendment of section 74 of Act of 1995.
67.—Section 74 of the Act of 1995 is hereby amended—
(a) in subsection (7) by the substitution for “may dismiss the application or may make a determination that” of “may make a determination as to whether” and the subsection as so amended is set out in the Table to this paragraph.
TABLE
(7) Following an inquiry by a Committee appointed under subsection (5) of this section, that Committee may make a determination as to whether 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.
(b) in subsection (8) by the insertion before “and the Court may vary” of “within two months of the date of the determination of the Committee or such further period as the Court thinks fit” and the subsection as so amended is set out in the Table to this paragraph.
TABLE
(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 within two months of the date of the determination of the Committee or such further period as the Court thinks fit and the Court may vary or annual the determination of the Committee.
Amendment of section 75 of Act of 1995.
68.—Section 75 of the Act of 1995 is hereby amended by the substitution for subsection (2) of the following subsection:
“(2) Any books or documents of which possession is taken under this section may be retained for a period of six months or—
(i) if within that period there are commenced any such criminal proceedings as are mentioned in subsection (1)(a) of section 78 of this Act (being proceedings to which the books or documents are relevant), until the conclusion of those proceedings, or
(ii) if within that period there is commenced an investigation by An Garda Síochána into matters relating to subsection (1)(a) of section 78 of this Act (and the books or documents are relevant to the investigation), until the conclusion of the investigation.”.
Amendment of section 79 of Act of 1995.
69.—Section 79 of the Act of 1995 is hereby amended—
(a) in subsection (1) by the insertion of “28(5),” before “30”, and
(b) by the deletion of subsection (7) and the substitution of the following subsection:
“(7) A person who, in purported compliance with any provision of this Act or any regulation made thereunder—
(a) 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
(b) recklessly 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, or
(c) knowingly withholds or omits information,
shall be guilty of an offence.”.
Amendment of section 8 of Stock Exchange Act, 1995.
70.—Section 8 of the Stock Exchange Act, 1995, is hereby amended by the insertion after subsection (4) of the following subsection:
“(5) (a) The Bank may arrange for the publication of notices in any of the newspapers circulating in the State or elsewhere or in the Iris Oifigiúil where the Bank reasonably believes that a company registered in the State or any other person operating in the State is acting as a stock exchange or claiming or holding itself out to be a stock exchange without an approval as required in section 8(2) of this Act.
(b) The Bank shall endeavour to provide the stock exchange with seven days notice of its intention to publish in accordance with paragraph (a) of this subsection.”.
Amendment of section 14 of Stock Exchange Act, 1995.
71.—Section 14 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (7) of the following subsection:
“(7) The Bank shall publish notice of the revocation of an approval of an existing stock exchange in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the revocation of the approval.”.
Amendment of section 17 of Stock Exchange Act, 1995.
72.—Section 17 of the Stock Exchange Act, 1995, is hereby amended by the insertion after subsection (2) of the following subsection—
“(3) (a) The Bank may arrange for the publication of notices in any of the newspapers circulating in the State or elsewhere or in the Iris Oifigiúil where the Bank reasonably believes that a company registered in the State or any other person operating in the State is acting as a member firm or claiming or holding itself out to be a member firm without an authorisation as required in section 17(2) of this Act.
(b) The Bank shall endeavour to provide the member firm with seven days notice of its intention to publish in accordance with paragraph (a) of this subsection.”.
Amendment of section 18 of Stock Exchange Act, 1995.
73.—Section 18 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (3) of the following subsection—
“(3) (a) Whenever the Bank decides to refuse to grant authorisation to a proposed member firm under this section, it shall serve notice on the proposed member firm of its decision to refuse to authorise it and stating the reasons therefor and the proposed member firm may within 21 days of receipt of such notice appeal to the Court against the decision.
(b) If the proposed member firm does not make an appeal within the period specified in paragraph (a) of this subsection, the Bank shall issue to the proposed member firm notice of its decision to refuse to authorise it.
(c) The Bank shall publish notice of the refusal of authorisation to a proposed member firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse authorisation.”.
Amendment of section 24 of Stock Exchange Act, 1995.
74.—Section 24 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (8) of the following subsection—
“(8) The Bank shall publish notice of the revocation of the authorisation of an authorised member firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the revocation of the authorisation.”.
Amendment of section 29 of Stock Exchange Act, 1995.
75.—Section 29 of the Stock Exchange Act, 1995, is hereby amended—
(a) in subsection (1)—
(i) by the substitution for paragraph (i) of the following paragraph:
“(i) directors and those responsible for the management of approved stock exchanges, formerly approved stock exchanges, proposed stock exchanges or stock exchanges and authorised member firms, formerly authorised member firms, proposed member firms or member firms;”,
(ii) by the insertion after paragraph (i) of the following paragraphs:
“(j) any person purporting to act or whom the Bank reasonably believes is acting as or on behalf of a stock exchange or member firm;
(k) directors of a stock exchange or member firm or those responsible for the management of that stock exchange or member firm who have failed to co-operate with an authorised officer appointed under section 55 of this Act, or an inspector appointed under section 57, 58 or 64 of this Act,”,
(b) in subsection (5) by the substitution for “which said direction shall have immediate effect” of “which said direction shall have effect from a date specified by the Bank”.
Amendment of section 34 of Stock Exchange Act, 1995.
76.—Section 34 of the Stock Exchange Act, 1995, is hereby amended—
(a) by the designation of subsection (2) as paragraph (a) and the insertion after paragraph (a) of the following paragraph:
“(b) The auditor of an approved stock exchange or authorised member firm shall inform the Bank as soon as possible after an audit has been finalised whether, in the course of the audit of the approved stock exchange or authorised member firm, he identified any breaches of the Act.”,
(b) by the insertion after subsection (15) of the following subsection:
“(16) The Bank may require the auditor of a proposed stock exchange or member firm to furnish any information that is required to be furnished by the auditor of an approved stock exchange or authorised member firm in sections 34 and 36 of this Act.”.
Amendment of section 39 of Stock Exchange Act, 1995.
77.—Section 39 of the Stock Exchange Act, 1995, is hereby amended in subsection (2) by the insertion in paragraph (a) before “exceed” of “reach or” and the subsection as so amended is set out in the Table to this section.
TABLE
(2) In this Part “acquiring transaction” means any direct or indirect acquisition by a person or more than one person acting in concert of shares or other interest in an approved stock exchange or authorised member firm, provided that, after the proposed acquisition—
(a) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed a qualifying holding, or
(b) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed 20 per cent., 33 per cent. or 50 per cent., or
(c) the approved stock exchange or authorised member firm would become a subsidiary of the acquirer.
Amendment of section 52 of Stock Exchange Act, 1995.
78.—Section 52 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (5) of the following subsection:
“(5) (a) No liquidator, receiver, administrator, examiner or creditor of a member firm shall have or obtain any recourse or right against a client's money or a client's investment instruments or a client's documents of title relating to such investment instruments received, held, controlled or paid on behalf of the client until all proper claims of the client or of the client's heirs, successors or assigns against the client's money or the client's investment instruments or documents of title have been satisfied in full.
(b) Notwithstanding paragraph (a) of section 52(5) of this Act, a liquidator, receiver, administrator, examiner or creditor may have recourse or right against a client's money or a client's investment instruments or a client's documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client by a member firm in respect of such reasonable expenses as are incurred in the carrying out of their functions under this Act or under the Investor Compensation Act, 1998 or incurred in the distribution of client money and investment instruments to clients of the member firm where the assets of the member firm have been exhausted.
(c) A liquidator, receiver, administrator, examiner or official assignee shall apply to the Court before seeking recourse or right against client money or client investment instruments or documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client by a member firm under paragraph (b) of this subsection and the Court shall determine the matter and make such order as it sees fit.”.
Amendment of section 54 of Stock Exchange Act, 1995.
79.—Section 54 of the Stock Exchange Act, 1995, is hereby amended—
(a) by the deletion of “approved” before “stock exchange” wherever it occurs,
(b) by the deletion of “authorised” before “member firm” wherever it occurs, and
(c) by the substitution for “officers or former officers or both” of “officers or beneficial owners or former officers or former beneficial owners or any of these” wherever it occurs,
and the section as so amended is set out in the Table to this section.
TABLE
54.—(1) If—
(a) a stock exchange or member firm is being wound up and is unable to pay all of its debts and has contravened section 15, 27 or 52(3) of this Act, and
(b) the Court considers that such contravention has contributed to the inability of the stock exchange or member firm to pay all of its debts or has resulted in substantial uncertainty as to the amount, location, ownership or otherwise of the assets and liabilities of the stock exchange or member firm or of the money or investment instruments of clients of the said stock exchange or member firm or has substantially impeded its orderly winding-up,
the Court, on the application of the liquidator or receiver or the Bank or any creditor or client or investor, may, if it thinks it proper to do so, declare that any one or more of the officers or beneficial owners or former officers or former beneficial owners or any of these of the said stock exchange or member firm who is or are in default shall be personally liable, without any limitation of liability, for all, or such part as may be specified by the Court, of the debts and other liabilities of the said stock exchange or member firm.
(2) (a) Where the Court makes a declaration under subsection (1) of this section, it may give such directions as it thinks proper for the purpose of giving effect to the declaration and in particular may make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from the stock exchange or member firm to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of the stock exchange or member firm held by or vested in him or any company or other person on his behalf, or any person claiming as assignee from or through the person liable under the declaration or any company or person acting on his behalf, and may from time to time make such further order as may be necessary for the purpose of enforcing any charge imposed under this subsection.
(b) In paragraph (a) of this subsection “assignee” includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation or mortgage was created, issued or transferred or the interest created but does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the grounds of which the declaration is made.
(3) The Court shall not make a declaration under subsection (1) of this section in respect of a person if it considers that—
(a) he took all reasonable steps to secure compliance by the stock exchange or member firm with section 15, 27 or 52(3) of this Act, or
(b) he had reasonable grounds for believing and did believe that a competent and reliable person, acting under the supervision or control of a director who has been formally allocated such responsibility, was charged with the duty of ensuring that section 15, 27 or 52(3) of this Act was complied with and was in a position to discharge that duty.
(4) This section shall have effect notwithstanding that the person concerned may be liable to be prosecuted for a criminal offence in respect of the matters on the ground of which the declaration is to be made or that such person has been convicted of such an offence.
(5) In this section “officer”, in relation to a stock exchange or member firm, includes a person who has been convicted of an offence under section 194 of the Companies Act, 1990 or section 35 or 70(7) of this Act, in relation to a statement concerning the keeping of proper accounting records by the stock exchange or member firm concerned.
(6) A person who, being a director of a stock exchange or member firm, fails to take all reasonable steps to secure compliance by the stock exchange or member firm with the requirements of section 15, 27 or 52(3) of this Act or has by his own wilful act been the cause of any default by the stock exchange or member firm thereunder, shall be guilty of an offence:
Provided, however, that—
(a) in any proceedings against a person in respect of an offence under this section consisting of a failure to take reasonable steps to secure compliance by the stock exchange or member firm with the requirements of this section, it shall be a defence to prove that he had reasonable grounds for believing and did believe that a competent and reliable person was charged with the duty of ensuring that those requirements were complied with and was in a position to discharge that duty, and
(b) a person shall not be sentenced to imprisonment for such an offence unless, in the opinion of the Court, the offence was committed wilfully.
Amendment of section 56 of Stock Exchange Act, 1995.
80.—Section 56 of the Stock Exchange Act, 1995, is hereby amended in subsection (2)—
(a) by the insertion after paragraph (a) of the following paragraph:
“(aa) secure for later inspection any premises or any part of a premises in which books, records or other documents are kept or there are reasonable grounds for believing that such books or records or other documents are kept,”,
(b) by the insertion after paragraph (b) of the following paragraph:
“(bb) subject to a warrant being issued for that purpose by a judge of the District Court, remove for a reasonable period for further examination any books, records or other documents which the officer finds in the course of his inspection,”,
(c) by the insertion after paragraph (c) of the following paragraphs:
“(cc) require any person by or on whose behalf data equipment is or has been used or any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to afford the authorised officer reasonable assistance in relation thereto,
(ccc) summon, at any reasonable time, any other person employed in connection with the investment business service or investment advice to give to the authorised officer any information which the officer may reasonably require in regard to such activity and to produce to the authorised officer any books, records or other documents which are in that person's power or control,”,
and
(d) by the insertion after paragraph (d) of the following paragraph:
“(dd) may communicate with any client of a stock exchange or member firm for the purpose of confirming the investment services which were provided to the client.”.
Amendment of section 65 of Stock Exchange Act, 1995.
81.—Section 65 of the Stock Exchange Act, 1995, is hereby amended—
(a) in subsection (7) by the substitution for “may dismiss the application or may make a determination that” of “may make a determination as to whether”, and
(b) in subsection (8) by the insertion after “section” of “within two months of the date of that determination or such further period as the Court thinks fit and the Court may vary or annual the determination of the Committee”,
and those subsections as so amended are set out in the Table to this section.
TABLE
(7) Following an inquiry by a Committee appointed under subsection (5) of this section, that Committee may make a determination as to whether 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 approved stock exchange or a member firm,
(b) direct that an approved stock exchange or member firm shall pay the Bank a specified sum, not to exceed £500,000, in respect of any breach of a condition or requirement,
(c) publish 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 approved stock exchange or a member firm may appeal to the Court against a determination of the Committee issued under subsection (7) of this section within two months of the date of that determination or such further period as the Court thinks fit and the Court may vary or annual the determination of the Committee.
Amendment of section 66 of Stock Exchange Act, 1995.
82.—Section 66 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (2) of the following subsection:
“(2) Any books or documents of which possession is taken under this section may be retained for a period of six months or—
(i) if within that period there are commenced any such criminal proceedings as are mentioned in subsection (1)(a) of section 69 of this Act (being proceedings to which the books or documents are relevant), until the conclusion of those proceedings, or
(ii) if within that period there is commenced an investigation by An Garda Síochána into matters relating to subsection (1)(a) of section 69 of this Act (and the books or documents are relevant to the investigation), until the conclusion of the investigation.”.
Amendment of section 70 of Stock Exchange Act, 1995.
83.—Section 70 of the Stock Exchange Act, 1995, is hereby amended by the deletion of subsection (7) and the substitution of the following subsection:
“(7) A person who, in purported compliance with any provision of this Act or any regulation made thereunder—
(a) 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
(b) recklessly 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, or
(c) knowingly withholds or omits information,
shall be guilty of an offence.”.
FIRST SCHEDULE
Repeals
Number and Year | Short Title | Extent of Repeal |
No. 3 of 1989 | s.47 (in so far as it imposes an obligation to hold a bond) | |
No. 9 of 1995 | s.51 | |
No. 11 of 1995 | s.28(4), 50, 51 (in so far as it imposes an obligation to hold a bond) |
SECOND SCHEDULE
Supplementary Provision in Relation to a Direction by a Supervisory Authority under Section 27
1. In this Schedule, a reference to an investment firm includes reference to directors and those responsible for the management of an investment firm.
2. A supervisory authority may revoke a direction given under section 27 of this Act unless an order under section 28 of this Act has been made by the Court in respect of the direction.
3. An investment firm to which a direction has been given under section 27 of this Act may apply to the Court for, and the Court may grant, an order varying or setting aside the direction.
4. Where a supervisory authority applies to the Court for an order confirming a direction under section 27 of this Act, the Court may grant an order confirming the direction or setting it aside, or confirming it and extending the period of its operation for such time not exceeding the period of 12 months from the date the direction commenced to have effect, as the Court may, having regard to the circumstances, consider appropriate.
5. In addition to, or in lieu of, an order under section 28, the Court may make such other order in the case as may appear to it necessary, including an order directing any person who holds money or other assets for or on behalf of the investment firm or client of such investment business firm, or a specified person, not to dispose of any of those assets except on such conditions and in such circumstances as are specified in the order.
6. A direction which has been confirmed by the Court shall terminate:
(a) at the end of the period of operation specified by the Court,
(b) on the making by the Court of an order for termination on the application of the supervisory authority,
(c) on the making of a winding-up order in respect of the investment firm or, where an investment firm is constituted as an unincorporated body of persons, a dissolution order, or where an investment firm is a sole trader, an adjudication of bankruptcy,
(d) on the making by the Court of an order for termination where the Court considers that the circumstances that gave rise to the direction have ceased to exist and that it would be unjust and inequitable not to make the order,
whichever first occurs.
7. The Court may by order revoke or amend an order made by it under paragraph 4.
8. Where a direction is given by the supervisory authority in accordance with section 27—
(a) the investment firm to which the direction has been given shall take all necessary steps to secure that its assets or client or investor assets, wherever held, are not depleted without the prior authorisation of the supervisory authority, and
(b) the supervisory authority may direct a credit institution or any institution exempt under section 7 of the Central Bank Act, 1971, or any other financial institution which holds an account of any description of the investment firm including holdings of investment instruments of the investment firm to which the direction has been given, to suspend the making of payments or other transaction from the account without the prior authorisation of the supervisory authority.
THIRD SCHEDULE
DIRECTIVE 97/9/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 3 March 1997 on investor-compensation schemes
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 57 (2) thereof,
Having regard to the opinion of the Economic and Social Committee(2) ,
Having regard to the opinion of the European Monetary Institute(3) ,
Acting in accordance with the procedure laid down in Article 189b of the Treaty(4) in the light of the joint text approved by the Conciliation Committee on 18 December 1996,
(1) Whereas on 10 May 1993 the Council adopted Directive 93/22/EEC on investment services in the securities field(5) ; whereas that Directive is an essential instrument for the achievement of the internal market for investment firms;
(2) Whereas Directive 93/22/EEC lays down prudential rules which investment firms must observe at all times, including rules the purpose of which is to protect as far as possible investor's rights in respect of money or instruments belonging to them;
(3) Whereas, however, no system of supervision can provide complete protection, particularly where acts of fraud are committed;
(4) Whereas the protection of investors and the maintenance of confidence in the financial system are an important aspect of the completion and proper functioning of the internal market in this area; whereas to that end it is therefore essential that each Member State should have an investor-compensation scheme that guarantees a harmonized minimum level of protection at least for the small investor in the event of an investment firm being unable to meet its obligations to its investor clients;
(5) Whereas small investors will therefore be able to purchase investment services from branches of Community investment firms or on the basis of the cross-border provision of services as confidently as from domestic investment firms, in the knowledge that a harmonized minimum level of protection would be available to them in the event of an investment firm being unable to meet its obligations to its investor clients;
(6) Whereas, in the absence of such minimum harmonization, a host Member State might consider itself justified, by considerations of investor protection, in requiring membership of its compensation scheme when a Community investment firm operating through a branch or under the freedom to provide services either belonged to no investor-compensation scheme in its home Member State or belonged to a scheme which was not regarded as offering equivalent protection; whereas such a requirement might prejudice the operation of the internal market;
(7) Whereas although most Member States currently have some investor-compensation arrangements those arrangements do not in general cover all investment firms that hold the single authorization provided for in Directive 93/22/EEC;
(8) Whereas, therefore, every Member State should be required to have an investor-compensation scheme or schemes to which every such investment firm would belong; whereas each scheme must cover money and instruments held by an investment firm in connection with an investor's investment operations which, where an investment firm is unable to meet its obligations to its investor clients, cannot be returned to the investor; whereas this is entirely without prejudice to the rules and procedures applicable in each Member State as regards the decisions to be taken in the event of the insolvency or winding-up of an investment firm;
(9) Whereas the definition of investment firm includes credit institutions which are authorized to provide investment services; whereas every such credit institution must also be required to belong to an investor-compensation scheme to cover its investment business; whereas, however, it is not necessary to require such a credit institution to belong to two separate schemes where a single scheme meets the requirements both of this Directive and of Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes(1) ; whereas, however, in the case of investment firms which are credit institutions it may in certain cases be difficult to distinguish between deposits covered by Directive 94/19/EC and money held in connection with investment business; whereas Member States should be allowed to determine which Directive shall apply to such claims;
(10) Whereas Directive 94/19/EC allows a Member State to exempt a credit institution from the obligation to belong to a deposit-guarantee scheme where that credit institution belongs to a system which protects the credit institution itself and, in particular, ensures its solvency; whereas, where a credit institution belonging to such a system is also an investment firm, a Member State should also be allowed, subject to certain conditions, to exempt it from the obligation to belong to an investor-compensation scheme;
(11) Whereas a harmonized minimum level of compensation of ECU 20 000 for each investor should be sufficient to protect the interests of the small investor where an investment firm is unable to meet its obligations to its investor clients; whereas it would therefore appear reasonable to set the harmonized minimum level of compensation at ECU 20 000; whereas, as in Directive 94/19/EC, limited transitional provisions might be required to enable compensation schemes to comply with that figure since this applies equally to Member States which, when this Directive is adopted, do not have any such scheme;
(12) Whereas the same figure was adopted in Directive 94/19/EC;
(13) Whereas in order to encourage investors to take due care in their choice of investment firms it is reasonable to allow Member States to require investors to bear a proportion of any loss; whereas, however, an investor must be covered for at least 90% of any loss as long as the compensation paid is less than the Community minimum;
(14) Whereas certain Member States' schemes offer levels of cover higher than the harmonized minimum level of protection under this Directive; whereas, however, it does not seem desirable to require any change in those schemes in that respect;
(15) Whereas the retention in the Community of schemes providing levels of cover higher than the harmonized minimum may, within the same territory, lead to disparities in compensation and unequal conditions of competition between national investment firms and branches of firms from other Member States; whereas, in order to counteract those disadvantages, branches should be authorized to join their host countries' schemes so that they may offer their investors the same cover as is provided by the schemes of the countries in which they are located; whereas it is appropriate that, in its report on the application of this Directive, the Commission should indicate the extent to which branches have exercised that option and any difficulties which they or the investor-compensation schemes may have encountered in implementing those provisions; whereas the possibility that home Member States' schemes should themselves offer such supplementary cover, subject to the conditions such schemes may lay down, is not ruled out;
(16) Whereas market disturbances could be caused by branches of investment firms established in Member States other than their Member States of origin which offer levels of cover higher than those offered by investment firms authorized in their host Member States; whereas it is not appropriate that the level or scope of cover offered by compensation schemes should become an instrument of competition; whereas it is therefore necessary, at least during an initial period, to stipulate that neither the level nor the scope of cover offered by a home Member State's scheme to investors at branches located in another Member State should exceed the maximum level or scope offered by the corresponding scheme in the host Member State; whereas any market disturbances should be reviewed at an early date, on the basis of the experience acquired and in the light of developments in the financial sector;
(17) Whereas a Member State must be able to exclude certain categories of specifically listed investments or investors, if it does not consider that they need special protection, from the cover afforded by investor-compensation schemes;
(18) Whereas some Member States have investor-compensation schemes under the responsibility of professional organizations; whereas in other Member States there are schemes that have been set up and are regulated on a statutory basis; whereas that diversity of status poses a problem only with regard to compulsory membership of and exclusion from schemes; whereas it is therefore necessary to take steps to limit the powers of schemes in that area;
(19) Whereas the investor must be compensated without excessive delay once the validity of his claim has been established; whereas the compensation scheme itself must be able to fix a reasonable period for the presentation of claims; whereas, however, the fact that such a period has expired may not be invoked against an investor who for good reason has not been able to present his claim within the time allowed;
(20) Whereas informing investors of compensation arrangements is an essential element of investor protection; whereas Article 12 of Directive 93/22/EEC required investment firms to inform investors, before doing business with them, of the possible application of a compensation scheme; whereas, therefore, this Directive should lay down rules on informing such intending investors regarding the compensation schemes covering their investment business;
(21) Whereas, however, the unregulated use in advertising of references to the amount and scope of a compensation scheme could affect the stability of the financial system or investor confidence; whereas Member States should therefore lay down rules to limit such references;
(22) Whereas in principle this Directive requires every investment firm to join an investor-compensation scheme; whereas the Directives governing the admission of any investment firm the head office of which is in a non-member country, and in particular Directive 93/22/EEC, allow Member States to decide whether and subject to what conditions to permit branches of such investment firms to operate within their territories; whereas such branches will not enjoy the freedom to provide services under the second paragraph of Article 59 of the Treaty, or the right of establishment in Member States other than those in which they are established; whereas, accordingly, a Member State admitting such branches must decide how to apply the principles of this Directive to such branches in accordance with Article 5 of Directive 93/22/EEC and with the need to protect investors and maintain the integrity of the financial system; whereas it is essential that investors at such branches should be fully aware of the compensation arrangements applicable to them;
(23) Whereas it is not indispensable in this Directive to harmonize the ways in which investor-compensation schemes are to be financed given, on the one hand, that the cost of financing such schemes must, in principle, be borne by investment firms themselves and, on the other hand, that the financing capacities of such schemes must be in proportion to their liabilities; whereas that must not, however, jeopardize the stability of the financial system of the Member State concerned;
(24) Whereas this Directive may not result in the Member States or their competent authorities being made liable in respect of investors if they have ensured that one or more schemes for the compensation or protection of investors under the conditions prescribed in this Directive have been introduced and officially recognized;
(25) Whereas, in conclusion, a minimum degree of harmonization of investor-compensation arrangements is necessary for the completion of the internal market for investment firms since it will make it possible for investors to do business with such firms with greater confidence, especially firms from other Member States, and make it possible to avoid any difficulties caused by host Member States applying national investor-protection rules that are not coordinated at Community level; whereas a binding Community Directive is the only appropriate instrument for the achievement of the desired objective in the general absence of investor-compensation arrangements corresponding to the coverage of Directive 93/22/EEC; whereas this Directive effects only the minimum harmonization required, allows Member States to prescribe wider or higher coverage if they desire and give Member States the necessary latitude as regards the organization and financing of investor-compensation schemes,
HAVE ADOPTED THIS DIRECTIVE:
Article 1
For the purpose of this Directive:
1. ‘investment firm’ shall mean an investment firm as defined in Article 1 (2) of Directive 93/22/EEC
— authorized in accordance with Article 3 of Directive 93/22/EEC,
or
— authorized as a credit institution in accordance with Council Directive 77/780/EEC (1) and Council Directive 89/646/EEC (2) , the authorization of which covers one or more of the investment services listed in Section A of the Annex to Directive 93/22/EEC;
2. ‘investment business’ shall mean any investment service as defined in Article 1 (1) of Directive 93/22/EEC and the service referred to in point 1 of Section C of the Annex to that Directive,
3. ‘instruments’ shall mean the instruments listed in Section B of the Annex to Directive 93/22/EEC;
4. ‘investor’ shall mean any person who has entrusted money or instruments to an investment firm in connection with investment business;
5. ‘branch’ shall mean a place of business which is a part of an investment firm, which has no legal personality and which provides investment services for which the investment firm has been authorised; all the places of business set up in the same Member State by an investment firm with headquarters in another Member State shall be regarded as a single branch;
6. ‘joint investment business’ shall mean investment business carried out for the account of two or more persons or over which two or more persons have rights that may be exercised by means of the signature of one or more of those persons;
7. ‘competent authorities’ shall mean the authorities defined in Article 22 of Directive 93/22/EEC; those authorities may, if appropriate, be those defined in Article 1 of Council Directive 92/30/EEC of 6 April 1992 on the supervision of credit institutions on a consolidated basis (3) .
Article 2
1. Each Member State shall ensure that within its territory one or more investor-compensation schemes are introduced and officially recognized. Except in the circumstances envisaged in the second sub-paragraph and in Article 5 (3), no investment firm authorized in that Member State may carry on investment business unless it belongs to such a scheme.
A Member State may, however, exempt a credit institution to which this Directive applies from the obligation to belong to an investor-compensation scheme where that credit institution is already exempt under Article 3 (1) of Directive 94/19/EC from the obligation to belong to a deposit-guarantee scheme, provided that the protection and information given to depositors are also given to investors on the same terms and investors thus enjoy protection at least equivalent to that afforded by an investor-compensation scheme.
Any Member State that avails itself of that option shall inform the Commission accordingly; it shall, in particular, disclose the characteristics of the protective systems in question and the credit institutions covered by them for the purposes of this Directive, as well as any subsequent changes to the information supplied. The Commission shall inform the Council thereof.
2. A scheme shall provide cover for investors in accordance with Article 4 where either:
— the competent authorities have determined that in their view an instrument firm appears, for the time being, for reasons directly related to its financial circumstances, to be unable to meet its obligations arising out of investors' claims and has no early prospect of being able to do so,
or
— a judicial authority has made a ruling, for reasons directly related to an investment firm's financial circumstances, which has the effect of suspending investors' ability to make claims against it,
whichever is the earlier.
Cover shall be provided for claims arising out of an investment firm's inability to:
— repay money owed to or belonging to investors and held on their behalf in connection with investment business,
or
— return to investors any instruments belonging to them and held, administered or managed on their behalf in connection with investment business,
in accordance with the legal and contractual conditions applicable.
3. Any claim under paragraph 2 on a credit institution which, in a given Member State, would be subject both to this Directive and to Directive 94/19/EC shall be directed by that Member State to a scheme under one or other of those Directives as that Member State shall consider appropriate. No claim shall be eligible for compensation more than once under those Directives.
4. The amount of an investor's claim shall be calculated in accordance with the legal and contractual conditions, in particular those concerning set off and counter-claims, that are applicable to the assessment, on the date of the determination or ruling referred to in paragraph 2, of the amount of the money or the value, determined where possible by reference to the market value, of the instruments belonging to the investor which the investment firm is unable to repay or return.
Article 3
Claims arising out of transactions in connection with which a criminal conviction has been obtained for money laundering, as defined in Article 1 of the Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering(1) , shall be excluded from any compensation under investor-compensation schemes.
Article 4
1. Member States shall ensure that schemes provide for cover of not less than ECU 20 000 for each investor in respect of the claims referred to in Article 2 (2).
Until 31 December 1999 Member States in which, when this Directive is adopted, cover is less than ECU 20 000 may retain that lower level of cover, provided it is not less than ECU 15 000. That option shall also be available to Member States to which the transitional provisions of the second subparagraph of Article 7 (1) of Directive 94/19/EC apply.
2. A Member State may provide that certain investors shall be excluded from cover by schemes or shall be granted a lower level of cover. Those exclusions shall be as listed in Annex I.
3. This Article shall not preclude the retention or adoption of provisions which afford greater or more comprehensive cover to investors.
4. A Member State may limit the cover provided for in paragraph 1 or that referred to in paragraph 3 to a specified percentage of an investor's claim. The percentage covered must, however, be equal to or exceed 90% of the claim as long as the amount to be paid under the scheme is less than ECU 20 000.
Article 5
1. If an investment firm required by Article 2 (1) to belong to a scheme does not meet the obligations incumbent on it as a member of that scheme, the competent authorities which issued its authorization shall be notified and, in cooperation with the compensation scheme, shall take all measures appropriate, including the imposition of penalties, to ensure that the investment firm meets its obligations.
2. If those measures fail to secure compliance on the part of the investment firm, the scheme may, where national law permits the exclusion of a member, with the express consent of the competent authorities, give not less than 12 months' notice of its intention of excluding the investment firm from membership of the scheme. The scheme shall continue to provide cover under the second subparagraph of Article 2 (2) in respect of investment business transacted during that period. If, on expiry of the period of notice, the investment firm has not met its obligations, the compensation scheme may, again having obtained the express consent of the competent authorities, exclude it.
3. Where national law permits, and with the express consent of the competent authorities which issued its authorization, an investment firm excluded from an investor-compensation scheme may continue to provide investment services if, before its exclusion, it made alternative compensation arrangements which ensure that investors will enjoy cover that is at least equivalent to that offered by the officially recognized scheme and has characteristics equivalent to those of that scheme.
4. If an investment firm the exclusion of which is proposed under paragraph 2 is unable to make alternative arrangements which comply with the conditions imposed in paragraph 3, the competent authorities which issued its authorization shall withdraw it forthwith.
Article 6
After the withdrawal of an investment firm's authorization, cover under the second subparagraph of Article 2 (2) shall continue to be provided in respect of investment business transacted up to the time of that withdrawal.
Article 7
1. Investor-compensation schemes introduced and officially recognized in a Member State in accordance with Article 2 (1) shall also cover investors at branches set up by investment firms in other Member States.
Until 31 December 1999, neither the level nor the scope, including the percentage, of the cover provided for may exceed the maximum level or scope of the cover offered by the corresponding compensation scheme within the territory of the host Member State. Before that date the Commission shall draw up a report on the basis of the experience acquired in applying this subparagraph and Article 4 (1) of Directive 94/19/EC referred to above and shall consider the need to continue those provisions. If appropriate, the Commission shall submit a proposal for a Directive to the European Parliament and the Council, with a view to the extension of their validity.
Where the level or scope, including the percentage, of the cover offered by the host Member State's investor-compensation scheme exceeds the level or scope of the cover provided in the Member State in which an investment firm is authorized, the host Member State shall ensure that there is an officially recognized scheme within its territory which a branch may join voluntarily in order to supplement the cover which its investors already enjoy by virtue of its membership of its home Member State's scheme.
If a branch joins such a scheme, that scheme shall be one that covers the category of institution to which the branch belongs or most closely corresponds in its host Member State.
Member States shall ensure that objective and generally applied conditions are established concerning branches' membership of all investor-compensation schemes. Admission shall be conditional on a branch meeting the relevant membership obligations, including in particular the payment of all contributions and other charges. Member States shall follow the guiding principles set out in Annex II in implementing this paragraph.
2. If a branch which has exercised the option of voluntary membership under paragraph 1 does not meet the obligations incumbent on it as a member of an investor-compensation scheme, the competent authorities which issued its authorization shall be notified and, in cooperation with the compensation scheme, shall take all measures necessary to ensure that the branch meets the aforementioned obligations.
If those measures fail to ensure that the branch meets the obligations referred to in this Article, after an appropriate period of notice of not less than 12 months the compensation scheme may, with the consent of the competent authorities which issued the authorization, exclude the branch. Investment business transacted before the date of exclusion shall continue to be covered after that date by the compensation scheme of which the branch was a voluntary member. Investors shall be informed of the withdrawal of the supplementary cover and of the date on which it takes effect.
Article 8
1. The cover provided for in Article 4 (1), (3) and (4) shall apply to the investor's aggregate claim on the same investment firm under this Directive irrespective of the number of accounts, the currency and location within the Community.
Member States may, however, provide that funds in currencies other than those of the Member States and the ecu shall be excluded from cover or be subject to lower cover. This option shall not apply to instruments.
2. Each investor's share in joint investment business shall be taken into account in calculating the cover provided for in Article 4 (1), (3) and (4).
In the absence of special provisions, claims shall be divided equally amongst investors.
Member States may provide that claims relating to joint investment business to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature which has no legal personality may, for the purpose of calculating the limits provided for in Article 4 (1), (3) and (4), be aggregated and treated as if arising from an investment made by a single investor.
3. Where an investor is not absolutely entitled to the sums or securities held, the person who is absolutely entitled shall receive the compensation, provided that that person has been or can be identified before the date of the determination or ruling referred to in Article 2 (2).
If two or more persons are absolutely entitled, the share of each under the arrangements subject to which the sums or the securities are managed shall be taken into account when the limits laid down in Article 4 (1), (3) and (4) are calculated.
This provision shall not apply to collective-investment undertakings.
Article 9
1. The compensation scheme shall take appropriate measures to inform investors of the determination or ruling referred to in Article 2 (2) and, if they are to be compensated, to compensate them as soon as possible. It may fix a period during which investors shall be required to submit their claims. That period may not be less than five months from the date of the aforementioned determination or ruling or from the date on which that determination or ruling is made public.
The fact that that period has expired may not, however, be invoked by the scheme to deny cover to an investor who has been unable to assert his right to compensation in time.
2. The scheme shall be in a position to pay an investor's claim as soon as possible and at the latest within three months of the establishment of the eligibility and the amount of the claim.
In wholly exceptional circumstances and in special cases a compensation scheme may apply to the competent authorities for an extension of the time limit. No such extension may exceed three months.
3. Notwithstanding the time limit laid down in paragraph 2, where an investor or any other person entitled to or having an interest in investment business has been charged with an offence arising out of or in relation to money laundering as defined in Article 1 of Directive 91/308/EEC, the compensation scheme may suspend any payment pending the judgment of the court.
Article 10
1. Member States shall ensure that each investment firm takes appropriate measures to make available to actual and intending investors the information necessary for the identification of the investor-compensation scheme of which the investment firm and its branches within the Community are members or any alternative arrangement provided for under the second subparagraph of Article 2 (1) or Article 5 (3). Investors shall be informed of the provisions of the investor-compensation scheme or any alternative arrangement applicable, including the amount and scope of the cover offered by the compensation scheme and any rules laid down by the Member States pursuant to Article 2 (3). That information shall be made available in a readily comprehensible manner.
Information shall also be given on request concerning the conditions governing compensation and the formalities which must be completed to obtain compensation.
2. The information provided for in paragraph 1 shall be made available in the manner prescribed by national law in the official language or languages of the Member State in which a branch is established.
3. Member States shall establish rules limiting the use in advertising of the information referred to in paragraph 1 in order to prevent such use from affecting the stability of the financial system or investor confidence. In particular, a Member State may restrict such advertising to a factual reference to the scheme to which an investment firm belongs.
Article 11
1. Each Member State shall check whether branches established by an investment firm the head office of which is outwith the Community have cover equivalent to that prescribed in this Directive. Failing such cover, a Member State may, subject to Article 5 of Directive 93/22/EEC, stipulate that branches established by an investment firm the head office of which is outwith the Community shall join investor-compensation schemes in operation within its territory.
2. Actual and intending investors at branches established by an investment firm the head office of which is outwith the Community shall be provided by that investment firm with all relevant information concerning the compensation arrangements which cover their investments.
3. The information provided for in paragraph 2 shall be made available in the manner prescribed by national law in the official language or languages of the Member State in which a branch is established and shall be drafted in a clear and comprehensible form.
Article 12
Without prejudice to any other rights which they may have under national law, schemes which make payments in order to compensate investors shall have the right of subrogation to the rights of those investors in liquidation proceedings for amounts equal to their payments.
Article 13
Member States shall ensure that an investor's right to compensation may be the subject of an action by the investor against the compensation scheme.
Article 14
No later than 31 December 1999 the Commission shall submit a report to the European Parliament and to the Council on the application of this Directive together, where appropriate, with proposals for its revision.
Article 15
1. The Member States shall bring into force the laws, regulations and administrative provisions necessary for them to comply with this Directive no later than 26 September 1998. They shall forthwith inform the Commission thereof.
When the Member States adopt those measures, they shall contain references to this Directive or shall be accompanied by such references on the occasion of their official publication. The methods of making such references shall be laid down by the Member States.
2. The Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field covered by this Directive.
Article 16
Article 12 of Directive 93/22/EEC shall be repealed with effect from the date referred to in Article 15 (1).
Article 17
This Directive shall enter into force on the day of its publication in the Official Journal of the European Communities.
Article 18
This Directive is addressed to the Member States.
Done at Brussels, 3 March 1997.
For the European Parliament | For the Council |
The President | The President |
J.M. GIL-ROBLES | M. DE BOER |
ANNEX I
LIST OF EXCLUSIONS REFERRED TO IN ARTICLE 4(2)
1. Professional and institutional investors, including:
— investment firms as defined in Article 1 (2) of Directive 93/22/EEC,
— credit institutions as defined in the first indent of Article 1 of Council Directive 77/780/EEC,
— financial institutions as defined in Article 1 (6) of Council Directive 89/646/EEC,
— insurance undertakings,
— collective-investment undertakings,
— pension and retirement funds.
Other professional and institutional investors.
2. Supranational institutions, government and central administrative authorities.
3. Provincial, regional, local and municipal authorities.
4. Directors, managers and personally liable members of investment firms, persons holding 5% or more of the capital of such investment firms, persons responsible for carrying out the statutory audits of investment firms' accounting documents and investors with similar status in other firms within the same group as such a firm.
5. Close relatives and third parties acting on behalf of the investors referred to in point 4.
6. Other firms in the same group.
7. Investors who have any responsibility for or have taken advantage of certain facts relating to an investment firm which gave rise to the firm's financial difficulties or contributed to the deterioration of its financial situation.
8. Companies which are of such a size that they are not permitted to draw up abridged balance sheets under Article 11 of the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies(1) .
ANNEX II
GUIDING PRINCIPLES
(Referred to in the fifth subparagraph of Article 7 (1))
Where a branch applies to join a host Member State's scheme for supplementary cover, the host Member State's scheme will bilaterally establish with the home Member State's scheme appropriate rules and procedures for the payment of compensation to investors at that branch. The following principles will apply both to the drawing up of those procedures and in the framing of the membership conditions applicable to that branch (as referred to in Article 7(1)):
(a) the host Member State's scheme will retain full rights to impose its objective and generally applied rules on participating investment firms; it will be able to require the provision of relevant information and be entitled to verify such information with the home Member State's competent authorities;
(b) the host Member State's scheme will meet claims for supplementary compensation after it has been informed by the home Member State's competent authorities of the determination or ruling referred to in Article 2 (2). The host Member State's scheme will retain full rights to verify an investor's entitlement according to its own standards and procedures before paying supplementary compensation;
(c) the host Member State's and the home Member State's schemes will cooperate fully with each other to ensure that investors receive compensation promptly and in the correct amounts. In particular, they will agree on how the existence of a counterclaim which may give rise to set-off under either scheme will affect the compensation paid to the investor by each scheme;
(d) the host Member State's scheme will be entitled to charge branches for supplementary cover on an appropriate basis which takes into account the cover funded by the home Member State's scheme. To facilitate charging, the host Member State's scheme will be entitled to assume that its liability will in all circumstances be limited to the excess of the cover it has offered over the cover offered by the home Member State regardless of whether the home Member State actually pays any compensation in respect of claims by investors within the host Member State's territory.
(1)O.J. No. C 321, 27.11.1993, p. 15 and O.J. No. C 382, 31.12.1994, p. 27.
(2)O.J. No. C 127, 7.5.1994, p. 1.
(3)Opinion delivered on 28 July 1995.
(4)European Parliament opinion of 19 April 1994 (O.J. No. C 128, 9.5.1994, p. 85), Council common position of 23 October 1995 (O.J. No. C 320, 30.11.1995, p. 9) and European Parliament Decision of 12 March 1996 (O.J. No. C 96, 1.4.1996, p. 28). Decision of the Council of 17 February 1997 and Decision of the European Parliament of 19 February 1997 (O.J. No. C 85, 17.3.1997).
(5)O.J. No. L 141, 11.6.1993, p. 27.
(1)O.J. No. L 135, 31.5.1994, p. 5.
(1)First Council Directive 77/780/EEC of 12 December 1977 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (O.J. No. L 322, 17.12.1977, p. 30). Directive as last amended by Directive 89/646/EEC (O.J. No. L 386, 30.12.1989, p. 1).
(2)Second Council Directive 89/646/EEC of 15 December 1989 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions and amending Directive 77/780/EEC (O.J. No. L 386, 30.12.1989, p. 1). Directive as last amended by Directive 92/30/EEC (O.J. No. L 110, 28.4.1992, p. 52).
(3)O.J. No. L 110, 28.4.1992, p. 52.
(1)O.J. No. L 166, 28.6.1991, p. 77.
(1)O.J. No. L 222, 14.8.1978, p. 11. Directive as last amended by Directive 94/8/EC (O.J. No. L 82, 25.3.1994, p. 33).