Investment Intermediaries Act, 1995

Issue of receipts.

30.—Without prejudice to any codes of conduct which may be issued or approved of by a supervisory authority under section 37 of this Act, an investment product intermediary shall issue a receipt for each non-negotiable or negotiable instrument or other payment received for the purposes of transmitting an order or a deposit to a product producer and the receipt shall state succinctly the terms and conditions upon which a transaction was entered into and, without prejudice to the generality of the aforesaid, shall state clearly—

(a) the name and address of the person furnishing the instrument or payment;

(b) the value of the instrument or payment;

(c) the date of its receipt;

(d) the name of the person to whom the instrument is payable; and

(e) the purpose of the payment,

and an investment product intermediary which fails to issue such a receipt shall be guilty of an offence.