Investor Compensation Act, 1998

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Number 37 of 1998

INVESTOR COMPENSATION ACT, 1998

ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section
1.	Short title and commencement.
2.	Interpretation.
3.	Service of notices.
4.	Expenses.
5.	Power to make regulations.
6.	Laying of regulations before Houses of Oireachtas.
7.	Repeals.
8.	Appointment of supervisory authority and competent authority.
9.	Authorised officers.

PART II

Administration of Investor Compensation

10.	Formation of Company.
11.	Alteration of memorandum of association and articles of association of Company.
12.	Objects and powers of Company.
13.	Powers of Company.
14.	Accounts of Company and audits.
15.	Performance of functions.
16.	Non-application of section 182 (Removal of directors) of Act of 1963.
17.	Members of Company.
18.	Directors of Company.
19.	Establishment of fund.
20.	Administrative services for Company.
21.	Contributions of investment firms.
22.	Maintenance of funds.
23.	Costs of administration.
24.	Procedures to investigate complaints.
25.	Approval of investor compensation schemes.
26.	Revocation of approval of compensation scheme.
27.	Failure by investment firms to comply with obligations.
28.	Application to Court for confirmation of direction.
29.	Product producers.

PART III

Payment of Compensation to Investors

30.	Interpretation for Part. III.
31.	Determination that an investment firm cannot meet its obligations.
32.	Applications for compensation.
33.	Appointment of an administrator.
34.	Payment of compensation.
35.	Further provisions relating to payment of compensation.
36.	Provisions relating to restricted intermediaries.

PART IV

Miscellaneous

PART V

Miscellaneous Amendments

48.	Amendment of section 16 of Central Bank Act, 1989.
49.	Amendment of section 44 of Act of 1989.
50.	Amendment of section 46 of Act of 1989.
51.	Amendment of section 49 of Act of 1989.
52.	Amendment of section 2 of Act of 1995.
53.	Amendment of section 9 of Act of 1995.
54.	Amendment of section 10 of Act of 1995.
55.	Amendment of section 14 of Act of 1995.
56.	Amendment of section 16 of Act of 1995.
57.	Amendment of section 17 of Act of 1995.
58.	Amendment of section 21 of Act of 1995.
59.	Amendment of section 26 of Act of 1995.
60.	Amendment of section 28 of Act of 1995.
61.	Amendment of section 31 of Act of 1995.
62.	Amendment of section 33 of Act of 1995.
63.	Amendment of section 38 of Act of 1995.
64.	Amendment of section 52 of Act of 1995.
65.	Amendment of section 54 of Act of 1995.
66.	Amendment of section 65 of Act of 1995.
67.	Amendment of section 74 of Act of 1995.
68.	Amendment of section 75 of Act of 1995.
69.	Amendment of section 79 of Act of 1995.
70.	Amendment of section 8 of Stock Exchange Act, 1995.
71.	Amendment of section 14 of Stock Exchange Act, 1995.
72.	Amendment of section 17 of Stock Exchange Act, 1995.
73.	Amendment of section 18 of Stock Exchange Act, 1995.
74.	Amendment of section 24 of Stock Exchange Act, 1995.
75.	Amendment of section 29 of Stock Exchange Act, 1995.
76.	Amendment of section 34 of Stock Exchange Act, 1995.
77.	Amendment of section 39 of Stock Exchange Act, 1995.
78.	Amendment of section 52 of Stock Exchange Act, 1995.
79.	Amendment of section 54 of Stock Exchange Act, 1995.
80.	Amendment of section 56 of Stock Exchange Act, 1995.
81.	Amendment of section 65 of Stock Exchange Act, 1995.
82.	Amendment of section 66 of Stock Exchange Act, 1995.
83.	Amendment of section 70 of Stock Exchange Act, 1995.

FIRST SCHEDULE

Repeals

SECOND SCHEDULE

Supplementary provision in relation to a Direction by a Supervisory Authority under Section 27

THIRD SCHEDULE

Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on Investor-Compensation Schemes

Acts Referred to
Building Societies Act, 1989	1989, No. 17
Central Bank Act, 1971	1971, No. 24
Central Bank Act, 1989	1989, No. 16
Central Bank Act, 1997	1997, No. 8
Companies Act, 1963	1963, No. 33
Companies Act, 1990	1990, No. 33
Companies Acts, 1963 to 1990
Companies (Amendment) Act, 1986	1986, No. 25
Criminal Justice Act, 1994	1994, No. 15
Insurance Act, 1989	1989, No. 3
Investment Intermediaries Act, 1995	1995, No. 11
Local Government Act, 1941	1941, No. 23
Petty Sessions (Ireland) Act, 1851	14 & 15 Vict., c. 93
Solicitors Act, 1954	1954, No. 36
Solicitors Acts, 1954 to 1994
Solicitors (Amendment) Act, 1960	1960, No. 37
Solicitors (Amendment) Act, 1994	1994, No. 27
Stock Exchange Act, 1995	1995, No. 9
Succession Act, 1965	1965, No. 27
Taxes Consolidation Act, 1997	1997, No. 39
Trustee Act, 1893	c. 53
Trustee Savings Bank Act, 1989	1989, No. 21

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Number 37 of 1998

INVESTOR COMPENSATION ACT, 1998

AN ACT TO ENABLE EFFECT TO BE GIVEN TO DIRECTIVE NO. 97/9/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 3 MARCH 1997 ON INVESTOR COMPENSATION SCHEMES⁽¹⁾ , TO PROVIDE FOR INVESTOR COMPENSATION, TO AMEND THE CENTRAL BANK ACT, 1989 , THE INSURANCE ACT, 1989 , THE SOLICITORS (AMENDMENT) ACT, 1994 , THE STOCK EXCHANGE ACT, 1995 , AND THE INVESTMENT INTERMEDIARIES ACT, 1995 , AND TO PROVIDE FOR RELATED MATTERS. [13th July, 1998]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

⁽¹⁾O.J. No. L84, 26.3.1977.

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