Investor Compensation Act, 1998
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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.”. | ||