Asset Covered Securities Act, 2001

PART 9

Enforcement

Court empowered to make prohibition or compliance orders.

96.—(1) The High Court may, on the hearing of an application made under this section, make an order prohibiting a person whom it finds to be contravening or to have repeatedly contravened a provision of this Act or a regulatory notice from continuing or repeating the contravention.

(2) The High Court may, on the hearing of an application made under this section, make an order requiring a person to comply with a provision of this Act or a regulatory notice if it finds that the person has failed or is failing to comply with the provision after being requested by the Authority to so comply.

(3) The Authority or any person or class of person specified in an order made under subsection (7), may make an application for the purpose of subsection (1) or (2).

(4) An order under this section may be made subject to such conditions as the High Court considers appropriate.

(5) If the High Court decides to make an order under subsection (1) or (2), it may also make an order requiring a person to do a specified act.

(6) The High Court may grant an interim order pending the determination of an application under this section. Such an order may be granted on the basis of rebuttable evidence that the person concerned has contravened or is contravening, or has failed or is failing to comply with, a provision of this Act.

(7) The Minister may, by order notified in Iris Oifigiúil, specify a person, or class of persons, for the purpose of subsection (3).