Stock Exchange Act, 1995

Existing stock exchange.

10.—(1) Notwithstanding section 8 of this Act, the Irish Stock Exchange shall be deemed to be an approved stock exchange on the coming into operation of this section and shall stand approved of under this Act until the Bank has granted or refused an approval to it:

Provided that, no later than three months after the coming into operation of this section, it—

(a) incorporates as a company under the Companies Acts, if it is not already so incorporated, and

(b) applies to the Bank under section 9 of this Act for an approval and, in that section, references to proposed stock exchange shall be construed accordingly.

(2) Pending a decision by the Bank to approve or not to approve of the Irish Stock Exchange or during the three months referred to in subsection (1) of this section, or during both such times the Bank may do either or both of the following, namely:

(a) impose on it such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision of the Irish Stock Exchange or in relation to the protection of investors or in relation to both or in respect of associated undertakings or related undertakings, or both;

(b) issue directions under this Act.

(3) The Irish Stock Exchange may appeal to the Court against the imposition of any condition or requirement or the giving of any direction under this section.

(4) On hearing an application under subsection (3) of this section, the Court may confirm, vary or rescind any condition, requirement or direction imposed under this section.