Stock Exchange Act, 1995

Authorised Member Firms doing business outside the State.

20.—(1) When an authorised member firm wishes to establish a branch in another Member State it shall notify the Bank in writing setting out the address of the proposed branch from which documents may be obtained, the names of the proposed managers and a programme of operations setting out inter alia the types of business envisaged and the proposed organisational structure of the branch.

(2) Subject to subsection (3) of this section, the Bank shall communicate information referred to in subsection (1) of this section to the relevant authority in that other Member State in accordance with the provisions of Council Directive 93/22/EEC of 10 May, 1993(1) , within three months of receiving all information requested of the authorised member firm, and shall inform the authorised member firm accordingly.

(3) Where the Bank does not communicate the information in the manner referred to in subsection (2) of this section, the Bank shall give reasons for the refusal to the authorised member firm and the authorised member firm shall be entitled to appeal to the Court against that decision.

(4) Where an authorised member firm wishes to change any particulars supplied under subsection (1) of this section it shall notify the Bank in writing of any such changes and allow at least one month from the date of the notification before carrying out the changes so as to allow the Bank to exercise its functions under this Act.

(5) When an authorised member firm wishes to provide investment services within the territory of another Member State for the first time but does not propose to establish a branch in that other Member State, it shall notify the Bank in writing setting out the Member State in which it proposes to provide those services and a programme of operations stating in particular the investment service or services it intends to provide.

(6) The Bank shall communicate the information referred to in subsection (5) of this section to the relevant authority in that other Member State in accordance with the provisions of Council Directive 93/22/EEC of 10 May, 1993(1), within one month of receiving all that information.

(7) Where an authorised member firm wishes to change any particulars concerning a programme of operations supplied under subsection (5) of this section it shall notify in writing the Bank and the competent authority in the other Member State in which it proposes to provide or provides investment services of any such changes before carrying out the changes so as to allow the competent authority in the other Member State to carry out its obligations under the provisions of Council Directive 93/22/EEC of 10 May, 1993(1) .

(1) O.J. No. L 141 11/6/93.

(1) O.J. No. L 141 11/6/93.