Stock Exchange Act, 1995

Existing member firms.

21.—(1) Notwithstanding section 17 of this Act, a person whom the Bank deems to have been a member firm of the Irish Stock Exchange on the day immediately prior to the coming into operation of this section, having regard to the member firms listed in the daily official list of the Irish Stock Exchange, shall stand authorised, on the coming into operation of this section, as an authorised member firm until the Bank has granted or refused authorisation to it:

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

(a) draws up a formal partnership agreement, where it is constituted as an unincorporated body of persons, if such agreement does not already exist, and

(b) applies to the Bank under section 18 of this Act for authorisation, and, in that section, references to proposed member firm shall be construed accordingly.

(2) Pending a decision by the Bank to authorise a member firm to whom subsection (1) of this section refers 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 such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision of approved stock exchanges and their member firms or in relation to the protection of investors including conditions or requirements or both which relate to matters in an associated undertaking, a related undertaking or in both;

(b) issue directions under this Act.

(3) A person to whom subsection (1) of this section refers may appeal to the Court against the conditions or requirements imposed under this section.

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

(5) Notwithstanding section 17 of this Act, a person who falls within subsection (6) of this section may be a member firm of an approved stock exchange until either the 31st day of December, 1995 or it has been authorised by a competent authority in its home Member State, whichever is the earlier.

(6) Subsection (5) of this section applies to persons or branches of persons which—

(a) have their head office and registered office in another Member State,

(b) are subject to prudential regulation in that Member State which is considered by the Bank to be equivalent to the regulation applying to authorised member firms under this Act, and

(c) are recognised as primary dealers by the National Treasury Management Agency.

(7) A member firm falling within subsection (6) of this section shall be subject to such conditions or requirements or both as may be imposed on it by the Bank in the interests of either or both of the following, namely, the proper and orderly regulation and supervision of stock exchanges and their member firms and the protection of investors or clients, and such conditions or requirements or both may be imposed on it by the Bank in respect of associated undertakings or related undertakings.

(8) Section 18 (13) of this Act shall not apply to firms falling within subsection (6) of this section.