Stock Exchange Act, 1995

Imposition of conditions or requirements on authorised member firms.

22.—(1) Without prejudice to section 18 of this Act, where the Bank grants an authorisation under that section, it may do all or any of the following, namely—

(a) make its authorisation subject to such conditions or requirements or both as it considers fit, relating to the proper and orderly regulation and supervision of an authorised member firm;

(b) impose conditions or requirements or both which relate to matters in an associated undertaking or a related undertaking;

(c) at any time after its approval, impose conditions or requirements or both on an authorised member firm and either amend or revoke any condition or requirement imposed under this paragraph or under paragraph (a) or (b) of this subsection:

Provided that the said conditions or requirements do not contravene any guidelines in that behalf which may be issued to the Bank, from time to time, by the Minister with the consent of the Minister for Enterprise and Employment in the interests of the proper and orderly regulation and supervision of stock exchanges and their member firms and the protection of investors, and published in the Iris Oifigiúil.

(2) Any condition or requirement referred to in subsection (1) of this section may be imposed in relation to any or all of the following, namely—

(a) an authorised member firm;

(b) all authorised member firms;

(c) a class of authorised member firms;

(d) a specified period of time or times;

(e) an associated undertaking or related undertaking;

(f) any matter, as the Bank may consider appropriate, in the interests of the proper and orderly regulation and supervision of approved stock exchanges and their authorised member firms.

(3) An authorised member firm may appeal to the Court against the imposition of any condition or requirement imposed under subsection (1) of this section and, on hearing an appeal under this section, the Court may confirm, vary or rescind any condition or requirement imposed under this section.