Investor Compensation Act, 1998

Revocation of approval of compensation scheme.

26.—The supervisory authority may, following consultation with the Company, apply to the Court in a summary manner for an order revoking the approval of a compensation scheme under section 25 where—

(a) the supervisory authority considers that the compensation scheme has not complied with conditions or requirements imposed by the supervisory authority under section 25 ,


(b) conditions have materially changed since the granting of the approval such that, if an application for approval were made at the time of the application to the Court, a different decision would be taken in relation to the application for approval.