Investor Compensation Act, 1998
|
Product producers. |
29.—(1) Notwithstanding section 16 of the Central Bank Act, 1989 , where the supervisory authority has revoked the authorisation of an investment business firm or, in the case of an investment firm which is an insurance intermediary, informed the Company that the investment firm has failed to comply with its obligations under this Act, the supervisory authority shall inform those product producers from whom the investment firm held a valid written appointment at that time that the investment firm has failed to comply with its obligations under this Act. | |
(2) Product producers who have been informed by the supervisory authority in accordance with subsection (1) that an investment firm has failed to comply with its obligations under this Act shall, on being so informed, cancel the written appointments of the investment firm. | ||
(3) It shall be an offence for a product producer who has been informed by the supervisory authority in accordance with subsection (1) that an investment firm has failed to comply with its obligations under this Act to accept any orders transmitted by the investment firm on behalf of a client or any moneys belonging to a client after it has been so informed except with the approval in writing of the supervisory authority. | ||
(4) A product producer shall not give a written appointment to an investment firm unless, to the best of its knowledge and belief, having caused reasonable inquiry to be made, the investment firm is not an investment business firm the authorisation of which has been revoked under section 16 of the Act of 1995 without being subsequently re-instated. | ||
(5) A product producer shall not give a written appointment to an investment firm which is an insurance intermediary, except with the approval in writing of the supervisory authority, unless, to the best of its knowledge and belief, having caused reasonable inquiry to be made, the investment firm is not an investment firm to which section 28 (6)(d) applies, and notwithstanding section 16 of the Central Bank Act, 1989 , the supervisory authority may give such approval in writing. |