Stock Exchange Act, 1995
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Power to make determinations for breaches of conditions or requirements. |
65.—(1) Without prejudice to any other powers of the Bank under this Act or any powers of an approved stock exchange, where it appears, on the basis of information provided by an authorised officer or an inspector appointed under section 64 of this Act, that there has been a breach by an approved stock exchange or a memberfirm of a condition or requirement imposed by the Bank under any or all of the sections to which this section applies, the Bank may— | |
(a) apply to the Court in a summary manner for a determination that there has been a breach of a condition or requirement, or | ||
(b) notify the approved stock exchange or member firm. | ||
(2) This section applies to the following sections, namely, sections 9 (2), 9 (9), 10 (2) (a), 11 (1), 18 (2), 18 (6), 18 (7), 18 (13) (b), 18 (14), 21 (2) (a), 21 (7), 22 (1), 26 (1), 26 (4), 31 (3), 31 (4), 33 (1), 38 (1), 43 (1) and 52 (1) of this Act. | ||
(3) A notification under subsection (1) (b) of this section shall— | ||
(a) set out reasons for the notification, and | ||
(b) state that the Bank shall apply to the Court in a summary manner for a determination that there has been a breach of a condition or requirement under all or any of the sections to which this section applies, unless the approved stock exchange or member firm concerned requests, in writing within 7 days of the date of the notification, that the provisions of subsections (5) to (9) of this section shall apply. | ||
(4) The Court, on hearing evidence in any proceedings under this section, may do all or any of the following— | ||
(a) issue a reprimand to the approved stock exchange or member firm, | ||
(b) direct that the approved stock exchange or member firm concerned shall pay to the Bank a specified sum, not to exceed £500,000, in respect of any breach of a condition or requirement, | ||
(c) dismiss the application or make any other order as may be appropriate, | ||
(d) make such order as to costs as it thinks fit. | ||
(5) Where a request in writing has been made to it under subsection (3) of this section, the Bank may appoint a Committee to inquire into whether or not there has been a breach of a condition or requirement under a section referred to in subsection (2) of this section. | ||
(6) A Committee appointed under subsection (5) of this section shall be appointed by the Bank from a panel established from time to time by the Minister, with the consent of the Minister for Enterprise and Employment, for that purpose and the provisions of the Second Schedule to this Act shall apply to the Committee and to the panel. | ||
(7) Following an inquiry by a Committee appointed under subsection (5) of this section, that Committee may dismiss the application or may make a determination that there has been a breach of a condition or requirement and may do all or any of the following— | ||
(a) issue a reprimand to an approved stock exchange or a member firm, | ||
(b) direct that an approved stock exchange or member firm shall pay the Bank a specified sum, not to exceed £500,000, in respect of any breach of a condition or requirement, | ||
(c) publish such details as it deems proper concerning a determination made under this subsection in the Iris Oifigiúil and in one or more newspapers circulating in the State, | ||
(d) make such order as to costs as it thinks fit. | ||
(8) An approved stock exchange or a member firm may appeal to the Court against a determination of the Committee issued under subsection (7) of this section. | ||
(9) A sum due under this section may be recovered in any court of competent jurisdiction as a simple contract debt. |