Investor Compensation Act, 1998
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Maintenance of funds. |
22.—(1) Where the Company has specified that amounts standing to the credit of a fund maintained by the Company in accordance with section 19 shall be used to make payments in accordance with this Act solely to clients of a class or classes or category or categories of investment firm specified by the Company, the contributions paid by such investment firms under section 21 (2) shall stand to the credit of that fund. | |
(2) Subject to subsection (3), the Company shall, having consulted the supervisory authority, decide— | ||
(a) the contributions to be paid by authorised investment firms to the fund or funds maintained by the Company in accordance with section 19 (1), and | ||
(b) the amount of the balance to be maintained by the Company in a fund or funds maintained by the Company under section 19 (1). | ||
(3) In making a decision under subsection (2), the Company— | ||
(a) shall endeavour to ensure that— | ||
(i) the Company is in a position to meet any reasonably foreseeable obligation under this Act, | ||
(ii) the Company maintains a sufficient balance in all funds maintained by it which will enable it to meet such obligations, and | ||
(b) shall have regard to— | ||
(i) the amount standing to the credit of the fund or funds maintained by the Company, | ||
(ii) the funding capacity of those authorised investment firms which are obliged to make contributions to those funds in accordance with this section, and | ||
(iii) any other matter which the Company, or the Company on the advice of the supervisory authority, considers relevant. |