S.I. No. 394/2015 - Investor Compensation Act 1998 (Representatives of Financial Services Industry) Regulations 2015.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 22nd September, 2015.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by sections 5(3) and 18(3) (as amended by section 35 (1) of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Investor Compensation Act 1998 (No. 37 of 1998), hereby make the following regulations:

1. These Regulations may be cited as the Investor Compensation Act 1998 (Representatives of Financial Services Industry) Regulations 2015.

2. The following bodies which appear to the Minister to represent the financial services industry are prescribed for the purposes of section 18 (3) of the Investor Compensation Act 1998 (No. 37 of 1998):

(a) the Irish Brokers Association Ltd.;

(b) the Irish Stock Exchange p.l.c.;

(c) the Banking and Payments Federation Ireland;

(d) the Irish Association of Investment Managers;

(e) the Professional Insurance Brokers Association Ltd.

3. The Investor Compensation Act 1998 (Representatives of Financial Services Industry) Regulations 2014 ( S.I. No. 294 of 2014 ) are revoked.

GIVEN under my Official Seal,

17 September 2015.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

Following the amalgamation of the Irish Banking Federation and the Irish Payment Services Organisation (IPSO) in order to form the Banking and Payments Federation Ireland, an amendment is required in order to allow the Banking and Payments Federation Ireland replace the Irish Banking Federation as one of the bodies representative of the financial services industry who may nominate directors to the Board of the Investor Compensation Company.