Unit Trusts Act, 1990

Prohibition of certain advertising in relation to unauthorised unit trust schemes and certain like schemes.

10.—(1) There shall not be published or communicated, without the approval of the Bank (which approval may be subject to such conditions as the Bank thinks fit to impose) advertisements in relation to or referring to a scheme to which paragraph (a) or (b) of section 9 (1) applies.

(2) (a) Whenever it is shown to the satisfaction of the Bank, in the case of a newspaper or magazine printed outside the State that, in the opinion of the Bank, has only a small circulation in the State, that compliance with this section would necessitate the production for circulation in the State of a special edition of the newspaper or magazine and that the cost of such production would impose a burden on the owner of the newspaper or magazine that would be unreasonably heavy in all the circumstances, the Bank may exempt from the application of this section advertisements published in the newspaper or magazine.

(b) An exemption under this subsection shall be subject to such conditions, if any, as the Bank may impose and specify in the exemption and its duration shall be either without limit as to time or for such period as the Bank may specify in the exemption.

(c) The Bank may revoke an exemption under this subsection, impose conditions to which such an exemption previously granted shall be subject, amend any conditions specified in such an exemption, specify, in relation to such an exemption whose duration is without limit as to time, a time for its expiration or vary the period of duration of such an exemption.

(d) Whenever the Bank exercises a power under this subsection, notice of such exercise and its nature and the name of the newspaper or magazine to which it relates shall be published in Iris Oifigiúil.

(3) Where an advertisement is published or communicated in contravention of subsection (1) (whether because the approval of the Bank under subsection (1) or an exemption by it under subsection (2) has not been obtained in respect thereof or because any condition to which the approval or exemption is subject has not been complied with) the person who publishes or communicates the advertisement and any person who procures such publishing or communication shall each be guilty of an offence.

(4) In this section “advertisement” includes every form of recommendation of any matter to which this section relates, including in particular the display or publication of any such matter by way of leaflet, notice, circular, pamphlet, brochure, photograph, film, video, sound broadcasting, television, electronic communication or personal canvassing.