Investor Compensation Act, 1998

Applications for compensation.

32.—(1) On being informed by the supervisory authority that—

(a) a determination has been made under section 31 (3), or

(b) a court has made a ruling,

the Company or, where applicable in the case of an investment firm which is or was a member of a compensation scheme approved of under section 25 , the person responsible for administering that compensation scheme, shall—

(i) where possible, inform clients of the investment firm concerned by ordinary pre-paid post of the determination or ruling and invite applications for payments under section 34 , by a date which shall not be less than five months from the date of the determination or ruling, and

(ii) publish notices in any of the newspapers circulating in the State or elsewhere or in the Iris Oifigiúil giving notice of the determination or ruling and inviting applications for payments under section 34 , by a date which shall not be less than five months from the date of the determination or ruling.

(2) Where the supervisory authority is satisfied that an investor was unable for good reason to make an application for a payment under section 34 within the period of time stipulated by the Company or compensation scheme, the supervisory authority shall direct the Company or compensation scheme to treat the application as if it were made within the period of time stipulated.

(3) The Company and a compensation scheme approved of under section 25 shall not be liable to make a payment under section 34 where an application for payment is not made within the period of time stipulated by the Company or compensation scheme, where the supervisory authority has not directed the Company or compensation scheme to treat the application as if it were made within the period of time stipulated in accordance with the provisions of subsection (2).

(4) Nothing in this section shall prohibit an individual from applying for payment under section 34 .