(1) The Bank shall be the supervisory authority for investor compensation under this Act.
(2) The Bank shall be the competent authority in the State for the purposes of the Investor Compensation Directive.
(3) Subject to subsection (4), the supervisory authority shall carry out its functions under this Act in accordance with this Act in order to promote -
(a) the protection of the clients of investment firms,
(b) the maintenance of an effective system of compensation for the clients of investment firms, and
(c) the maintenance of the proper and orderly regulation and supervision of investment firms and financial markets.
(4) The supervisory authority shall carry out its functions under this Act having regard to the Investor Compensation Directive, the text of which is set out for convenience of reference in the Third Schedule.