Section 10 of the Act of 1995 is hereby amended -
(a) in subsection (3) -
(i) by the substitution for "Whenever a supervisory authority refuses" of "Whenever a supervisory authority decides to refuse",
(ii) by the substitution for "intention" of "decision",
(iii) by the designation of that subsection as paragraph (a) and the insertion after paragraph (a) of the following paragraphs:
"(b) If the proposed investment business firm does not make an appeal within the period specified in paragraph (a) of this subsection, the supervisory authority shall issue to the proposed investment business firm notice of its decision to refuse to authorise it.
(c) The supervisory authority shall publish notice of the refusal of authorisation to a proposed investment business firm in the Iris Oifigiúil and in one or more newspapers circulating in the State within 28 days of the decision to refuse the authorisation.",
and the subsection as so amended is set out in the Table to this paragraph.
Table
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(3 |