Section 28 (as amended by the Central Bank Act, 1997) of the Act of 1995 is hereby amended by the insertion after subsection (4) of the following subsection -
"(5) It shall be an offence for a product producer to accept any orders transmitted by an investment business firm on behalf of a client or any moneys belonging to the client unless the investment business firm is an investment business firm -
(a) which has been authorised under section 10 of this Act or is deemed to be authorised under section 26 or 63 of this Act, and
(b) to whom the product producer has given an appointment in writing pursuant to Part IV of this Act and the product producer has not withdrawn, cancelled or revoked the said appointment in writing.".