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Investor Compensation Act, 1998 (No. 37)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-9)1. Short title and commencement.2. Interpretation.3. Service of notices.4. Expenses.5. Power to make regulations.6. Laying of regulations before Houses of Oireachtas.7. Repeals.8. Appointment of supervisory authority and competent authority.9. Authorised officers.Part II Administration of Investor Compensation (ss. 10-29A)10. Formation of Company.11. Alteration of memorandum of association and articles of association of Company.12. Objects and powers of Company.13. Powers of Company.14. Accounts of Company and audits.15. Performance of functions.16. Non-application of section 182 (Removal of directors) of Act of 1963.17. Members of Company.18. Directors of Company.19. Establishment of fund.20. Administrative services for Company.21. Contributions of investment firms.22. Maintenance of funds.23. Costs of administration.24. Procedures to investigate complaints.25. Approval of investor compensation schemes.26. Revocation of approval of compensation scheme.27. Failure by investment firms to comply with obligations.28. Direction under section 27 to be appealable.29. Product producers.29A. Third Country BranchesPart III Payment of Compensation to Investors (ss. 30-36)30. Interpretation for Part III.31. Determination that an investment firm cannot meet its obligations.32. Applications for compensation.33. Appointment of an administrator.33A. Court to appoint liquidator, etc. of investment firm as firm's administrator in certain circumstances.33B. Power to make regulations for return of investors' funds or investment instruments.34. Payment of compensation.35. Further provisions relating to payment of compensation.36. Provisions relating to investment product intermediaries.Part IV Miscellaneous (ss. 37-47)37. Joint accounts and trustees.38. Information to investors and advertising.39. Investment firms joining compensation schemes in other Member States.40. Membership of compensation scheme by investment firm authorised in another Member State.41. Compulsory insurance of authorised investment firms.42. Exemption from liability for damages.43. Offences and penalties.44. Amendment of section 2(7) of Act of 1995.45. Amendment of section 2 of Act of 1994.46. Insertion of new section in Act of 1994.47. Provisions relating to solicitors.Part V Miscellaneous Amendments (ss. 48-83)48. Amendment of section 16 of Central Bank Act, 1989.49. Amendment of section 44 of Act of 1989.50. Amendment of section 46 of Act of 1989.51. Amendment of section 49 of Act of 1989.52. Amendment of section 2 of Act of 1995.53. Amendment of section 9 of Act of 1995.54. Amendment of section 10 of Act of 1995.55. Amendment of section 14 of Act of 1995.56. Amendment of section 16 of Act of 1995.57. Amendment of section 17 of Act of 1995.58. Amendment of section 21 of Act of 1995.59. Amendment of section 26 of Act of 1995.60. Amendment of section 28 of Act of 1995.61. Amendment of section 31 of Act of 1995.62. Amendment of section 33 of Act of 1995.63. Amendment of section 38 of Act of 1995.64. Amendment of section 52 of Act of 1995.65. Amendment of section 54 of Act of 1995.66. Amendment of section 65 of Act of 1995.67. Amendment of section 74 of Act of 1995.68. Amendment of section 75 of Act of 1995.69. Amendment of section 79 of Act of 1995.70. Amendment of section 8 of Stock Exchange Act, 1995.71. Amendment of section 14 of Stock Exchange Act, 1995.72. Amendment of section 17 of Stock Exchange Act, 1995.73. Amendment of section 18 of Stock Exchange Act, 1995.74. Amendment of section 24 of Stock Exchange Act, 1995.75. Amendment of section 29 of Stock Exchange Act, 1995.76. Amendment of section 34 of Stock Exchange Act, 1995.77. Amendment of section 39 of Stock Exchange Act, 1995.78. Amendment of section 52 of Stock Exchange Act, 1995.79. Amendment of section 54 of Stock Exchange Act, 1995.80. Amendment of section 56 of Stock Exchange Act, 1995.81. Amendment of section 65 of Stock Exchange Act, 1995.82. Amendment of section 66 of Stock Exchange Act, 1995.83. Amendment of section 70 of Stock Exchange Act, 1995.First Schedule RepealsSecond Schedule Supplementary Provision in Relation to a Direction by a Supervisory Authority under Section 27Third Schedule Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on Investor-Compensation Schemes
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 1998 - onwards
Version 2 of 2

65. Amendment of section 54 of Act of 1995.

Section 54 of the Act of 1995 is hereby amended -

(a) by the deletion of "authorised" before "investment business firm" wherever it occurs, and

(b) by the substitution for "officers or former officers or both" of "officers or beneficial owners or former officers or former beneficial owners or any of these" wherever it occurs,

and the section as so amended is set out in the Table to this section.

 Table

54.—(1) If—

(a) an investment business firm is being wound up and is unable to pay all of its debts and has contravened section 19, 52(3), 52(5) or 52(6) of this Act, and

(b) the Court considers that such contravention has contributed to the inability of an investment business firm to pay all of its debts or has resulted in substantial uncertainty as to the amount, location, ownership or otherwise of the assets and liabilities of an investment business firm or of the money or investment instruments of clients of the said investment business firm or has substantially impeded its orderly winding-up,

the Court, on the application of the liquidator or receiver or a supervisory authority or any creditor or client or investor, may, if it thinks it proper to do so, declare that any one or more of the officers or beneficial owners or former officers or former beneficial owners or any of these of the said investment business firm who is or are in default shall be personally liable, without any limitation of liability, for all, or such part as may be specified by the Court, of the debts and other liabilities of the said investment business firm.

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