(1) Subject to such guidelines in this regard as may be issued by the Minister in the interests of the proper and orderly regulation and supervision of investment business firms and the protection of investors and notified to a supervisory authority in writing and published, from time to time, in the Iris Oifigiúil, supervisory authorities shall administer the system of regulation and supervision of investment business firms in accordance with the provisions of this Act in order to promote -

(a) the maintenance of the proper and orderly regulation and supervision of investment business firms or of financial markets, or both, and

(b) the protection of investors.

(2) Where a supervisory authority is of the opinion that it is necessary in the interests of assessing the capacity of an investment business firm to engage in an activity for which it has sought authorisation or for which it stands authorised under section 13 of this Act, it may commission an independent assessment of the capacity of the proposed investment business firm or of the authorised investment business firm.

(3) [deleted]

(4) [deleted]