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47 2001

ASSET COVERED SECURITIES ACT, 2001

PART 9

Enforcement

Court empowered to make prohibition or compliance orders.

96. —(1) The High Court may, on the hearing of an application made under this section, make an order prohibiting a person whom it finds to be contravening or to have repeatedly contravened a provision of this Act or a regulatory notice from continuing or repeating the contravention.

(2) The High Court may, on the hearing of an application made under this section, make an order requiring a person to comply with a provision of this Act or a regulatory notice if it finds that the person has failed or is failing to comply with the provision after being requested by the Authority to so comply.

(3) The Authority or any person or class of person specified in an order made under subsection (7), may make an application for the purpose of subsection (1) or (2).

(4) An order under this section may be made subject to such conditions as the High Court considers appropriate.

(5) If the High Court decides to make an order under subsection (1) or (2), it may also make an order requiring a person to do a specified act.

(6) The High Court may grant an interim order pending the determination of an application under this section. Such an order may be granted on the basis of rebuttable evidence that the person concerned has contravened or is contravening, or has failed or is failing to comply with, a provision of this Act.

(7) The Minister may, by order notified in Iris Oifigiúil, specify a person, or class of persons, for the purpose of subsection (3).

Time within which proceedings for an offence may be brought.

97. —Despite section 10(4) of the Petty Sessions (Ireland) Act, 1851, or any other Act, proceedings for an offence against this Act may be brought at any time within 2 years after the date alleged to be the date on which the offence was committed or, if the offence involved misleading or deceptive conduct, 2 years after the date on which the Authority has become aware of the commission of the offence.

Offences relating to acts affecting the performance of official functions.

98. —(1) A person who—

(a) prevents an authorised person from performing a function imposed by this Act, or obstructs an authorised person who is performing such a function,

(b) without reasonable excuse, fails to provide an authorised person with information that is lawfully required by or under this Act, or

(c) provides an authorised person with information required by or under this Act knowing it to be materially false or misleading,

commits an offence and is liable on summary conviction to a fine not exceeding €1,900 (£1,496.37) or to imprisonment for a term not exceeding 6 months, or to both.

(2) In this section, “authorised person” means—

(a) the Authority, or any person authorised by it to perform the relevant function on its behalf,

(b) any delegate of the Authority or any member or employee of any such delegate, or

(c) a cover-assets monitor,

(d) the NTMA, or any person authorised by it to perform the relevant function on its behalf, or

(e) a manager appointed in respect of a designated credit institution or formerly designated credit institution.

Offences by bodies corporate.

99. —(1) If a body corporate commits an offence against a provision of this Act, each person who was an officer of the body when the offence was committed commits an offence against this section if it is proved that the officer—

(a) willingly participated in, connived at or consented to the commission of the offence by the body, or

(b) knowing that the body corporate was committing or about to commit that offence, failed to take all reasonably practicable steps to prevent its commission.

(2) A person who commits an offence against this section is liable on conviction to a fine not exceeding that for which the body corporate is liable for the offence.

(3) A person may be proceeded against for an offence against this section whether or not the body corporate has been proceeded against or been convicted of the offence committed by that body.

(4) In this section, “officer”, in relation to a body corporate, means a director, manager, executive officer, secretary or other person concerned in the management of the body.