Written answers

Thursday, 31 March 2022

Department of Finance

Financial Services

Photo of Peter BurkePeter Burke (Longford-Westmeath, Fine Gael)
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224. To ask the Minister for Finance if the acquirer of a regulated entity authorised under section 10 of the Investment Intermediaries Act 1995 must notify the Central Bank. [17226/22]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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For convenience I set out below the response I provided to the Deputy on this question on 19 January 2022.

The Central Bank of Ireland is designated as the supervisory authority with respect to the Investment Intermediaries Act 1995 ('the IIA').

Section 39(1) of the IIA sets out that any person proposing to make an "acquiring transaction" (as defined in section 38(2) of the IIA) of an authorised investment business firm shall notify the supervisory authority in writing of the proposal and include with the notification specified information concerning the proposed acquiring transaction.

Furthermore, Section 40 of the Act sets out that the acquiring transaction cannot proceed without the supervisory authority informing the authorised investment business firm and the party making the acquiring transaction in writing that it approves of the acquiring transaction or until three months have elapsed during which the supervisory authority has not refused to approve of the acquiring transaction, whichever first occurs.


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