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INVESTMENT INTERMEDIARIES ACT, 1995
Supplementary Provision in Relation to a Committee appointed under section 74 of this Act
1. Subject to paragraphs 2 and 3 of this Schedule, on the coming into operation of section 74 of this Act, the Minister shall, with the consent of the Minister for Enterprise and Employment, establish and maintain a panel which shall be composed of at least 7 persons.
2. Each of the persons appointed to the panel referred to in paragraph 1 of this Schedule shall be a person whom the Minister and the Minister for Enterprise and Employment consider to have relevant experience or special knowledge which will enable them to carry out their functions under this Act.
3. At least two persons appointed to the panel referred to in paragraph 1 of this Schedule shall be barristers or solicitors.
4. Subject to paragraph 5 of this Schedule, a person shall remain on the panel established under this section for such period as may be specified under that paragraph unless he dies or requests the Minister that his name be removed from the panel but unless he has died shall be eligible to have his name included on the panel for a further period or periods.
5. A panel established under section 74 of this Act shall stand dissolved on the expiration of such period as may be specified by the Minister with the consent of the Minister for Enterprise and Employment, at the time he establishes it.
6. A member of the panel appointed to a Committee shall be paid by the Minister, following consultation with the Minister for Enterprise and Employment, such remuneration and allowances for expenses as the Minister may determine.
7. A Committee shall be composed of no less than three persons at least one of whom shall be a barrister or solicitor.
8. The Minister, with the consent of the Minister for Enterprise and Employment, may at any time remove a member from the panel for stated misbehaviour.
9. The procedures of Committees appointed under section 74 of this Act shall be laid down, from time to time, in rules made by the Minister, with the consent of the Minister for Enterprise and Employment, and shall include a rule providing for the appointment of a chairperson.
10. A Committee shall be independent in the discharge of its functions.
11. The supervisory authority shall make available to a Committee such services, including staff, as may be reasonably required by the Committee.
12. On the completion of an inquiry and following the making of a determination under section 74 of this Act, a Committee shall serve on the supervisory authority concerned and on the investment business firm concerned a report of its inquiry and a notification of its determination specifying the nature of the inquiry and the evidence laid before it and any other matters it thinks fit.
13. An inquiry under section 74 of this Act may be carried out, at the request of or with the consent of the investment business firm concerned, by an examination of the relevant documents and written submissions from the supervisory authority and the investment business firm concerned in place of an oral hearing.
14. A Committee appointed for the purposes of holding an inquiry under section 74 of this Act shall have the powers, rights and privileges vested in the High Court or a judge thereof on the hearing of an action in respect of—
(a) the enforcement of the attendance of witnesses and their examination on oath or otherwise, and
(b) the compelling of the production of documents,
and a summons signed by the chairperson of the Committee or by such other member of the Committee as may be authorised by the Committee may be substituted for and shall be equivalent to any formal procedure capable of being issued in an action of enforcing the attendance of witnesses and compelling the production of documents.
(a) a person on being duly summoned to attend before a Committee established for the purposes of section 74 of this Act makes default in attending, or
(b) a person, being in attendance as a witness before a Committee, refuses to take an oath lawfully required by that Committee to be taken or to produce any document in his power or control lawfully required by that Committee to be produced by him or to answer any question to which the Committee may lawfully require an answer, or
(c) a person, being in attendance before a Committee does anything which, if the Committee were a court of law having power to commit for contempt, would be contempt of court,
that person shall be guilty of an offence.
16. A witness before a Committee shall be entitled to the same immunities and privileges as if he were a witness before the Court.
17. In this Schedule, “Committee” means a Committee appointed under section 74 of this Act.