80.— The Investor Compensation Act 1998 is amended—

(a) in section 33 by substituting the following for subsection (4):

“(4) Following consultation with the Company, an administrator may apply to the Court to determine any question arising in relation to his or her functions under this Act.

(5) Notice of an application under subsection (4) shall be given to the Company.”,

(b) by inserting the following section after section 33A:

“Power to make regulations for return of investors’ funds or investment instruments.

33B.— (1) The Minister may, following consultation with the Bank and the Company, make regulations providing for the return of investors’ funds or investment instruments, as the case may be, following the appointment of an administrator, where the Minister considers it necessary to do so in order to provide for their efficient, equitable and prompt return.

(2) Regulations under subsection (1) may include provision for—

(a) the procedures and steps to be taken for the purpose of identifying, recording and, to the extent necessary, reconciling, the books, records or other documents of the investment firm to establish—

(i) the monies, investment instruments or documents of title relating to such investment instruments which are held or which ought to be held on behalf of clients by the investment firm or by its nominee, and

(ii) the claims of the clients of the investment firm against those monies, investment instruments or documents of title (whether or not those monies, investment instruments or documents of title continue to exist),

(b) the satisfying and the ranking of claims against investment instruments or classes of investment instruments,

(c) the number, value and nature of claims against monies held or which ought to be held by an investment firm on behalf of clients,

(d) the treatment and abatement of claims by clients,

(e) the return of dividends, monies and investment instruments to clients,

(f) the allocation and provision of reasonable expenses of a liquidator, receiver, administrator, examiner or official assignee subject to Regulations 157 and 158 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007), and

(g) the making of reports by an administrator to the Company containing such information relating to the administration of claims and at such time or times and in such manner as may be specified in the regulations,”,

and

(c) in section 35 by inserting the following after subsection (7):

“(7A) Notice of an appeal under subsection (7) shall be given to the Company and it shall be entitled to appear, be heard and adduce evidence on the hearing of the appeal.”.