Irish Collective Asset-Management Vehicles Act 2015

66.

Provisions supplementary to section 65

66. (1) Without prejudice to section 65(6) , a change among the directors for the purposes of that provision includes the case of a director’s becoming disqualified under the law of a country or territory other than the State (whether pursuant to an order of a judge or a tribunal or otherwise) from being appointed or acting as a director or secretary of a body corporate or an undertaking; and, accordingly, in such a case the notification under section 65(6) shall state in relation to the director—

(a) the jurisdiction in which the director became disqualified,

(b) the date on which the director became disqualified, and

(c) the period for which the director is disqualified.

(2) Without prejudice to subsection (1) and to the requirement under section 65(8) that the notification be accompanied by the consent referred to there, if—

(a) the notification sent to the Bank pursuant to section 65(6) is a notification of the appointment of a person as a director of an ICAV, and

(b) that person is a person who is disqualified under the law of a country or territory other than the State (whether pursuant to an order of a judge or a tribunal or otherwise) from being appointed or acting as a director or secretary of a body corporate or an undertaking,

that person shall secure that the notification is accompanied by a statement in writing and signed by that person specifying—

(i) the jurisdiction in which the person became disqualified,

(ii) the date on which the person became disqualified, and

(iii) the period for which the person is disqualified.

(3) It shall be the duty of each director and secretary and deputy or assistant secretary of an ICAV to give information in writing to the ICAV as soon as may be of such matters as may be necessary to enable the ICAV to comply with section 65 and the preceding provisions of this section.

(4) If default is made in complying with section 65 , the ICAV and any officer of it who is in default commits a category 3 offence.

(5) A person who fails to comply with subsection (1), (2) or (3) commits a category 3 offence.