Companies Act 2014 section 1395

Authorisation by Central Bank

Section 1395 sets out the requirements for investment companies to obtain Central Bank authorisation before carrying on business in Ireland, including the conditions for designation as a specially designated company.

• An investment company cannot carry on business in Ireland without Central Bank authorisation, based on criteria approved by the Minister, and must have sufficient paid-up share capital.
• Where the Central Bank is satisfied a company will raise capital through public participation in its profits and income, it designates the company as a "specially designated company" — only such companies may raise capital in this way.
• If a specially designated company fails to provide facilities for public participation within a specified period (up to six months), it automatically loses its specially designated status.
• Contravention of the authorisation requirements or the restriction on raising capital through public participation is a category 2 offence for the company, its officers, or any person acting on its behalf.

---