Companies Act 2014 section 1396

Powers of Central Bank

Section 1396 sets out the Central Bank's powers to impose conditions when granting authorisation to investment companies, and the consequences for failing to comply with those conditions.

• The Central Bank may impose whatever conditions it considers appropriate and prudent when authorising an investment company, and may add further conditions over time
• Conditions may be applied generally or tailored to particular classes of company or business, and may cover investment policies, prospectuses, supervisory and reporting requirements, and the appointment of a trustee to hold company assets
• Both the investment company and any related management company, trustee, or nominated person must comply with all conditions imposed by the Central Bank
• Failure to comply with any condition or requirement is a category 2 offence, applying to the company or body concerned and any officer in default