S.I. No. 270/2001 - Rules of the Superior Courts (No. 3) (Investor Compensation Act, 1998), 2001

1. In this Order

“the Act” means the

Investor Compensation Act, 1998

;

“Administrator” shall have the meaning assigned to it by section 2(1) of the Act;

“the Supervisory Authority” means the Supervisory Authority referred to in section 8(1) of the Act;

2. This rule shall come into operation on the 16th day of July, 2001.

3. This rule shall be construed together with the Rules of the Superior Courts, 1986 to 2000 and may be cited as the Rules of the Superior Courts (No. 3) (Investor Compensation Act, 1998), 2001.

Explanatory Note

This note is not part of the instrument and does not purport to be a legal interpretation.

This Rule sets out procedures in relation to an application under the Investor Compensation Act.

4. An appeal made or application brought pursuant to the Act shall be heard and determined by the Court upon affidavit unless the Court otherwise directs, and the Court may give such directions as to the giving of oral evidence as appear appropriate in the circumstances.

5. Where an application is made to the Court by the Supervisory Authority for an order confirming a direction, the grounding affidavit shall:-

(a) where the direction was given in writing, exhibit the said direction;

(b) where the direction was not given in writing, describe concisely the nature of the direction given;

(c) state the basis on which the Supervisory Authority has formed the view that the direction given under section 27 of the Act is not being complied with;

(d) specify the relief sought of the Court in order to enable the direction to have full effect.

6. Where an application is made to the Court by an administrator, pursuant to section 33(4), the grounding affidavit shall:-

(a) specify the nature of the question arising in relation to his or her function under the Act in respect of which the administrator requires directions;

(b) specify the course of action proposed by the administrator;

(c) exhibit all relevant documentation including any statement or interim statement relating to proposed compensation payments to eligible investors.

7. Where an appeal is brought by an investment firm, pursuant to section 31(2) of the Act of 1998 against a determination proposed by the Supervisory Authority, the said appeal shall be brought within three weeks of the date of notification of the proposed determination. The grounding affidavit in relation to any such appeal shall:-

(a) exhibit a copy of the document notifying the investment firm of the proposed determination;

(b) specify the investment firm's ground of appeal in relation to the proposed determination.

8. Where an appeal is brought, pursuant to section 35(7), by a client of an investment firm any refusal to make a payment under section 34 or against the amount of any payment made under that section, the grounding affidavit shall specify the grounds upon which the said refusal or proposed payment is alleged to be wrongful or inadequate, as the case may be.”

We, the Superior Courts Rules Committee, constituted pursuant to the provisions of the

Courts of Justice Act, 1936

, section 67, and reconstituted pursuant to the provisions of the

Courts of Justice Act, 1953

, section 15, by virtue of the powers conferred upon us by the

Courts of Justice Act, 1924

, section 36, and the

Courts of Justice Act, 1936

, section 68 (as applied by the

Courts (Supplemental Provisions) Act, 1961

, section 48), and the

Courts (Supplemental Provisions) Act, 1961

, section 14, and of all other powers enabling us in this behalf, do hereby make the annexed Rules of Court.

Dated this 17th day of May, 2001

Ronan Keane

Paul Sreenan S.C.

Francis D. Murphy

Anthony Hunt B.L.

Adrian Hardiman

Gordon Holmes

Richard Johnson

Patrick Groarke

I concur in the making of the annexed Rules of Court

Dated this 14th day of June, 2001

John O'Donoghue

Aire Dli agus Cirt

Comhionannais agus Athchoirithe Dli.

S.I. No. 270 of 2001

RULES OF THE SUPERIOR COURTS (NO. 3)

(INVESTOR COMPENSATION ACT, 1998), 2001