Investor Compensation Bill 1998

Public bill · Government · Presented

Sets up a national investor compensation scheme, funded by contributions from investment firms, to repay eligible clients when a firm cannot return their money or investments. Compensation would cover 90% of a loss, up to 20,000 ECU, with claims generally paid within three months; professional and other specified investors would be excluded. The Central Bank would oversee the scheme, enforce firms’ obligations, require information for investors and strengthen supervision, while related amendments would cover insurance intermediaries, solicitors, stock exchanges and cross-border investment services.

Formal long title

Bill entitled an Act to enable effect to be given to Directive No. 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor compensation schemes, to provide for investor compensation, to amend the Insurance Act, 1989, the Solicitors (Amendment) Act, 1994, the Stock Exchange Act, 1995, and the Investment Intermediaries Act, 1995, and to provide for related matters

Last updated 20 November 2019