If the Central Bank refuses to authorise a firm, to whom does that firm have recourse if it believes it have been hard done by? Is that covered elsewhere in the Bill? Is it the Minister for Finance?
SECTION 23.
Question proposed: "That section 23 stand part of the Bill."
I draw the Deputy's attention to subsection (2) which says:
Whenever the Bank refuses to consent to an amendment of or addition to the memorandum of association or articles of association or both of an authorised member firm, it shall serve notice on the authorised member firm concerned stating that it refuses to consent to the amendment or addition and setting out the reasons for the refusal in the notice and the authorised member firm may, within 21 days of receipt of such notice, appeal to the Court [in this case the High Court] against the decision.
So the High Court is the final arbiter?
Yes.
Does this role ever revert back to the Minister for Finance?
Not in relation to firms but to the Stock Exchange. This provides for more than one stock exchange.
Question put and agreed to.