PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 7 Rules of Ministry of Commerce with respect to conduct of business of licensed dealers.

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PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 7

Rules of Ministry of Commerce with respect to conduct of business of licensed dealers.

7.(1) The Ministry may make rules for regulating the conduct of business by
holders of licences, and in particular, but without prejudice to the
generality of the preceding provisions of this sub-section, such rules may
make provision for all or any of the following matters, that is to say:

(a)for determining the class of persons in relation to whom, and the manner
and circumstances in which, any holder of a licence may deal in securities;

(b)for prescribing forms of contracts which may be used in making contracts
under the authority of a licence, and directing that where any contract is
made under the authority of a licence otherwise than in the appropriate form
prescribed by the rules, the holder of the licence shall, for the purposes of
the preceding provisions of this Act relating to the refusal and revocation of
licences, be deemed to have committed a breach of the rules;

(c)for prescribing the books, accounts and other documents which must be kept
by the holder of a principal's licence in relation to any
dealing in securities under the authority of such a licence;

(d)for requiring the holder of a principal's licence to produce, for
inspection by, or by an agent of, the person with whom he has made any
agreement by way of a dealing in securities under the authority of such a
licence as aforesaid, such contract notes and vouchers as may be prescribed by
the rules, and to furnish to that person, on demand and on payment of the
prescribed fee, copies of entries in books kept by the holder which relate to
the transaction;

(2) A person shall not be guilty of an offence by reason only of a breach of
rules made under this section.

(3) Whenever the Ministry proposes to make any rules under this section, it
shall cause to be published, in such manner as it thinks best adapted for
informing persons affected, notice of the intention of the Ministry to make
the rules, specifying the place where a draft of the rules may be inspected
and copies thereof obtained, and the price at which such copies will be
supplied, and the time within which written objections and representations
with respect to the draft rules may be made to the Ministry, and the Ministry
shall, before making the rules, consider any such objections and
representations made to it within the said time, and may make the rules with
or without modification of the terms of the draft.

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Northern Irish Legislation

PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 7