Investor Compensation Act
Order 75C - Investor Compensation Act
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. An application to the Court pursuant to section 26 or section 28(1) or (5), or section 33(4) or an appeal to the Court pursuant to section 31(2) or section 35(7) shall be brought by way of special summons. In the case of an appeal brought pursuant to section 35(7) or an application brought pursuant to section 28(5), the said appeal or application shall be brought within four weeks of the date of the direction or refusal or offer of payment, as the case may be. The special summons shall be entitled “In the matter of the Investor Compensation Act 1998” and In the matter of the relevant section thereof, on the application of the person bringing the application or appeal and shall state concisely the direction or determination or refusal in respect of which the application or appeal is brought and the nature of the relief sought from the Court.
3. The special summons shall be grounded upon the affidavit of the person bringing the application or appeal. The summons and affidavit shall be served on all necessary parties.
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.
 Order 75C inserted by SI 270 of 2001, effective 16 July 2001.