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Companies Act, 1990 (Uncertificated Securities) Regulations, 1996 [S.I. No. 68 of 1996]Introductory TextChapter I Citation, Commencement and Interpretation (regs. 1-3)Regulation 1 Citation and ConstructionRegulation 2 CommencementRegulation 3 InterpretationChapter II Transferring and Recording Shares and Securities (regs. 4-25)Regulation 4 Formalities of Transfer of securitiesRegulation 5 Transfer in writingParticipation in respect of sharesRegulation 6 Participation in respect of sharesRegulation 7Regulation 8Regulation 9 Participation in respect of securities other than sharesRegulation 10 Entries on registersRegulation 11 Effect of entries on registersRegulation 12 Rectification of and changes to registers of securitiesRegulation 13 Closing of registersRegulation 14 Attendance and Voting at meetingsRegulation 15 Notice of meetingsRegulation 16 Registration of transfers of securitiesRegulation 17 Registration of linked transfersRegulation 18 Position of a transferee prior to entry on registerRegulation 19 Prohibition on issue of certificatesRegulation 20 Conversion of securities into certificated formRegulation 21 Endorsements on certificatesRegulation 22 Interests in uncertificated unitsRegulation 23 Liabilities of trusteesRegulation 24 Conversion of securities into uncertificated formRegulation 25 New issues in uncertificated formChapter III Approval and Compliance of Operator (regs. 26-34)Regulation 26 Application for ApprovalRegulation 27 Grant of ApprovalRegulation 28 Recognition of operator approved by competent authorityRegulation 29 Delegation of Minister's FunctionsRegulation 30 Appeal to MinisterRegulation 31 Withdrawal of ApprovalRegulation 32 Withdrawal of RecognitionRegulation 33 Compliance order and directionsRegulation 34 Requests for information from the OperatorChapter IV Operation of Automated Transfer and Registration (reg. 35)Regulation 35 Properly authenticated dematerialised instructionsChapter V Minority Shareholders (reg. 36)Regulation 36 Notices under section 204 of the 1963 ActChapter VI Supplementary and Incidental (reg. 37)Regulation 37 Evidence of system-entriesSchedule - Requirements for approval of an operatorGiven underExplanatory Note
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AI Summary of Regulation 31 Withdrawal of Approval

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 1996 - onwards
Version 2 of 2

Regulation 31 Withdrawal of Approval

(1) The Minister may revoke approval of an operator in all or any of the following circumstances, namely, where -

(a) a request has been made in that behalf by the operator, or

(b) the operator -

(i) has failed to operate a relevant system within 12 months of the date on which the approval to be an operator was granted, or

(ii) has failed to operate as a relevant system for a period of more than 6 months, or

(iii) is being wound up.

(2) Without prejudice to the power of the Minister to revoke an approval under paragraph (1), the Minister may apply to the High Court, in a summary manner, for an order revoking the approval in any or all of the following circumstances, namely, if -

(a) at any time it appears to the Minister that any requirement of the Schedule is not satisfied by an approved operator, or

(b) it is expedient to do so in the interest of the proper and orderly regulation of operators, or their system users, or in order to protect investors,

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