(1) Subject to subsection (2) of this section, a person shall not advertise for or otherwise solicit deposits or other repayable funds from the public on his own behalf or on behalf of any other person.

(2) Subsection (1) of this section does not apply to advertising for or otherwise soliciting deposits or other repayable funds from the public -

(a) by the holder of a licence or authorisation under section 9A, the Bank, or a person to whom, because of subsection (4) of section 7 of this Act, subsection (1) of that section does not apply, or

(b) by a person to whom, because of section 8(2) of this Act, section 7(1) of this Act does not apply, or

(c) by a person authorised to carry on business in the State by the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), or

(d) by a person on behalf of a person referred to in paragraph (a), (b) or (c) of this subsection.