AI Summary of 64AE. Requirements for fit and proper management: requirements in respect of good repute and integrity for appointment as trustee, key function holder; and for person to whom key function outsourced
The integrity and good repute requirements set forth in sections 59A and 64AD are not met by individuals or bodies corporate under specific circumstances. Such instances include convictions for fraud or dishonesty, money laundering offences, or bankrupt status. Compliance is further compromised if arrangements with creditors remain unfulfilled, or if the entity is undergoing winding-up proceedings.
Directors of bodies corporate face disqualifications under the Companies Acts, whether through declarations or due to regulatory sanctions. Overall, adherence to these stipulations is vital for maintaining regulatory standards and ensuring operational legitimacy.
64AE. Requirements for fit and proper management: requirements in respect of good repute and integrity for appointment as trustee, key function holder; and for person to whom key function outsourced
For the purposes of satisfying the requirement of good repute and integrity referred to in sections 59A and 64AD a person, or as the case may be, a body corporate does not satisfy that requirement if -
(a) the person, or as the case may be, the body corporate or any director of that body corporate has been convicted of -
(i) an offence involving fraud or dishonesty,
(ii) an offence of money laundering under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018, or
(iii) an offence in respect of conduct in a place other than the State that would constitute an offence of the kind referred to in subparagraph (i) or (ii),
(b) the person -
(i) is an undischarged bankrupt,
(ii) has made a composition or arrangement with his or her creditors and has not discharged his or her obligations under that composition or arrangement,
(iii) is, or is deemed to be, the subject of an order under section 160 of the Companies Act 1990, or a disqualification order within the meaning of Chapter 4 of Part 14 of the Companies Act 2014, whether by virtue of that Chapter or any other provision of that Act, or