848R Registration etc.

(1) A person can not be a qualifying savings manager unless the person is included in a register maintained by the Revenue Commissioners of persons registered in accordance with subsection (5).

(2) Where at any time a qualifying savings manager does not have a branch or business establishment in the State, or has such a branch or business establishment but does not intend to carry out all the functions as a qualifying savings manager at that branch or business establishment, the qualifying savings manager shall not be registered in accordance with subsection (5) unless the qualifying savings manager appoints for the time being a person, who—

(a) where an individual, is resident in the State, and

(b) where not an individual, has a business establishment in the State,

to be responsible for securing the discharge of the obligations which fall to be discharged by the qualifying savings manager under this Part, and advises the Revenue Commissioners of the identity of that person and the fact of that person’s appointment.

(3) Where a person has been appointed in accordance with subsection (2), and subject to subsection (4) that person shall—

(a) be entitled to act on the qualifying savings manager’s behalf for any of the purposes of the provisions of this Part,

(b) shall secure (where appropriate by acting on the qualifying savings manager’s behalf) the qualifying savings manager’s compliance with and discharge of the obligations under this Part, and

(c) shall be personally liable in respect of any failure of the qualifying savings manager to comply with or discharge any such obligations as if the obligations imposed on the qualifying savings manager were imposed jointly and severally on the qualifying savings manager and the person concerned.

(4) The appointment of a person in accordance with subsection (2) shall be treated as terminated in circumstances where—

(a) the Revenue Commissioners have reason to believe that the person concerned—

(i) has failed to secure the discharge of any of the obligations imposed on a qualifying savings manager under this Part, or

(ii) does not have adequate resources to discharge those obligations,

and

(b) the Revenue Commissioners have notified the qualifying savings manager and that person that they propose to treat the appointment of that person as having terminated with effect from the date of the notice.

(5) If the Revenue Commissioners are satisfied that an applicant for registration is entitled to be registered, they shall register the applicant with effect from such date as may be specified by them.

(6) If it appears to the Revenue Commissioners at any time that a qualifying savings manager who is registered under this section—

(a) would not be entitled to be registered if it applied for registration at that time, or

(b) has not complied with the provisions of this Part,

the Revenue Commissioners may, by written notice given to the qualifying savings manager, cancel its registration with effect from such date as may be specified in the notice.

(7) Any qualifying savings manager who is aggrieved by the failure of the Revenue Commissioners to register it or by the cancellation of its registration, may, by notice given to the Revenue Commissioners before the end of the period of 30 days beginning with the date on which the qualifying savings manager was notified of the Revenue Commissioners decision, require the matter to be determined by the Appeal Commissioners and the Appeal Commissioners shall hear and determine the matter in like manner as an appeal.

(8) A qualifying savings manager shall give notice to the Revenue Commissioners and the qualifying individuals whose special savings incentive accounts he or she manages of his or her intention to cease to act as the qualifying savings manager not less than 30 days before he or she so ceases so that his or her obligations to the Revenue Commissioners can be conveniently discharged at or about the time he or she ceases to so act, and the notice to the qualifying individuals shall inform them of their right to transfer their special savings incentive accounts under section 848N.

(9) Subject to subsection (10), every return to be made by a qualifying savings manager under section 848P and 848Q shall be made in electronic format approved by the Revenue Commissioners and shall be accompanied by a declaration made by the qualifying savings manager, in a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.

(10) Where the Revenue Commissioners are satisfied that a qualifying savings manager does not have the facilities to make a return under section 848P or 848Q in the format referred to in subsection (9), such returns shall be made in writing in a form prescribed or authorised by the Revenue Commissioners, and shall be accompanied by a declaration made by the qualifying savings manager, on a form prescribed or authorised for that purpose by the Revenue Commissioners, to the effect that the return is correct.

(11) A qualifying savings manager shall retain—

(a) in respect of each special savings incentive account which is treated as maturing, the declarations of a kind referred to in sections 848F, 848I and 848O for a period of 3 years after the date on which the account was treated as maturing, and

(b) in respect of each special savings incentive account which is treated as ceasing, the declarations of a kind referred to in sections 848F and 848O for a period of 3 years after the date on which the account was treated as ceasing,

and on being so required by notice given to him or her in writing by an inspector, make available for inspection all or any such declarations.