739FA. Electronic account filing requirement
(1) In this section, “electronic means” includes electrical, digital, magnetic, optical, electromagnetic, biometric, photonic means of transmission of data and other forms of related technology by means of which data is transmitted.
(2) The Revenue Commissioners, with the consent of the Minister for Finance, may make regulations under this section with respect to the provision by–
(a) an investment undertaking, or
(b) where the investment undertaking is an umbrella scheme, a subfund of that scheme,
of financial statements, prepared in accordance with the generally accepted accounting practice specified in the prospectus of the investment undertaking to the Revenue Commissioners by electronic means.
(3) Without prejudice to the generality of subsection (2), regulations under this section may, in particular, include provisions–
(a) specifying the investment undertaking, group of investment undertakings or class of investment undertakings, including subfunds of umbrella schemes where relevant, to which the regulation applies,
(b) determining the date in any year by which the financial statements required to be made under the regulations shall be provided to the Revenue Commissioners,
(c) prescribing the electronic means by which the financial statements are to be delivered,
(d) prescribing the format in which the financial statements are to be delivered, and
(e) specifying such supplemental and incidental matters as appear to the Revenue Commissioners to be necessary¡ª
(i) to enable persons to fulfil their obligations under the regulations, or
(ii) for the general administration and implementation of the regulations.
(4) Where a person on whom the obligation concerned is imposed under regulations under this section¡ª
(a) fails to provide financial statements by the date required by those regulations, or
(b) provides financial statements in a form other than that required by those regulations,
that person shall be liable to a penalty of 1,520.
(5) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done under the regulation.