Demonstrating that the Irish Stock Exchange (ISE) is subject to strict regulation and the protection of investors is paramount, the exchange recently announced the suspension of W&R Morrogh Stockbrokers from carrying on business as a member firm of the ISE.
The suspension took effect on April 26, and according to the Central Bank of Ireland and the ISE, the suspension is for the period to 30 June 2001 and has been effected under Section 29 (2) of the Stock Exchange Act, 1995.
The ISE said: 'Apparent irregularities in the firm have come to light. Therefore to safeguard the interests of clients and to ensure the efficient operation of the market, W&R Morrogh Stockbrokers has been suspended from trading.'
For its part, W&R Morrogh Stockbrokers released a very brief statement which said: 'In light of apparent irregularities involving the Junior Partner of the firm, the Central Bank of Ireland has imposed a direction on the firm to cease trading.'
The Central Bank and ISE said that they will continue to monitor the situation.
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