Central Bank and Financial Services Authority of Ireland Act 2003 (2003_act_12) | IE

ISB Act 2003-04-22

Schedule 1 Central Bank and Financial Services Authority of Ireland Act 2003 Open official source

SCHEDULE 1 Consequential Amendments to other Acts

SCHEDULE 1

Consequential Amendments to other Acts

Section 35(1).

PART 1 Amendment of Assurance Companies Act 1909

PART 1

Amendment of Assurance Companies Act 1909

Item

Provision affected

Amendment

1.

Sections 2, 7, 9, 14, 22, 34, 35 and the Schedules

(a) Substitute “Bank” for “Board of Trade”, wherever occurring; (b) substitute “Bank” for “Board”, wherever occurring.

(a) Substitute “Bank” for “Board of Trade”, wherever occurring;

(b) substitute “Bank” for “Board”, wherever occurring.

2.

Section 20

Substitute the following section

“Custody and inspection of documents deposited with the Bank

20.—(1) The Bank may direct any documents deposited with it under this Act, or any certified copies of the documents, to be kept by a specified officer or employee of the Bank. (2) The officer or employee who has custody of the documents and certified copies is required to make them available for inspection by members of the public. (3) A member of the public is entitled to a copy of any of those documents or copies on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942.”.

20.—(1) The Bank may direct any documents deposited with it under this Act, or any certified copies of the documents, to be kept by a specified officer or employee of the Bank.

(2) The officer or employee who has custody of the documents and certified copies is required to make them available for inspection by members of the public.

(3) A member of the public is entitled to a copy of any of those documents or copies on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942.”.

3.

Section 21

Substitute the following section

“Evidence of documents.

21.—(1) Every document deposited under this Act with the Bank and certified by an authorised person as being a document so deposited is for all purposes taken to be a document so deposited.

(2) A document purporting to be certified by an authorised person as being a copy of a document deposited with the Bank under this Act is admissible in legal proceedings as evidence of the contents of the document so deposited and is proof of those contents in the absence of evidence to the contrary.

(3) In this section, ‘authorised person’ means the Chief Executive of the Irish Financial Services Regulatory Authority or a person authorised by the Chief Executive in writing to issue certificates under this section.”.

4.

Section 27

Substitute the following section

“Bank to lay accounts etc. before Oireachtas.

27.—(1) In each financial year, the Bank shall lay before each House of the Oireachtas the financial statements and other documents deposited under this Act during the immediately preceding financial year. The Bank may attach to those documents any note prepared by the Bank, and any correspondence, relating to them.

(2) This section does not apply to reports on the affairs of assurance companies to the shareholders or policyholders of those companies.”.

5.

Section 28

Delete subsection (1).

6.

Section 29

(a) Insert the following definition after the definition of “chairman”

“The expression ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) substitute the following definition for the definition of “Court”

“The expression ‘Court’ means the High Court, except where the Supreme Court is expressly referred to;”;

(c) substitute the following definition for the definition of “Companies Acts”

“The expression ‘Companies Acts’ means the Companies Acts 1963 to 2001;”;

(d) in the definition of “actuary”, substitute “regulations in force under section 5 of the Insurance Act 1936” for “rules made by the Board of Trade”;

(e) substitute the following definition for the definition of “Gazette”

“The expression ‘Gazette’ means Iris Oifigiúil.”.

7.

Sections 32 and 33

Substitute “with the Bank” for “at the Board of Trade”, wherever occurring.

8.

Section 35

Substitute “Bank” for “the Board, after consulting the Chief Registrar of Friendly Societies,”.

PART 2 Amendment of Insurance Act 1936

Amendment of Insurance Act 1936

Item

Provision affected

Amendment

1.

Section 2

Delete “, but no order shall be made by the Minister under this section in relation to Part VI of this Act without the consent of the Minister for Finance”.

2.

Section 3

(a) Insert the following definition before the definition of the expression “the Minister”

“the expression ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”;

(b) substitute the following definition for the definition of the expression “the Minister”

“the expression ‘the Minister’ means the Minister for Finance.”.

3.

Section 4

Substitute the following section

“Expenses incurred in administering this Act.

4.—Expenses incurred by the Minister in administering this Act are, except in so far as they are expressly provided for by a provision of this Act, payable out of money provided by the Oireachtas.”.

4.

Section 5

Substitute “Bank may” for “Minister may be order”.

5.

Section 7

Repeal the section.

6.

Section 18

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (2), substitute “it” for “he”;

(c) in subsection (3), substitute “its” for “his”.

7.

Section 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (2), substitute “its” for “his”;

(c) in subsection (2), substitute “it” for “he”.

8.

Section 21

(a) in subsections (1), (2), (3) and (4), substitute “Bank” for “Minister”;

(b) insert the following at the end of subsection (4)

“If the register is kept in a form that is not immediately legible, the Bank shall make available to members of the public a version of the register that is in legible form.”;

(c) substitute the following subsection for subsection (5)

“(5) A person who, during the ordinary business hours of the Bank, attends the office at which the Bank keeps the register is entitled—

(a) to inspect the register without charge or make enquiries regarding its contents, and

(b) on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection, to obtain a copy of any entry in the register.”;

(d) delete subsections (6) and (7).

9.

Section 22

In subsection (3), substitute “Bank” for “Minister”, wherever occurring.

10.

Section 24

In subsection (2), substitute “Bank” for “Minister”.

11.

Section 26

In subsection (1), substitute “Bank” for “Minister”.

12.

Section 27

In subsection (1), substitute “Bank” for “Minister”.

13.

Section 45

Substitute “Bank” for “Minister”.

14.

Section 46

(a) In subsections (1), (2), (3), (5) and (6), substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1), substitute “it” for “him”;

(c) in subsections (3) and (4), substitute “it” for “he”;

(d) in subsection (4), substitute “Bank” for “Minister”, where firstly and thirdly occurring;

(e) delete “, with the consent of the Minister,”, wherever occurring.

15.

Section 47

Substitute “Bank” for “Minister”, wherever occurring.

16.

Section 50

Substitute the following subsections for subsection (5)

“(5) The sum assured under a policy of industrial assurance that is issued for a purpose for which industrial assurance companies can issue policies of industrial assurance under this section is presumed to be reasonable if the sum does not exceed the prescribed sum.

(6) For the purposes of subsection (5), the prescribed sum is €1,550 or, if the Bank by order specifies some other sum for the purposes of that subsection, that other sum.”.

17.

Section 51

Substitute the following subsection for subsection (2)

“(2) Subject to this section, an industrial assurance company may pay, or undertake liability (by the issue of a policy or otherwise) to pay, on the death of a child who is under 10 years of age any sum of money that, when added to the amount or the total of the amounts payable on the death of the child by one or more other industrial companies (exclusive of bonus or free paid-up policies) exceeds—

(a) €1,300, or

(b) if the Bank by order prescribes some other sum for the purposes of this subsection, that other sum.”.

18.

Section 54

In paragraph (c), substitute “Bank” for “Minister”.

19.

Section 55

In paragraph (d), substitute “Bank” for “Minister”.

20.

Section 56

Substitute “Bank” for “Minister”, wherever occurring.

21.

Section 57

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “him”;

(c) substitute “it” for “he”;

(d) substitute “itself” for “himself”.

22.

Section 58

Substitute “Bank” for “Minister”.

23.

Section 59

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “him”.

24.

Section 62

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (2), substitute “it” for “he”.

25.

Section 63

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring.

26.

Section 72

(a) In subsections (1) to (9), substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “him”, wherever occurring;

(c) in subsection (8), substitute “it” for “he”;

(d) substitute the following subsection for subsection (10)

“(10) Whenever a dispute is referred to the Bank for determination under this section, there shall be paid to the Bank such fee as shall be prescribed by regulations under section 33K of the Central Bank Act 1942, and such fee shall be paid by (as the case may require) the industrial assurance company which or the applicant who refers such dispute to the Bank or, where such dispute is referred by the industrial assurance company and the applicant jointly to the Bank by both such company and the applicant in equal parts, and the due payment of such fee shall be a condition precedent to the determination of such dispute by the Bank.”;

(e) delete subsection (11).

27.

Section 73

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “he”.

28.

Part VI (The Re-Insurance Company of Ireland, Limited)

Repeal the Part.

29.

Section 91

In subsection (2)(c), substitute “Bank” for “Minister”.

30.

Section 96

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”;

(c) substitute the following subsection for subsection (2)

“(2) The Bank may, by order, amend the Eighth Schedule to the Act of 1909 (by addition, omission or variation).”;

(d) delete subsections (3), (4) and (5).

31.

Section 97

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “he”.

32.

Section 98

Substitute “Bank” for “Minister”, wherever occurring.

33.

Section 99

Substitute the following section

“Accounts and statements to be provided by syndicates.

99.—(1) Every syndicate shall provide the Bank with accounts and statements in respect of each class of assurance business carried on in the State by the syndicate during the year preceding the year in which the accounts and statements are given. The accounts and statements are to be in such form and manner and to be provided at such times as the Bank directs.

(2) The requirement under subsection (1) is instead of any provision of the Act of 1909 requiring a syndicate or a member of a syndicate to furnish any account or statement under that Act.

(3) As soon as practicable after receiving the account and statements provided under subsection (1), the Bank shall arrange for a copy of them to be laid before each House of the Oireachtas.”.

34.

Section 100

Substitute “Bank” for “Board of Trade”.

35.

Section 101

Substitute “Bank” for “Board of Trade”.

36.

Section 104

Substitute the following paragraph for paragraph (b)

“(b) the company shall each year prepare a statement of its assurance business in such form as the Bank directs (in which case section 7(1) of the Act of 1909 is to apply to the statement), and”.

37.

Section 105

In subsection (3), substitute “Bank” for “Minister”.

38.

Sections 106 and 107

Repeal the sections.

39.

Section 109

Substitute “Bank” for “Minister”, wherever occurring.

40.

Second Schedule, paragraphs 3 and 4

Substitute “Bank” for “Minister”, wherever occurring.

41.

Third Schedule, Part IV

Substitute “Bank” for “Minister”.

PART 3 Amendment of Insurance Act 1953

PART 3

Amendment of Insurance Act 1953

Item

Provision affected

Amendment

1.

Section 1

In subsection (1), insert the following definition after the definition of “the Act of 1936”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”.

2.

Section 4

(a) In subsection (1), substitute “Bank” for “Minister”;

(b) substitute the following subsection for subsection (2)

“(2) The Bank may attach to a licence to which this section applies such conditions as it thinks proper and may revoke the licence if it appears to it that any such condition is not being complied with.”.

PART 4 Amendment of Companies Act 1963

PART 4

Amendment of Companies Act 1963

1.

Section 158

Insert the following subsection after subsection (6A)

“(6B) The report referred to in subsection (1) shall contain a copy of any Disclosure Issue Notice issued under section 33AK (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003) during the financial year ending with the relevant balance sheet date.”.

PART 5 Amendment of Insurance Act 1964

PART 5

Amendment of Insurance Act 1964

Item

Provision affected

Amendment

1.

Section 1

(a) Insert the following definition after the definition of “the Act of 1936”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”;

(b) substitute the following definition for the definition of “the Minister”

“ ‘Minister’ means the Minister for Finance”.

2.

Section 3

(a) In subsection (1A), delete “by the Minister”;

(b) in subsection (2C)(b), delete “with the consent of the Minister for Finance”;

(c) in subsection (2D), delete “by the Minister”.

3.

Section 5

(a) In subsection (1), substitute “on the recommendation of the Bank” for “on the recommendation of the Minister”;

(b) in subsection (2), substitute “after consulting the Bank” for “after consultation with the Minister”.

4.

Section 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in subsection (2)(a), substitute “its” for “his”.

5.

Section 7

Repeal the section.

6.

Section 14

(a) In subsection (1), substitute “Bank” for “Minister”;

(b) in subsection (1), substitute “it” for “he”;

(c) substitute the following subsections for subsection (2)

“(2) The Bank shall arrange for every regulation made under this section to be laid before each House of the Oireachtas as soon as practicable after it is made.

(3) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which a regulation was laid before it in accordance with subsection (2), annul the regulation.

(4) The annulment of such a regulation takes effect immediately on the passing of the resolution concerned, but does not affect anything that was done under the regulation before the passing of that resolution.”.

7.

Section 15

Substitute the following section

“Expenses incurred by Minister

15.—The expenses incurred by the Minister in administering the provisions of this Act are payable out of money provided by the Oireachtas.”.

PART 6 Amendment of Central Bank Act 1971

PART 6

Amendment of Central Bank Act 1971

Item

Provision affected

Amendment

1.

Section 2

(a) In subsection (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in subsection (1), insert the following definition after the definition of “banking business”

“ ‘Central Bank Acts’ means the Central Bank Acts 1942 to 2001, and any enactment amending those Acts;

(c) in subsection (1), insert the following definition after the definition of “the Minister”

“ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority.”.

2.

Section 17

For section 17 substitute the following sections

“Holders of licences etc. to keep certain records.

17.—(1) The holder of a licence and each related body shall—

(a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, in the due discharge by the Bank of its functions, and

(b) notify the Bank in writing of the address of the office or offices where those records are kept.

Different kinds of records may be specified under this subsection for different licence holders and related bodies.

(2) The requirement imposed by subsection (1) is additional to any other requirement imposed by law with respect to the keeping of records by the holder of a licence and by related bodies.

(3) The holder of a licence and each related body shall keep the records referred to in subsection (1) for such period as the Bank notifies in writing to that holder.

(4) The holder of a licence may keep its documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.

(5) In this section, ‘records’ includes books and all other kinds of documents, and also includes—

(a) information kept in a non-legible form (whether electronically or otherwise) that is capable of being reproduced in a legible form, and

(b) the means (if any) by which the information is capable of being reproduced.

Powers of authorised persons with respect to holders of licences.

17A.—(1) Either the Governor of the Bank or the Chief Executive of the Regulatory Authority may, in writing, authorise an employee of the Bank or a suitably qualified person to investigate the business or any aspect of the business of the holder of a licence or of a related body.

(2) An authorised person may, at all reasonable times on production of evidence of the person's authorisation, enter any premises at which the holder of a licence or a related body carries on business or where the person reasonably believes records relating to the business of the holder of a licence or related body are kept.

(3) An authorised person who has entered premises in accordance with subsection (2) may exercise all or any of the following powers

(a) inspect the premises;

(b) request any person on the premises who apparently has control of, or access to, records to produce the records for inspection;

(c) inspect records produced in accordance with such a request or found in the course of inspecting the premises;

(d) take copies of those records or of any part of them, and

(e) request any person who appears to the authorised person to have information relating to the records, or to the business of the licence holder or related body, to answer questions with respect to the records or that business.

(4) A person to whom a request is made in accordance with subsection (3) shall—

(a) comply with the request so far as it is possible to do so, and

(b) give such other assistance and information to the authorised person with respect to the business of the licence holder or related body as is reasonable in the circumstances.

(5) The powers conferred by subsection (3) may also be exercised in relation to any other person who is, in the opinion of the Bank, in possession of information that is materially relevant to the exercise of those powers in relation to the holder of a licence or a related body.

(6) The production of a record in compliance with a request made under this section does not prejudice a person's lien over the record.

(7) Nothing in this section requires a legal practitioner to produce a record that contains a privileged communication made by or to the practitioner or to disclose any information that relates to the communication.

(8) In this section—

‘associated company’, in relation to the holder of a licence, means a company in respect of which not less than 20 per cent of the nominal value of the company's equity share capital, or shares carrying voting rights (other than voting rights which arise only in specified circumstances), are held by the bank;

‘authorised person’ means a person authorised under subsection (1);

‘company’ has the meaning given by section 155 of the Companies Act 1963;

‘functions’, in relation to the Bank, means the Bank's functions—

(a) under the Central Bank Acts, or

(b) imposed by virtue of the European Communities (Consolidated Supervision of Banks) Regulations 1985 (S.I. No. 302 of 1985), and Council Directive No. 85/354/EEC (1) of 13 June, 1983;

‘holding company’ has the meaning given by section 155 of the Companies Act 1963;

‘legal practitioner’ means a barrister or solicitor;

‘prescribed record’, in relation to the holder of licence, means a record that is required to be kept under section 24;

‘related body’ means—

(a) a subsidiary company of a trustee savings bank, or

(b) if the bank is a subsidiary—

(i) its holding company, or

(ii) any other subsidiary of its holding company, or

(iii) an associated company of the bank, or

(iv) a partnership in which the holder of a licence has an interest, and whose business is or, at the relevant time, was, in the opinion of the Bank, materially relevant to any inspection of the holder being carried out or proposed to be carried out under this section;

‘subsidiary company’ has the meaning given by section 155 of the Companies Act 1963;

‘suitably qualified person’ means any person (other than an employee of the Bank) who, in the opinion of the Governor or the Chief Executive, has the qualifications and experience necessary to exercise the powers conferred on authorised officers by this section.”.

3.

Section 47

Repeal the section.

4.

Section 54

Repeal the section.

5.

Section 58

In subsection (1), insert “17A,” after “17,”.

PART 7 Amendment of Insurance (No. 2) Act 1983

PART 7

Amendment of Insurance (No. 2) Act 1983

Item

Provision affected

Amendment

1.

Section 1

(a) In subsection (1), insert the following definition after the definition of “body”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in subsection (1), insert the following definition after the definition of “insurer” and “policy”

“ ‘the Minister’ means the Minister for Finance;”.

2.

Section 2

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1), substitute “it” for “him”.

3.

Section 3

(a) In subsections (1) to (5), substitute “Bank” for “Minister”, wherever occurring;

(b) substitute the following subsections for subsection (6)

“(6) For the purpose of enabling an administrator to perform effectively the functions imposed on administrators by this Act, the Minister may, by order, make such modifications to the enactments and instruments referred to in subsection (1), and to any rules of court relating to them, in their application to this Act as the Minister considers appropriate.

(7) The Minister may, by order, revoke or amend an order made under subsection (6) or this subsection.

(8) The Minister may make an order under subsection (6) or (7) only after consulting the Minister for Enterprise, Trade and Employment.”.

4.

Section 6

(a) In subsection (1), substitute “Bank” for “Minister”;

(b) in subsection (1), substitute “it” for “he”, wherever occurring;

(c) insert the following subsection after subsection (1)

“(1A) The Bank may make regulations under this section only with the consent of the Minister.”.

5.

Section 11

Substitute the following section

“Regulations to be laid before Oireachtas.

11.—(1) The Bank shall arrange for every regulation made by it under this Act to be laid before each House of the Oireachtas as soon as practicable after it is made.

(2) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which a regulation was laid before it in accordance with subsection (1), annul the regulation.

(3) The annulment of such a regulation takes effect immediately on the passing of the resolution concerned, but does not affect anything that was done under the regulation before the passing of that resolution.”.

PART 8 Amendment of Insurance Act 1989

PART 8

Amendment of Insurance Act 1989

Item

Provision affected

Amendment

1.

Section 2

(a) In the definition of “authorisation”, delete “by the Minister”;

(b) insert the following definition after the definition of “authorised agent”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) substitute the following definition for the definition of “the Minister”

“ ‘Minister’ means the Minister for Finance;”;

(d) in the definition of “solvency certificate”, delete “by the Minister”.

2.

Section 3

(a) In subsections (2B) and (2D), substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (5), delete “to the Minister”.

3.

Section 4

Substitute “Bank” for “Minister”, wherever occurring.

4.

Section 5

Substitute “Bank” for “Minister”, wherever occurring.

5.

Section 6

Substitute the following section

“Orders.

6.—(1) The Bank may, by order, revoke or amend any order made by it under this Act.

(2) If an order made by the Bank is subject to the consent of the Minister, the revocation or amendment of the order by the Bank is also subject to the consent of the Minister.”.

6.

Section 7

Substitute the following section

“Levies and fees.

7.—(1) The holder of an authorisation shall pay an annual levy of such amount (if any) as may be prescribed under section 33J of the Central Bank Act 1942, for the purposes of this subsection.

(2) A fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection is payable to the Bank in respect of the issue of a solvency certificate.

(3) A fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection is payable to the Bank for inspecting the register kept under section 21 of the Insurance Act 1936.”.

7.

Section 8

Substitute the following section

“Regulations and orders to be laid before Oireachtas.

8.—(1) The Bank shall arrange for every regulation and order made under this Act to be laid before each House of the Oireachtas as soon as practicable after it is made.

(2) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which a regulation or order was laid before it in accordance with subsection (1), annul the regulation or order.

(3) The annulment of such a regulation or order takes effect immediately on the passing of the resolution concerned, but does not affect anything that was done under the regulation or order before the passing of that resolution.”.

8.

Section 10

Substitute the following section

“Expenses incurred by the Minister.

10.—Expenses incurred by the Minister in administering this Act are payable out of money provided by the Oireachtas.”.

9.

Section 11

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1)(b), substitute “it” for “he”;

(c) in subsection (1)(b), substitute “it” for “him”.

10.

Section 12

(a) Substitute “Bank” for “Minister”;

(b) substitute “its” for “his”.

11.

Section 14

In subsection (2), substitute “Bank” for “Minister”.

12.

Section 15

In subsection (3), substitute “Bank” for “Minister”.

13.

Section 16

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in subsection (1), substitute “itself” for “himself”;

(d) substitute “it” for “him”, wherever occurring.

14.

Section 17

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1), substitute “itself” for “himself”;

(c) in subsection (2), substitute “it” for “he”, wherever occurring;

(d) in subsection (2), substitute “it” for “him”, wherever occurring;

(e) in subsection (4), substitute “the undertaking's” for “its”.

15.

Section 18

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “the Bank” for “he”, wherever occurring;

(c) in subsection (2), substitute “it” for “him”;

(d) in subsection (4), substitute “the undertaking's” for “its”.

16.

Section 19

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in subsection (1), substitute “it” for “him”.

17.

Section 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) substitute “it” for “him”, wherever occurring.

18.

Section 21

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring.

19.

Section 22

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in subsection (1F), substitute “it” for “him”.

20.

Section 22A

Substitute the following section

“Persons not to carry on certain reinsurance business without authorisation.

22A.—(1) A person shall not carry on a business of reinsuring business of a class to which the Insurance Acts apply otherwise than under an authorisation issued in accordance with regulations made under this section.

(2) A person who contravenes subsection (1) commits an offence and is liable—

(a) if tried on indictment, to a fine not exceeding €500,000, or

(b) if tried summarily, to a fine not exceeding €3,000.

(3) Subsection (1) does not apply to or in respect of a person referred to in section 22(1)(a).

(4) The Bank may make regulations for the purpose of this section, but only with the consent of the Minister.

(5) Without limiting subsection (4), the regulations may do all or any of the following

(a) provide for the making of applications for authorisations, including the fees to accompany those applications and requirements to be complied with by applicants;

(b) provide for the issue by the Bank of authorisations to applicants who comply with those requirements;

(c) provide for the refusal of applications for authorisations and prescribe the grounds on which applications may be refused;

(d) prohibit the Bank from refusing applications for authorisations without giving the applicants an opportunity to be heard and require the Bank to notify refusals of applications and the grounds of refusal to the applicants;

(e) enable the Bank to impose conditions and restrictions with which holders of authorisations must comply or must not contravene;

(f) enable the Bank to suspend authorisations on grounds specified in the regulations;

(g) enable the Bank to revoke authorisations on grounds specified in the regulations;

(h) prohibit the Bank from suspending or revoking authorisations without giving the holders of the authorisations an opportunity to be heard and require the Bank to notify the persons concerned of the suspension or revocation of their authorisations and of the grounds for suspension or revocation;

(i) require holders of authorisations to make returns to the Bank with respect to such matters and at such times, or within such periods, as may be specified in the regulations;

(j) confer on persons whose applications for authorisations are refused, or whose authorisations are suspended or revoked, a right of appeal to the High Court against the refusal, suspension or revocation;

(k) provide for anything ancillary or incidental to the matters referred to in paragraphs (a) to (j).

(6) The regulations may make provision for or with respect to a matter by applying, adopting or incorporating, with or without modification, any of the provisions of the Insurance Acts, as in force from time to time.

(7) A holder of an authorisation who, without reasonable excuse, fails to comply with a condition, or contravenes a restriction, of the authorisation commits an offence and is liable—

(a) if tried on indictment, to a fine not exceeding €250,000, or

(b) if tried summarily, to a fine not exceeding €2,000.

(8) The fact that a holder of an authorisation is convicted of an offence under subsection (7) does not prevent the Bank from suspending or revoking the authorisation.

(9) In this section, ‘authorisation’ means an authorisation issued by the Bank in accordance with regulations made under this section.

(10) This section takes effect only when the Minister, by order, declares this section to have effect. Before making such an order, the Minister is required to be satisfied that it is necessary in the public interest, in the interests of policy holders and to ensure the proper regulation of the insurance industry that persons who carry on businesses of the kind referred to in subsection (1) should be subject to regulation under this section.

(11) Subsections (2) and (7) have effect despite section 3.”.

21.

Section 23

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) insert the following subsection after subsection (2)

“(3) Regulations under this section may be made only with the consent of the Minister.”.

22.

Section 24

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring.

23.

Section 25

Delete subsection (3).

24.

Section 30

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”.

25.

Section 34

Substitute “Bank” for “Minister”.

26.

Section 35

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (3), substitute “its” for “his”;

(c) in subsection (3), substitute “it” for “he”, wherever occurring;

(d) in subsection (3), substitute “it” for “him”, wherever occurring.

27.

Section 36

In subsection (3), substitute “Bank” for “Minister”, wherever occurring.

28.

Section 37

Substitute the following section

“Power of Bank to require reduction in commissions.

37.—(1) If the Bank thinks the commission payments of the holder of an authorisation are excessive, it may (but only with the consent of the Minister) send the holder a commission reduction notice requiring it to reduce the commission payments relating to its insurance business, or specified classes of insurance business, to not more than such level or levels as are specified in the notice.

(2) A commission reduction notice—

(a) must be in writing, and

(b) takes effect 2 months after the date on which it was sent or on such later date as may be specified in the notice.

(3) The Bank may specify levels of commission in a commission reduction notice in such manner, and by reference to such criteria, as it thinks fit.

(4) As soon as practicable after sending a commission reduction notice to the holder of an authorisation, the Bank shall send a copy of the notice to all other holders of authorisations.

(5) The holder of an authorisation to whom a commission reduction notice or a copy of it is sent shall ensure that, on and after the date on which the notice takes effect, no commission payments are paid by it or by an agent on its behalf at a level higher than that specified in the notice.

(6) A holder of an authorisation who fails to comply with subsection (5) commits an offence.

(7) The Bank may (but only with the consent of the Minister) revoke a commission reduction notice by sending to—

(a) the holder of the authorisation to whom the commission reduction notice was sent, and

(b) to each holder of an authorisation to whom a copy of the notice was sent,

a revocation notice stating that the commission reduction notice is revoked from a date specified in the revocation notice.

(8) When a revocation notice has been sent in accordance with subsection (7), the commission reduction notice to which it relates ceases to have effect on the day specified in the revocation notice.

(9) As soon as practicable after sending a commission reduction notice or a revocation notice under this section to any person, the Bank shall publish in at least one daily newspaper circulating throughout the State a notice giving particulars of the commission reduction notice or revocation notice.”.

29.

Section 38

Substitute the following section

“Payment of certain commissions may be prohibited.

38.—(1) The Bank may, by order given to the holder of an authorisation, prohibit that holder from—

(a) paying commission in the form of any benefit in kind, or as a loan of money made to an intermediary or to be made on that holder's behalf by another person to an intermediary, or

(b) paying to, or crediting to the account of, an insurance intermediary commission in respect of an insurance policy until the insurance premium to which the commission relates is received by that holder or by the intermediary on behalf of that holder.

(2) An order may be given under this section only if the Bank is satisfied that the order is in the public interest and the Minister for Finance has consented to the giving of the order.

(3) The Bank may include in an order prohibiting commission from being paid or credited as provided by subsection (1)(b) such exceptions and conditions as it thinks appropriate.”.

30.

Section 39

(a) In subsection (1), substitute “the conviction is a ground for revoking the authorisation. Accordingly, the Bank may revoke the authorisation in accordance with” for “the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of”;

(b) in subsection (2), substitute “the conviction is a ground for revoking the authorisation. Accordingly, the Bank may revoke the authorisation in accordance with” for “the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of”.

31.

Section 42

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “him”.

32.

Section 43

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “him”.

33.

Section 43B

Substitute “Bank” for “Minister”.

34.

Section 43D

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsections (1) and (3), substitute “it” for “he”.

35.

Section 43E

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (2), substitute “it” for “he”.

36.

Section 43F

Substitute “Bank” for “Minister”, wherever occurring.

37.

Section 43FF

Substitute “Bank” for “Minister”.

38.

Section 58

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”.

39.

Section 59 (as substituted by section 9 of the Insurance Act 2000)

Substitute the following section

“Appointment of authorised officers.

59.—(1) The Bank may appoint such of its employees as it considers necessary to be authorised officers for the purposes of the Insurance Acts.

(2) The Bank shall provide each authorised officer with a warrant of appointment as an authorised officer.

(3) When exercising a power conferred by section 60, an authorised officer shall, if requested by any person affected, produce the warrant to that person.”.

40.

Section 60 (as substituted by section 10 of the Insurance Act 2000)

(a) In subsection (1)(c), substitute “Bank” for “Minister”; (b) in subsection (7), substitute “Bank” for “Minister”.

(a) In subsection (1)(c), substitute “Bank” for “Minister”;

(b) in subsection (7), substitute “Bank” for “Minister”.

41.

Section 61

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “he”.

42.

Section 62

Insert the following section after section 61

“Power of assurance company to hold shares in holding company.

62.—(1) Subject to any requirements or restrictions imposed under subsection (3), an assurance company incorporated in the State may subscribe for or purchase and hold any class of shares in its holding company out of the assets of its life assurance fund.

(2) However—

(a) the shares of the class in which the company subscribes for, purchases or holds must be listed on a recognised stock exchange, and

(b) the total number of shares of any one class so held must not at any one time exceed the prescribed percentage of the shares in that class issued or allotted, or of the voting rights attaching, to that class of shares.

(3) The Bank may impose such requirements to, or such restrictions on, the exercise of the power conferred by this section as it considers necessary for the purposes of ensuring the prudent regulation of life assurance in the State.

(4) For the purpose of subsection (2)(b), the prescribed percentage is 10 per cent or, if the Bank, by order made after consulting the Minister, prescribes some other percentage, that other percentage.

(5) An order under subsection (4) may make such transitional or temporary provisions in relation to the acquisition or disposal of the relevant shares as the Bank considers necessary to enable the order to have full effect.

(6) This section has effect despite anything in section 32 of the Companies Act 1963.

(7) In this section—

‘assurance company’ means a company that is the holder of an authorisation under the European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984);

‘holding company’ has the meaning given by section 155 of the Companies Act 1963;

‘life assurance fund’ means the total fund of assets maintained by a life assurance company in respect of its life assurance business, not being shareholders' assets.”.

PART 9 Amendment of Central Bank Act 1989

PART 9

Amendment of Central Bank Act 1989

Item

Provision affected

Amendment

1.

Section 3

Substitute the following definition for the definition of the “Bank”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”.

2.

Sections 12, 13, 14(3), 15, 16 and 18 to 21

Repeal the sections.

3.

Section 23

Repeal the section.

4.

Section 25A (as inserted by section 69 of the Central Bank Act 1997)

Repeal the section.

5.

Section 50

Substitute the following section

“Right of Bank to be represented at meetings of committees of inspection.

50.—(1) An authorised person may attend any meeting of creditors of a holder or former holder of a licence.

(2) Either the Governor of the Bank or the Chief Executive of the Irish Financial Services Regulatory Authority may, in writing, appoint a person to be a member of a committee of inspection appointed in respect of the holder or former holder of a licence.

(3) An authorised person is not to be treated as a member of such a committee of inspection for the purpose of computing the minimum or maximum numbers of members of the committee prescribed under the Companies Acts 1963 to 2001. Nor may an authorised person be removed from membership of the committee without the consent of the Bank.

(4) In this section—

‘authorised person’ means a person appointed under subsection (2);

‘committee of inspection’ means a committee of inspection appointed under section 233 of the Companies Act 1963.”.

PART 10 Amendment of Building Societies Act 1989

PART 10

Amendment of Building Societies Act 1989

Item

Provision affected

Amendment

1.

Section 2

(a) In subsection (1), substitute the following definition for the definition of the “Central Bank”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in subsection (1), insert the following definitions after the definition of “the public file”

“ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority;

‘related body’, in relation to a building society, means a body corporate that is, or was at the relevant time, a subsidiary or other associated body of the society;”.

2.

Section 8

Delete subsection (3).

3.

Section 41

Substitute the following sections

“Power to investigate business activities of building societies and related bodies.

41.—(1) A responsible authority may authorise in writing a qualified person to investigate the business of a building society or a related body, or any aspect of that business, and to report to the Bank on the outcome of the investigation.

(2) An authorised person may, at any reasonable time on production of evidence of the person's authorisation, enter the premises of a society or a related body for the purpose of carrying out such an investigation.

(3) An authorised person who has entered premises in accordance with subsection (2) may do all or any of the following

(a) inspect the premises;

(b) request any person on the premises who apparently has control of, or access to, documents or material relating to the business of the society or body concerned to produce the documents or material to the authorised person for inspection;

(c) inspect documents and material so produced, or found in the course of inspecting the premises, and, in the case of documents, take copies of them or of any parts of them;

(d) if a person who is requested to produce a particular document or material relating to that business is unable to produce it, request the person to state, to the best of that person's knowledge and belief, where the document or material is located;

(e) request any person (including a person who is not on the premises at the relevant time) who appears to the authorised person to have or to have access to information relating to the documents or material, or to the business of that society or body, to provide that information or to answer questions with respect to the documents or material or that business.

(4) A person to whom a request is made in accordance with subsection (3) shall—

(a) comply with the request so far as it is possible to do so, and

(b) give such other assistance and information to the authorised person with respect to the business of the society or body concerned as is reasonable in the circumstances.

(5) The requirement to comply with a request made under subsection (3) extends to—

(a) a liquidator of the building society or related body concerned, or

(b) any person who is or has been an officer, employee or agent of that society or body.

(6) If any person from whom production of a document or material is required claims a lien on the document or material, its production does not affect the lien.

(7) Nothing in this section requires a legal practitioner to produce a document or material containing a privileged communication made by or to the practitioner as such or to provide information contained in such a communication.

(8) In this section—

‘authorised person’ means a person authorised under subsection (1);

‘legal practitioner’ means a barrister or solicitor;

‘qualified person’ means an officer or employee of the Central Bank or any other person who, in the opinion of the relevant responsible authority, has appropriate qualifications or experience to carry out the responsibilities of an authorised person;

‘responsible authority’ means the Governor of the Central Bank or the Chief Executive of the Regulatory Authority.

Central Bank may require society or body to provide information relating to business activities.

41A.—(1) The Central Bank may, by notice in writing served on a building society or related body, require the society or body to provide that Bank with—

(a) such information, documents, or other material or explanation of matters, that relate to the business or the plans for the future development of the society or the body as may be specified in the notice, and

(b) a report by a person approved by that Bank on, or on specified aspects of, information or documents, or other material so provided.

(2) A requirement under this section may be imposed on a society in relation to information, documents or other material in the possession or control of a related body outside the State.

(3) A building society or related body on which a notice is served under this section shall comply with the notice within such period, or at such time and place, as may be specified in the notice.

(4) The requirement to comply with a notice served under this section extends to—

(a) a liquidator of the building society or related body concerned, or

(b) any person who is or was formerly an officer, employee or agent of that society or body, or

(c) any person who appears to the Central Bank to have or to have access to the information, document, material or explanation.

(5) Nothing in this section requires a legal practitioner to produce a document or material containing a privileged communication made by or to the practitioner as such or to provide information contained in such a communication.

(6) In this section—

‘agent’, in relation to a building society or related body, means its bankers, accountants, solicitors, auditors and its financial and other advisers;

‘legal practitioner’ means a barrister or solicitor.”.

4.

Section 44

Repeal the section.

5.

Section 119

(a) In subsection (1)(a)(i), insert “or” after “means,”;

(b) substitute the following subparagraph for subsection (1)(a)(ii)

“(ii) contravenes section 17, 18(3) or 25, or”;

(c) in subsection (1)(a)(iv), insert “or” after “section 39”;

(d) in subsection (1)(a), insert the following subparagraphs after subparagraph (iv)

“(v) fails to comply with a request made under section 41 or 41A, or

(vi) in purporting to comply with such a request, gives information that the person knows to be false or misleading, or

(vii) obstructs an authorised person in the exercise of a power conferred by section 41,”.

6.

Section 122

Substitute the following section

“Public file to be kept in respect of society.

122.—(1) The Central Bank shall prepare and keep a file relating to each building society. The file is to be known as the public file of the society and must contain the documents or, if the case so requires, copies of the documents, and the records of the matters, directed by or under this Act to be kept in the public file of the society.

(2) The Central Bank shall ensure that a society's public file is kept at a specified office of that Bank and that the file is made available for inspection by members of the public during the ordinary business hours of that office.

(3) If a society's public file is kept in a form that is not immediately legible, the Central Bank shall make available a legible version of that file.

(4) A person who, during the ordinary business hours of the Bank, attends the office at which the Central Bank keeps the public files of societies is entitled—

(a) to inspect without charge the publice file of a specified society, and

(b) on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection, to obtain a copy of all or any of the documents or records kept in the public file of the society.”.

PART 11 Amendment of Trustee Savings Banks Act 1989

PART 11

Amendment of Trustee Savings Banks Act 1989

Item

Provision affected

Amendment

1.

Section 3

In subsection (1), substitute the following definition for the definition of “the Central Bank”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 24

Substitute the following sections

“Trustee savings banks to keep certain records.

24.—(1) A trustee savings bank shall—

(a) keep at an office or offices within the State such records as may be specified from time to time by the Central Bank, and

(b) notify the Central Bank in writing of the address of the office or offices where those records are kept.

Different kinds of records may be specified under this subsection for different trustee savings banks.

(2) The requirement imposed by subsection (1) is additional to any other requirement imposed by law with respect to the keeping of records by a trustee savings bank.

(3) A trustee savings bank shall keep the records referred to in subsection (1) for such period as the Central Bank notifies in writing to that holder.

(4) A trustee savings bank or related body who fails to comply with a requirement of this section commits an offence.

(5) In this section, ‘records’ includes books and all other kinds of documents, and also includes—

(a) information kept in a non-legible form (whether electronically or otherwise) that is capable of being reproduced in a legible form, and

(b) the means (if any) by which the information is capable of being reproduced.

Powers of authorised persons with respect to trustee savings banks.

24A.—(1) A responsible authority may, in writing, authorise an employee of the Central Bank or a suitably qualified person to investigate the business, or any aspect of the business, of a trustee savings bank or a related body.

(2) An authorised person may, at all reasonable times on production of the person's authorisation, enter premises at which a trustee savings bank or a related body carries on business.

(3) An authorised person who has entered premises in accordance with subsection (2) may exercise all or any of the following powers

(a) inspect the premises;

(b) request any person on the premises who apparently has control of, or access to, prescribed records to produce the records for inspection;

(c) inspect any records produced in accordance with the request, or found on the premises in the course of inspecting the premises;

(d) take copies of those records or of any part of them;

(e) request any person who the authorised person reasonably believes has information relating to the records, or to the business of the licence holder, to answer questions with respect to the records or that business.

(4) A person to whom a request is made in accordance with subsection (3) shall—

(a) comply with the request so far as it is possible to do so, and

(b) give such other assistance and information to the authorised person with respect to the business of the licence holder as is reasonable in the circumstances.

(5) The powers conferred by subsection (3) may also be exercised in relation to any other person who, in the opinion of the Central Bank, is in possession of information that is materially relevant to the exercise of those powers in relation to a trustee savings bank or a related body.

(6) The production of a record in compliance with a request made under this section does not prejudice a person's lien over the record.

(7) Nothing in this section requires a legal practitioner to produce a record that contains a privileged communication made by or to the practitioner or to divulge any information that relates to the communication.

(8) A person who—

(a) obstructs an authorised person in the exercise of a power conferred by this section, or

(b) without reasonable excuse, fails to comply with a request made under this section, or

(c) in purported compliance with such a request, gives information that the person knows to be false or misleading,

commits an offence.

(9) In this section—

‘associated company’, in relation to a trustee savings bank, means a company in respect of which not less than 20 per cent of the nominal value of the company's equity share capital, or shares carrying voting rights (other than voting rights that arise only in specified circumstances), are held by the bank,

‘authorised person’ means any person authorised under subsection (1);

‘company’ has the meaning given by section 155 of the Companies Act 1963;

‘holding company’ has the meaning given by section 155 of the Companies Act 1963;

‘legal practitioner’ means a barrister or solicitor;

‘prescribed record’, in relation to a trustee savings bank, means a record that is required to be kept under section 24;

‘related body’ means—

(a) a subsidiary company of a trustee savings bank, or

(b) if the bank is a subsidiary—

(i) its holding company, or

(ii) any other subsidiary of its holding company,

or

(c) an associated company of the bank;

‘responsible authority’ means the Governor of the Central Bank or the Chief Executive of the Irish Financial Services Regulatory Authority;

‘subsidiary company’ has the meaning given by section 155 of the Companies Act 1963;

‘suitably qualified person’ means any person (other than an employee of the Central Bank) who, in the opinion of the relevant responsible authority, has the qualifications and experience necessary to exercise the powers conferred on authorised persons by this section.”.

3.

Section 62

In subsection (1), insert “24A,” after “24,”.

PART 12 Amendment of Companies (Amendment) Act 1990

PART 12

Amendment of Companies (Amendment) Act 1990

Item

Provision affected

Amendment

1.

Section 1

Insert the following definition before the definition of “the Companies Acts”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 13 Amendment of Companies Act 1990

PART 13

Amendment of Companies Act 1990

Item

Provision affected

Amendment

1.

Section 3

In subsection (1), insert the following definition before the definition of “the Companies Acts”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 252

In subsection (1), delete the definition of “Bank”.

3.

Section 256

Substitute “Central Bank” for “Bank”, wherever occurring.

4.

Section 257

Substitute “Central Bank” for “Bank”, wherever occurring.

5.

Section 259

Substitute “Central Bank” for “Bank”, wherever occurring.

6.

Section 262

In paragraph (c), substitute “Central Bank” for “Bank”.

PART 14 Amendment of Unit Trusts Act 1990

PART 14

Amendment of Unit Trusts Act 1990

Item

Provision affected

Amendment

1.

Section 1

In subsection (1), substitute the following definition for the definition of “Bank”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 3

(a) Substitute the following subsections for subsection (2)

“(2) The Bank shall ensure that the register is kept at a specified office of the Bank and that the file is made available for inspection by members of the public during the ordinary business hours of that office.

(2A) If the register is kept in a form that is not immediately legible, the Bank shall make available a version of that file that is in legible form.

(2B) A person who, during the ordinary business hours of the Bank, attends the office at which the Bank keeps the register is entitled—

(a) to inspect the register without charge, and

(b) on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection, to obtain a copy of any entry in the register.”;

(b) substitute the following subsection for subsection (6)

“(6) The Bank shall include in its annual report to the Minister for Finance a report on performance of its functions under this Act.”.

PART 15 Amendment of Housing (Miscellaneous Provisions) Act 1992

PART 15

Amendment of Housing (Miscellaneous Provisions) Act 1992

Item

Provision affected

Amendment

1.

Section 1

In subsection (1), insert the following definition after the definition of “the Act of 1988”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 13

In subsection (1), delete “of Ireland”.

PART 16 Amendment of Investment Limited Partnership Act 1994

PART 16

Amendment of Investment Limited Partnership Act 1994

Item

Provision affected

Amendment

1.

Section 3

Substitute the following definition for the definition of “the Bank”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 8

Substitute the following subsections for subsection (4)

“(4) The application must be in a form approved or provided by the Bank and be accompanied by—

(a) the fee (if any) prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection, and

(b) a copy of the partnership agreement, and

(c) subject to subsection (5), a statement signed by or on behalf of a person proposed as a general partner under the partnership agreement containing the particulars specified in subsection (4A), and

(d) such further particulars or information as the Bank may specify for the purposes of determining the application, and

(e) such additional information as the Bank may specify in the course of determining the application.

(4A) The following particulars are specified for the purposes of subsection (4)(b)

(a) the name of the investment limited partnership;

(b) a statement of the general nature of the investment objectives of that partnership;

(c) the address in the State of the registered office and the principal place of business in the State of that partnership;

(d) the period for which that partnership is entered into or, if no period is specified, a statement to the effect that that partnership is entered for an unlimited period and specifying the date of its commencement;

(e) the full name and address of the person proposed under the partnership agreement as a general partner and, if more than one, of each of them, specifying each of them as a general partner, and if a general partner is a body corporate not incorporated under the laws of the State, a statement that the proposed general partner has complied with the requirements of section 352 of the Companies Act 1963, and its registration number;

(f) the full name and address of the proposed custodian appointed under the terms of the partnership agreement in whom the assets of that partnership are required to be entrusted for safe keeping.”.

PART 17 Amendment of Criminal Justice Act 1994

PART 17

Amendment of Criminal Justice Act 1994

Item

Provision affected

Amendment

1.

Section 32

(a) In subsection (1), substitute the following paragraph for paragraph (j)

“(j) a society registered as a credit union under the Credit Union Act 1997.”;

(b) in subsection (10), substitute the following paragraph for paragraph (e)

“(e) following consultation with the Minister for Finance, prescribe amounts for the purposes of paragraphs (a) and (b) of subsection (7) of this section.”.

2.

Section 57

(a) In subsection (1), insert “and to the Revenue Commissioners” after “Garda Síochána”;

(b) in subsection (2), insert “and to the Revenue Commissioners” after “Garda Síochána”;

(c) in subsection (3), insert “and to the Revenue Commissioners” after “Garda Síochána”.

PART 18 Amendment of Solicitors (Amendment) Act 1994

PART 18

Amendment of Solicitors (Amendment) Act 1994

Item

Provision affected

Amendment

1.

Section 78

(a) In subsection (1), substitute “Minister for Finance” for “Minister for Enterprise and Employment” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997));

(b) in subsection (3)(e), substitute “Central Bank” for “Registrar of Friendly Societies”;

(c) substitute the following subsection for subsection (17)

“(17) In this section—

‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;

‘credit union’ means a society registered as a credit union under the Credit Union Act 1997.”.

PART 19 Amendment of Stock Exchange Act 1995

PART 19

Amendment of Stock Exchange Act 1995

Item

Provision affected

Amendment

1.

Section 3

(a) In subsection (1), substitute the following definition for the definition of “the Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in subsection (1), insert the following definition after the definition of “qualifying holding”

“ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority;”.

2.

Section 21

Repeal the section.

3.

Section 28

Delete subsections (3) and (4).

4.

Section 30

Substitute the following subsections for subsections (5) and (6)

“(5) A responsible authority may, in writing, authorise a Director or employee of the Bank or some other suitably qualified person to attend a meeting of creditors of

(a) an approved stock exchange or formerly approved stock exchange, or

(b) an authorised member firm or formerly authorised member firm.

(6) A responsible authority may, in writing, appoint a Director or employee of the Bank or some other suitably qualified person to be a member of a committee of inspection appointed in relation to—

(a) an approved stock exchange or formerly approved stock exchange, or

(b) an authorised member firm or formerly authorised member firm.

(6A) A person appointed under subsection (6)—

(a) is not to be counted in computing the maximum or minimum number of members of a committee of inspection prescribed by the Companies Acts, and

(b) may not be removed from membership of the committee without the consent of the responsible authority concerned.

(6B) In this section—

‘committee of inspection’ means a committee of inspection appointed under section 233 of the Companies Act 1963;

‘responsible authority’ means the Governor of the Bank or the Chief Executive of the Regulatory Authority.”.

5.

Section 36

Substitute the following subsections for subsection (1)

“(1) If, on the basis of the information obtained through the first audit, the Bank has a real and substantial concern about the audited accounts of an approved stock exchange or an authorised member firm, it may direct the exchange or firm to submit for examination by an authorised person all or any of the following

(a) any accounts on which the auditor of the exchange or firm has reported;

(b) any information that was verified by that auditor;

(c) any information specified in the direction.

(1A) On completing the examination, the authorised person concerned shall provide the Bank with a report setting out the results of the examination.

(1B) A person is an authorised person for the purposes of this section if the person is appointed by—

(a) the Governor of the Bank, or

(b) the Chief Executive of the Regulatory Authority, or

(c) some other person to whom the Governor of the Bank or the Chief Executive of that Authority has delegated responsibility for appointing persons (including an auditor) for those purposes.”.

6.

Section 53

Insert the following subsection after subsection (4)

“(5) In this section, a reference to the Bank includes a delegate of the Bank and, if such a delegate is a body corporate, includes a member or employee of the body corporate.”.

7.

Section 55

Substitute the following section

“Appointment of authorised officers.

55.—(1) A responsible authority may, in writing, appoint persons to be authorised officers for the purposes of this Act.

(2) A responsible authority who appoints an authorised officer shall provide the officer with a certificate of authority.

(3) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under this Act, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(4) In this section, ‘responsible authority’ means—

(a) the Governor of the Bank, or

(b) the Chief Executive of the Regulatory Authority, or

(c) any person to whom the Governor of the Bank or the Chief Executive of that Authority has delegated responsibility for appointing persons under this section.”.

PART 20 Amendment of Investment Intermediaries Act 1995

PART 20

Amendment of Investment Intermediaries Act 1995

Item

Provision affected

Amendment

1.

Section 2

(a) In subsection (1), substitute the following definition for the definition of “the Bank”

“ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in subsection (1), insert the following definition after the definition of “regulated market”

“ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority;”.

2.

Section 17

Substitute the following subsections for subsection (2)

“(2) The supervisory authority concerned shall ensure that the Register of Investment Business Firms, or a copy of the Register, is kept at a place specified by the authority and is made available for inspection by members of the public during the ordinary business hours of that place.

(2A) A person who, during the ordinary business hours of the supervisory authority, attends the place at which the Register or copy is kept is entitled—

(a) to inspect the Register or copy without charge or make enquiries regarding the contents of the Register, and

(b) on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection, to obtain a copy of any entry in the Register or copy.

(2B) Each supervisory authority shall also ensure—

(a) that a list of firms deemed to be authorised under section 26 is kept at the same place, and

(b) that the list is revised at such intervals as the supervisory authority considers appropriate.”.

3.

Section 20

Delete subsections (3) and (4).

4.

Section 22

Substitute the following subsections for subsections (5) and (6)

“(5) A responsible authority may, in writing, authorise a Director or employee of the Bank or some other suitably qualified person to attend a meeting of creditors of an authorised or former authorised investment business firm.

(6) A responsible authority may, in writing, appoint a Director or employee of the Bank or some other suitably qualified person to be a member of a committee of inspection appointed in relation to an authorised or former authorised investment business firm.

(6A) A person appointed under subsection (6)—

(a) is not to be counted in computing the maximum or minimum number of members of a committee of inspection prescribed by the Companies Acts, and

(b) may not be removed from membership of the committee without the consent of the responsible authority concerned.

(6B) In this section—

‘committee of inspection’ means a committee of inspection appointed under section 233 of the Companies Act 1963;

‘responsible authority’ means—

(a) the Minister for Enterprise, Trade and Employment, or

(b) the Governor of the Bank, or

(c) the Chief Executive of the Regulatory Authority, or

(d) any person to whom that Minister, Governor or Chief Executive has delegated responsibility for appointing persons under this section.”.

5.

Section 49

Delete subsection (2).

6.

Section 64

Substitute the following section

“Appointment of authorised officers.

64.—(1) A responsible authority may, in writing, appoint persons to be authorised officers for the purposes of this Act.

(2) A responsible authority who appoints an authorised officer shall provide the officer with a certificate of authority.

(3) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under this Act, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(4) In this section, ‘responsible authority’ means—

(a) the Minister for Enterprise, Trade and Employment, or

(b) the Governor of the Bank, or

(c) the Chief Executive of the Regulatory Authority, or

(d) any person to whom the Governor of the Bank or the Chief Executive of that Authority has delegated responsibility for appointing persons under this section.”.

PART 21 Amendment of Consumer Credit Act 1995

PART 21

Amendment of Consumer Credit Act 1995

Item

Provision affected

Amendment

1.

Section 2

(a) In subsection (1), delete the definitions of “authorised copy” and “authorised officer”;

(b) in subsection (1), insert the following definition before the definition of “borrower”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in subsection (1), delete the definition of “Central Bank”;

(d) in the definition of “credit institution” in subsection (1), insert the following paragraph after paragraph (d)

“(e) such person or class of persons as may be prescribed by the Bank for the purposes of this Act;”;

(e) in the definition of “credit institution” in subsection (1), delete paragraph (g);

(f) in subsection (1), insert the following definition after the definition of “installation charge”

“ ‘local authority’ means a local authority for the purposes of the Local Government Act 2001;”;

(g) in subsection (1), delete the definition of “Minister”;

(h) in subsection (1), insert the following definition after the definition of “partnership”

“ ‘pawnbroker’ means the holder of a licence granted under section 8 of the Pawnbrokers Act 1964;”;

(i) in the definition of “prescribed” in subsection (1), substitute “made under this Act” for “made by the Minister”;

(j) in subsection (1), insert the following definition after the definition of “record”

“ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority;”;

(k) in subsection (1), delete the definition of “regulations”.

2.

Section 3

(a) In subsection (2), substitute the following paragraph for paragraph (c)

“(c) any transaction entered into by a pawnbroker in respect of a pledge on which a loan or advance is made or to be made, or anything done with a view to such a transaction being entered into,”;

(b) in subsection (3), substitute the following paragraph for paragraph (a)

“(a) The provisions of this Act may be applied to housing loans advanced by a local authority only by regulations made by the Minister for Finance after consultation with the Minister for the Environment and Local Government. Different provisions may be applied at different times to different classes of loans, by reference to such matters as that Minister considers appropriate.”.

3.

Parts IA and IB

Substitute for sections 4 to 8 the following Parts

“part ia

Responsibilities and Powers of Director of Consumer Affairs

Interpretation: Part IA.

4.—(1) In this Part—

‘authorised officer’ means an authorised officer appointed under section 8A;

‘designated provisions’ means the provisions of this Act referred to in subsection (2);

‘Minister’ means the Minister for Enterprise, Trade and Employment;

‘responsible authority’ means the Minister or the Director, as appropriate.

(2) The provisions of this Act designated for the purposes of this Part are—

(a) this Part and Part XI, and

(b) Parts II, X and XIII in so far as they apply to credit intermediaries, and

(c) such other provisions of this Act as are ancillary to those Parts.

Functions of Director.

5.—(1) The Director has the following functions for the purposes of this Act

(a) to keep under general review practices or proposed practices in relation to any of the obli- gations imposed on persons by or under the designated provisions;

(b) to carry out investigations of any such practices or proposed practices whenever the Director considers it in the public interest to do so or the Minister so requests;

(c) to request persons engaging in or proposing to engage in such practices as are, or are likely to be, contrary to the obligations imposed on them by any designated provision to discontinue or not engage in those practices;

(d) whenever a person in relation to whom such a request has been made engages in or is proposing to engage in any such practice, to bring civil proceedings in the High Court for an order requiring the person to discontinue or not to engage in the practice;

(e) to investigate complaints concerning possible breaches of any of the designated provisions, but at the same time having regard to the availability of other procedures for resolving those complaints;

(f) to publish codes of practice setting out conduct regarding agreements to which the designated provisions apply, in order to secure transparency and fairness in relation to the terms of those agreements and the conduct of agents dealing with consumers under those contracts;

(g) to perform or exercise such other functions as are imposed or conferred on the Director by this or any other Act.

(2) The Director may provide in response to complaints or otherwise, information or advice to consumers concerning agreements to which the designated provisions apply, and, in particular, on the obligations imposed on creditors or other persons by those provisions.

Director to report and provide information to Minister.

6.—(1) The Director shall, not more than 3 months after the end of each year, present a report to the Minister of the Director's activities in that year in relation to the performance of the Director's functions under this Act.

(2) The Minister shall arrange for a copy of the report to be laid before each House of the Oireachtas within 2 months after receiving it.

(3) The Director shall provide the Minister with such information regarding the performance or exercise of the Director's functions under this Act as the Minister may from time to time require.

Powers of Director in respect of investigations.

7.—(1) In conducting an investigation under the designated provisions, the Director may—

(a) require any person who, in the opinion of the Director is in possession of information, or has or has access to a record or thing, that is relevant to the investigation to provide the information, record or thing to the Director, and

(b) where appropriate, require the person to attend before the Director for that purpose.

(2) A person to whom a requirement is made under this section shall comply with the requirement, but in doing so is entitled to the same immunities and privileges as if the person were a witness before a court.

(3) A person shall not obstruct or impede the Director in the performance or exercise of the Director's functions under this Act.

Directions of Director in respect of statements and notices.

8.—(1) The Director may, in the interests of better informing consumers, give directions as to the location and size of any statement or notice required under the designated provisions. The directions may be given in such manner as the Director thinks fit.

(2) A person to whom such a direction is given shall comply with that direction.

Appointment of authorised officers for purposes of this Part.

8A.—(1) A responsible authority may in writing appoint persons to be authorised officers for the purposes of all or any of the designated provisions.

(2) An appointment under this section may be for a specified or unspecified period.

(3) A responsible authority who appoints an authorised officer shall provide the officer with a certificate of authority.

(4) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under the designated provisions, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(5) The appointment of a person as an authorised officer ends—

(a) when the responsible authority concerned revokes the appointment or the person dies or resigns from the appointment, or

(b) if the appointment is for a fixed period, when the period ends, or

(c) if the person appointed is employed in the office of that responsible authority, when the person ceases to be so employed.

Powers of authorised officers under this Part.

8B.—(1) An authorised officer may, for the purpose of carrying out an investigation under this Part, do all or any of the following

(a) at all reasonable times enter any premises, at which there are reasonable grounds to believe that—

(i) a trade or business, or any activity relating to a trade or business, is, or has been, carried on, or

(ii) records relating to a trade, business or activity are kept;

(b) search and inspect premises entered under paragraph (a) and any records on the premises;

(c) secure the premises or part of the premises for later inspection, or any part of the premises in which the officer reasonably believes records relating to a trade or business are kept;

(d) require any person who carries on a trade, business or related activity, or any person employed in or in connection with it—

(i) to produce to the officer records relating to the trade, business or activity, and

(ii) if the information is in a non-legible form, to reproduce it in a legible form or to give to the officer such information as the officer reasonably requires in relation to entries in the records;

(e) inspect and take copies of records inspected or produced under this section (including in the case of information in a nonlegible form, a copy of all or part of the information in a permanent legible form);

(f) remove and retain the records inspected or produced under this section for such period as may be reasonable to facilitate further examination (subject to the issue of a warrant for that purpose by a judge of the District Court);

(g) require any such person to give to the officer information that the officer reasonably requires in relation to the trade, business or activity concerned, or in relation to the persons carrying on that trade, business or activity or employed in or in connection with it;

(h) require any such person to give to the officer any other information which the officer may reasonably require in regard to the trade, business or activity concerned;

(i) require any person by or on whose behalf data equipment is or has been used, or any person who has charge of, or is otherwise concerned with the operation of, the equipment or any associated apparatus or material, to give the officer all reasonable assistance in relation to the equipment, apparatus or material;

(j) require any other person employed in or in connection with the trade, business or activity concerned to give to the officer, at any reasonable time, information that the officer reasonably requires in relation to that trade, business or activity and to produce to the officer any records that the person has or has access to.

(2) An authorised officer shall not, except with the consent of the occupier, enter a private dwelling unless the officer has obtained a warrant from the District Court under section 8C authorising the entry.

Issue of search warrants.

8C.—(1) If an authorised officer is prevented from entering premises under section 8B, the officer or another authorised officer may apply for the issue of a warrant under subsection (2).

(2) On considering an application under subsection (1), a judge of the District Court may issue a warrant authorising the applicant or another authorised officer to enter the premises, but only if the judge is satisfied on the sworn information of the applicant that there are reasonable grounds for suspecting that information required by the applicant or another authorised officer under section 8B is held on any premises.

(3) A warrant issued under subsection (2) authorises the officer named in the warrant, at any time or times within 1 month after the date of issue of the warrant to exercise, by force if necessary, all or any of the powers conferred on authorised officers by section 8B. If, when attempting to enter the premises specified in the warrant, the officer is requested to produce the warrant for inspection, the officer may exercise those powers only after complying with the request.

Obstruction of authorised officer when exercising powers.

8D.—A person shall not—

(a) obstruct or interfere with an authorised officer when exercising the powers conferred by this Part, or

(b) without reasonable excuse, fail to comply with a requirement made by an authorised officer under this Part, or

(c) give to an authorised officer information that the person knows or ought to know is false or misleading.

Authorised officers may be accompanied by other persons when exercising powers.

8E.—An authorised officer can, if the officer thinks it necessary, be accompanied by a member of the Garda Síochána or by another authorised officer when exercising a power conferred on authorised officers by this Part.

Prohibition on unauthorised disclosure of information.

8F.—A person shall not disclose confidential information obtained—

(a) as an authorised officer, or

(b) as a member of the staff of, or as adviser or consultant to, the Director,

unless duly authorised by the Director or by a member of staff authorised by the Director.

part ib

Functions and Powers of Central Bank and Financial Services Authority of Ireland

Interpretation: Part IB.

8G.—(1) In this Part—

‘authorised officer’ means an authorised officer appointed under section 8L;

‘designated provisions’ means the provisions of this Act referred to in subsection (2);

‘Minister’ means the Minister for Finance;

‘responsible authority’ means the Minister or the Bank.

(2) The provisions of this Act designated for the purposes of this Part are—

(a) this Part and Parts III, IV, V, VI, VII, VIII, IX and XII, and

(b) Parts II, X and XIII in so far as they apply to persons who enter into agreements with consumers otherwise than as credit intermediaries, and

(c) such other provisions of this Act as are ancillary to those Parts.

Functions of Bank under this Act.

8H.—(1) The Bank has the following functions for the purposes of this Act

(a) to keep under general review practices or proposed practices in relation to any of the obligations imposed on persons by or under the designated provisions;

(b) to carry out investigations of any such practices or proposed practices whenever the Bank considers it in the public interest to do so or the Minister so requests;

(c) to request persons engaging in or proposing to engage in such practices as are, or are likely to be, contrary to the obligations imposed on them by a designated provision discontinue or not engage in those practices;

(d) whenever a person in relation to whom such a request has been made engages in or is proposing to engage in any such practice, to bring civil proceedings in the High Court for an order requiring the person to discontinue or not to engage in the practice;

(e) to investigate complaints concerning possible breaches of any of the designated provisions, but at the same time having regard to the availability of other procedures for resolving those complaints;

(f) to publish codes of practice setting out conduct relating to agreements to which the designated provisions apply, in order to secure transparency and fairness in relation to the terms of those agreements and the conduct of agents dealing with consumers under those contracts;

(g) to perform or exercise such other functions as are imposed or conferred on the Bank by this Act.

(2) The Bank may provide in response to complaints or otherwise, information or advice to consumers concerning agreements to which the designated provisions apply, and, in particular, on the obligations imposed on creditors or other persons by those provisions.

Bank to provide information to Minister.

8I.—The Bank shall provide the Minister with such information regarding the performance or exercise of the Bank's functions under this Act as the Minister may require from time to time.

Bank to prepare annual report of its activities under this Act

8J.—(1) The Bank shall, within 4 months after the end of each financial year, prepare a report setting out the Bank's activities in that year in relation to the performance or exercise of the Bank's functions under this Act.

(2) The Bank shall include the report in, or attach the report to, the report presented to the Minister under section 61 of the Central Bank Act 1942.

Powers of Bank in respect of investigations.

8K.—(1) In conducting an investigation under the designated provisions, the Bank may—

(a) require any person who, in the opinion of the Bank is in possession of information, or has or has access to a record or thing, that is relevant to the investigation to provide the information, record or thing to the Bank, and

(b) where appropriate, require the person to attend before the Bank for that purpose.

(2) A person to whom a requirement is made under this section shall comply with the requirement, but in doing so is entitled to the same immunities and privileges as if the person were a witness before a court.

(3) A person shall not obstruct or interfere with the Bank in the performance or exercise of the Bank's functions under this Act.

Directions of Bank in respect of statements and notices

8L.—(1) The Bank may, in the interests of better informing consumers, give directions as to the location and size of any statement or notice required under the designated provisions. The directions may be given in such manner as the Bank thinks fit.

(2) A person to whom such a direction is given shall comply with the direction.

Appointment of authorised officers for purposes of this Part.

8M.—(1) A responsible authority may in writing appoint persons to be authorised officers for the purposes of all or any of the designated provisions.

(2) An appointment under this section may be for a specified or unspecified period.

(3) A responsible authority who appoints an authorised officer shall provide the officer with a certificate of authority.

(4) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under the designated provisions, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(5) The appointment of a person as an authorised officer ends—

(a) when the responsible authority concerned revokes the appointment or the person dies or resigns from the appointment, or

(b) if the appointment is for a fixed period, when the period ends, or

(c) if the person appointed is an officer of the responsible authority, when the person ceases to be such an officer.

Powers of authorised officers.

8N.—(1) An authorised officer may, for the purpose of carrying out an investigation under this Part, do all or any of the following

(a) at all reasonable times enter any premises, at which there are reasonable grounds to believe that—

(i) a trade or business, or any activity relating to a trade or business, is, or has been, carried on, or

(ii) records relating to a trade, business or activity are kept;

(b) search and inspect premises entered under paragraph (a) and any records on the premises;

(c) secure the premises or part of the premises for later inspection, or any part of the premises in which the officer reasonably believes records relating to a trade or business are kept;

(d) require any person who carries on a trade, business or activity, or any person employed in or in connection with it—

(i) to produce to the officer records relating to the trade, business or activity, and

(ii) if the information is in a non-legible form, to reproduce it in a legible form or to give to the officer such information as the officer reasonably requires in relation to entries in the records;

(e) inspect and take copies of records inspected or produced under this section (including in the case of information in a nonlegible form, a copy of all or part of the information in a permanent legible form);

(f) remove and retain the records inspected or produced under this section for such period as may be reasonable to facilitate further examination (subject to the issue of a warrant for that purpose by a judge of the District Court);

(g) require any such person to give to the officer information that the officer reasonably requires in relation to the trade, business or activity concerned, or in relation to the persons carrying on that trade, business or activity or employed in or in connection with it;

(h) require any such person to give to the officer any other information which the officer may reasonably require in regard to the trade, business or activity concerned;

(i) require any person by whom or on whose behalf data equipment is or has been used, or any person who has charge of, or is otherwise concerned with the operation of, the equipment or any associated apparatus or material, to give the officer all reasonable assistance in relation to the equipment, apparatus or material;

(j) require any other person employed in or in connection with the trade, business or activity concerned to give to the officer, at any reasonable time, information that the officer reasonably requires in relation to that trade, business or activity and to produce to the officer any records that the person has or has access to.

(2) An authorised officer shall not, except with the consent of the occupier, enter a private dwelling unless the officer has obtained a warrant from the District Court under section 8N authorising the entry.

Issue of search warrants.

8O.—(1) If an authorised officer is prevented from entering premises under section 8N, the officer or another authorised officer may apply for the issue of a warrant under subsection (2).

(2) On considering an application under subsection (1), a judge of the District Court may issue a warrant authorising the applicant or another authorised officer to enter the premises, but only if the judge is satisfied on the sworn information of the applicant that there are reasonable grounds for suspecting that information required by the applicant or another authorised officer under section 8N is held on any premises.

(3) A warrant issued under subsection (2) authorises the officer named in the warrant, at any time or times within 1 month after the date of issue of the warrant to exercise, by force if necessary, all or any of the powers conferred on authorised officers by section 8N. If, when attempting to enter the premises specified in the warrant, the officer is requested to produce the warrant for inspection, the officer may exercise those powers only after complying with the request.

Obstruction of authorised officer when exercising

8P.—A person shall not— (a) obstruct or interfere with an authorised officer when exercising the powers conferred by this Part, or

(b) without reasonably excuse, fail to comply with a requirement made by an authorised officer under this Part, or

(c) give to an authorised officer information that the person knows or ought to know is false or misleading.

Authorised officers may be accompanied by other persons when exercising powers.

8Q.—An authorised officer can, if the officer thinks it necessary, be accompanied by a member of the Garda Síochána or by another authorised officer when exercising a power conferred on authorised officers by this Part.”.

4.

Part 1C

Insert the following heading after section 8

“part ic

Provisions Applicable to Director and Bank”.

5.

Section 9

(a) In subsection (2), substitute “Bank” for “Minister”;

(b) in subsection (3), substitute “Bank” for “Director”.

6.

Section 12

Substitute the following paragraphs for subsection (1)(a)

“(a) in Part IA, contravenes section 7(2) or (3), 8(2), 8D or 8F,

(aa) in Part IB, contravenes section 8K(2) or (3), 8L(2) or 8P,”.

7.

Section 14

Substitute the following subsections for subsection (1)

“(1) An offence under this Act for contravening a provision designated for the purposes of Part IA may be prosecuted summarily only by the Director.

(1A) An offence under this Act for contravening a provision designated for the purposes of Part IB (other than a provision of Part VIII) may be prosecuted summarily only by the Bank.”.

8.

Section 15

Substitute the following section

“Cost of prosecution.

15.—(1) If a person is convicted of an offence for contravening a provision designated for the purposes of Part IA, the court shall, unless it is satisfied there are special and substantial reasons for not doing so, order the person to pay to the Director such amount of costs and expenses as the Director has, in the opinion of the court, incurred in investigating and prosecuting the offence.

(2) If a person is convicted of an offence for contravening a provision designated for the purposes of Part IB, the court shall unless it is satisfied there are special and substantial reasons for not doing so, order the person to pay to the Bank such amount of costs and expenses as the Bank has, in the opinion of the court, incurred in investigating and prosecuting the offence.”.

9.

Section 16

Substitute the following section

“Director and Bank to be immune from certain civil proceedings.

16.—(1) Civil proceedings may not be brought against the Director for failure to perform or exercise an obligation imposed on the Director by this Act, unless the failure is wilful.

(2) Civil proceedings may not be brought against the Bank for failure to perform or exercise an obligation imposed on the Bank by this Act, unless the failure is wilful.”.

10.

Section 18

Substitute the following section

“Expenses incurred in administering this Act.

18.—(1) The expenses incurred by the Minister for Enterprise, Trade and Employment and the Director in administering the provisions of this Act designated for the purposes of Part IA are, to the extent approved by the Minister for Finance, payable out of money provided by the Oireachtas.

(2) The expenses incurred by the Minister for Finance in administering the provisions of this Act designated for the purposes of Part IB are payable out of money provided by the Oireachtas.”.

11.

Section 28

Substitute the following section

“Regulations relating to advertising availability and cost of credit.

28.—(1) The Bank may make regulations amending section 21, 22, 23, 24 or 25 with respect to the form or content of advertisements relating to the availability or the cost or the provision of credit to consumers.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance.

(3) The Bank shall consult the Minister for the Environment and Local Government before making regulations under this section relating to housing loans.”.

12.

Section 37

Substitute the following section

“Regulations relating to form and content of credit agreements.

37.—(1) The Bank may make regulations amending section 30, 31, 32(3) to 32(5), 34 or 35 with respect to the form or content of credit agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance.”.

13.

Section 43

Substitute the following subsection for subsection (5)

“(5) A request referred to in subsection (1) must be accompanied by a fee of €2.50 or, if some other amount is specified in a regulation made by the Bank for the purposes of this subsection, that other amount. The Bank may make such a regulation only after consulting the Director.”.

14.

Section 47

Substitute the following subsection for subsection (5)

“(5) If an application is made under subsection (1) in relation to a credit agreement, the Circuit Court may not make a declaration under this section unless it has given the Bank an opportunity to be heard at the hearing to determine the application.”.

15.

Section 48

In subsection (2), substitute “Bank” for “Director”.

16.

Section 52

Substitute the following section

“Consumer entitled to discharge agreement early.

52.—(1) A consumer is entitled to discharge the consumer's obligations under an agreement at any time before the time fixed by the agreement for its termination.

(2) The consumer shall exercise the entitlement by giving notice of termination in writing to the creditor or the owner (as the case requires) of the consumer's intention to determine the agreement.

(3) Where the consumer exercises the entitlement, the creditor or owner shall allow a reduction in the total cost of credit under the agreement.

(4) Except where subsection (6) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.

(5) The Bank may approve different methods or formulas for the purpose of subsection (4).

(6) The Minister for Finance may, after consulting the Bank, make a regulation prescribing a method or formula for calculating the reduction in the total cost of credit under agreements generally or any class of agreement.

(7) A method or formula prescribed by a regulation made under subsection (6) replaces a method or formula approved under subsection (4) to the extent that the regulation purports to supersede the method or formula so approved.”.

17.

Section 53

Substitute the following section

“Reduction where amount owed becomes payable before time fixed by agreement

53.—(1) A consumer is entitled to a reduction in the total cost of credit under an agreement if for any reason—

(a) the amount owed by the consumer becomes payable before the time fixed by the agreement, or

(b) any money becomes payable by the consumer before the time so fixed.

(2) Except where subsection (3) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.

(3) The Minister for Finance may, after consultation with the Bank, make a regulation prescribing a method or formula for calculating the reduction in the total cost of credit under agreements generally or any class of agreement.

(4) A method or formula prescribed by a regulation made under subsection (3) replaces a method or formula approved under subsection (2) to the extent that the regulation purports to supersede the method or formula so approved.”.

18.

Section 60

Substitute the following section

“Regulations relating to form and content of hire-purchase agreements.

60.—(1) The Bank may make regulations amending section 58 or the Fifth Schedule with respect to the form or content of hire-purchase agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance.”.

19.

Section 86

Substitute the following section

“Regulations relating to form and content of consumer-hire agreements.

86.—(1) The Bank may make regulations amending section 84 with respect to the form or content of consumer-hire agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance.”.

20.

Section 92

Substitute the following section

“Application and interpretation of Part VIII.

92.—(1) This Part applies to and in respect of moneylending agreements and to all transactions (whatever their form) that substantially involve moneylending.

(2) In this Part—

‘authorised person’ means the Bank, a person authorised by the Bank for the purposes of this section, a member of the Irish Financial Services Regulatory Authority, an officer of the Bank or a member of the Garda Síochána;

‘certified’ means certified by an authorised person.”.

21.

Section 93

(a) Substitute the following subsection for subsection (1)

“(1) The Bank may grant to an applicant a moneylender's licence authorising the applicant to engage in the business of money-lending in a specified district court district on such terms and conditions as it thinks fit, but only after considering all objections made in respect of the application under subsection (2).”;

(b) in subsection (2), delete “to the Director”;

(c) substitute the following subsections for subsections (3) to (5)

“(3) An application for a moneylender's licence must—

(a) be in writing and in such form as the Bank may determine, and

(b) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section.

(4) The fee referred to in subsection (3)(b) may be fixed by reference to a district court district and lower fees may be fixed for additional district court districts.

(5) The application must contain the following information

(a) the true name and the business name (if any) of the applicant;

(b) the name under which the applicant intends to engage in or engages in the business of moneylending;

(c) the address of any premises at which the applicant is carrying on or proposes to carry on the business of moneylending;

(d) an itemised statement of the proposed total cost of credit;

(e) details of collection and all other charges not included in the cost of credit;

(f) details of the applicant's terms and conditions for providing credit;

(g) the name of every district court district in which the applicant carries on or proposes to carry on the business of moneylending;

(h) a copy of any advertisement placed by the applicant as required under subsection (2);

(i) such other information as the Bank may reasonably require.”;

(d) in subsection (10), substitute “The Bank may refuse to grant a moneylender's licence on one or more of the following grounds” for “The Director may refuse to grant a moneylender's licence on one or more of the following grounds that”;

(e) in subsection (10)(f) and (g), substitute “Bank” for “Director”, wherever occurring;

(f) in subsections (11), (12), (13), (17) and (19), substitute “Bank” for “Director”, wherever occurring;

(g) in subsection (11), delete “he is”;

(h) in subsections (12) and (13), substitute “it” for “he”, wherever occurring;

(i) in subsection (12), substitute “its” for “his”.

22.

Section 94

Substitute “a certified copy” for “an authorised copy”.

23.

Section 96

Substitute the following section

“Moneylender's licence not to be altered or falsified.

96.—(1) A person, other than an authorised person, shall not alter or attempt to alter a moneylender's licence or an authorised copy of such a licence.

(2) A person shall not falsify or attempt to falsify a moneylender's licence or a certified copy of such a licence.”.

24.

Section 97

In subsection (1), substitute “Bank” for “Director”.

25.

Section 101

Substitute the following subsections for subsection (3)

“(3) Neither a moneylender nor a person acting on the moneylender's behalf may divulge to a person other than an authorised person any of the contents of records kept by the moneylender under this section.

(3A) The following persons are authorised for the purposes of subsection (3)

(a) the borrower or an agent of the borrower;

(b) the Bank, a Director of the Bank, an employee of the Bank, a delegate of the Bank or a member, officer or employee of such a delegate;

(c) a court or an officer of a court.”.

26.

Section 103

In subsection (1)(d), substitute “Bank” for “Director”.

27.

Section 105

In subsection (2), substitute “section 8N” for “section 7”.

28.

Section 114

Substitute the following section

“Certain persons not to be regarded as moneylenders.

114.—The Minister for Finance may, after consulting the Bank, make regulations declaring that specified persons, or members of a specified class of persons, are not to be regarded as engaging in the business of moneylending for the purpose of this Part.”.

29.

Section 115

In subsection (2), insert the following definitions before the definition of “endowment loan”

“‘authorised person’ means the Bank, a person authorised by the Bank for the purposes of this section, a delegate of the Bank or a member, officer or employee of such a delegate;

‘certified’ means certified by an authorised person;”.

30.

Section 116

(a) Substitute “Bank” for “Director”, wherever occurring;

(b) substitute the following subsection for subsection (4)

“(4) An application for an authorisation must be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section.”;

(c) delete subsection (5);

(d) in subsection (9), delete “,namely, that”;

(e) substitute the following subsection for subsection (10)

“(10) The Minister for Finance may, after consulting the Bank, make regulations prohibiting the holder of an authorisation from acting as or claiming to be a mortgage intermediary, unless there is in force in respect of that holder a policy of professional indemnity insurance that complies with such requirements as are specified in those regulations.”;

(f) in subsections (11), (12) and (13), substitute “it” for “he”, wherever occurring;

(g) in subsection (12), substitute “its” for “his”.

31.

Section 117

In paragraph (a), substitute “a certified copy” for “an authorised copy”.

32.

Section 118

Substitute the following section

“Mortgage intermediaries authorisation not to be altered or falsified.

118.—(1) A person, other than an authorised person, shall not alter or attempt to alter a mortgage intermediaries authorisation or a certified copy of such an authorisation.

(2) A person shall not falsify or attempt to falsify a mortgage intermediaries authorisation or a certified copy of such an authorisation.”.

33.

Section 119

Substitute the following section

“Amendment of mortgage intermediaries authorisation.

119.—(1) Immediately after the holder of a mortgage intermediaries authorisation—

(a) ceases to act on behalf of an undertaking specified in the authorisation, or

(b) begins to act as a mortgage intermediary on behalf of an undertaking not specified in the authorisation,

that holder shall, in writing, notify the Bank of the event, and shall deliver the authorisation to the Bank.

(2) On receiving the notice and authorisation, the Bank shall (at its option) either amend the authorisation, or issue another authorisation, that reflects the event.”.

34.

Section 120

Substitute the following section

“Certain persons not to be regarded as mortgage intermediaries.

120.—The Minister for Finance may, after consulting the Bank, make a regulation declaring that specified persons, or members of a specified class of persons, are not to be regarded as mortgage intermediaries for the purpose of this Part.”.

35.

Section 121

Substitute the following subsection for subsection (4)

“(4) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation varying—

(a) the period referred to in subsection (2)(b), or

(b) the period or years or the rate of interest, referred to in subsection (2)(c).”.

36.

Section 131

(a) Substitute the following subsection for subsection (1)

“(1) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation requiring the disclosure to the borrower of specified information relating to any insurance commission, introduction fee or other inducement, charge or expense that may be payable to a person or retained by a person—

(a) because the borrower has taken out an insurance policy in connection with the making of a housing loan, or

(b) because of the making of such a loan.”;

(b) in subsection (3)(b)(i), substitute “Minister for Finance” for “Minister”;

(c) in subsection (3)(b)(ii), substitute “that Minister” for “the Minister”.

37.

Section 135

(a) Substitute “The Bank may, if it” for “The Director may, if he”;

(b) delete subsection (4).

38.

Section 137

Substitute the following section

“Regulations relating to display of information.

137.—(1) The Minister for Enterprise, Trade and Employment may, after consulting the Bank, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated in section 4(2) to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses.

(2) The Minister for Finance may, after consulting the Director, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated in section 8G(2) to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses.”.

39.

Section 142

Substitute the following subsections for subsection (3)

“(3) Subject to subsection (4), a person who has supplied information to a creditor or an owner in respect of the financial standing of a consumer in respect of an agreement shall provide the consumer with a copy in legible form of any information held by the person concerning the financial standing of the consumer. The information must be provided within 14 days after the person has received from the consumer a request in writing to that effect, together with the requisite fee.

(3A) For the purposes of subsection (3), the requisite fee is—

(a) if the matter arises under a provision designated under section 4(2) — €6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

(b) if the matter arises under a provision designated by section 8H(2) — the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section.”.

40.

Section 143

Substitute the following subsections for subsections (3) and (4)

“(3) If the consumer is dissatisfied with any action taken by a person under subsection (1) and the matter arises under a provision designated under section 4(2), the consumer may request in writing the Director to investigate the matter. The request must be accompanied by the prescribed fee.

(4) If, after considering a request made under subsection (3), the Director decides to investigate the matter, the Director may make such direction as the Director considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(5) If the consumer is dissatisfied with any action taken by a person under subsection (1) and the matter arises under a provision designated under section 8G(2), the consumer may request in writing the Bank to investigate the matter. The request must be accompanied by the prescribed fee.

(6) If, after considering a request made under subsection (5), the Bank decides to investigate the matter, it may make such direction as it considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(7) For the purposes of this section, the prescribed fee is—

(a) if the request is made under subsection (3) — €6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

(b) if the request is made under subsection (5) — the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection.”.

41.

Section 144

(a) Substitute the following subsection for subsection (1)

“(1) Subject to subsection (2), a person shall not engage in the business of being a credit intermediary unless the person—

(a) is the holder of an authorisation granted for that purpose by the Director, and

(b) holds a letter of recognition from each undertaking on whose behalf the person is a credit intermediary.”;

(b) substitute the following subsections for subsections (5) and (6)

“(5) An application for an authorisation must be accompanied by the requisite fee.

(6) For the purposes of subsection (5), the requisite fee is—

(a) in the case of a company or partnership, €630 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount, and

(b) in the case of a sole trader, €315 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount.”;

(c) substitute the following subsection for subsection (10)

“(10) The Minister for Enterprise, Trade and Employment may make regulations prohibiting the holder of an authorisation from acting as or claiming to be a credit intermediary, unless there is in force in respect of that holder a policy of professional indemnity insurance that complies with such requirements as are specified in those regulations.”.

42.

Section 149

Substitute the following section

“Customer charges, etc., by credit institutions that are subject to regulation by the Bank.

149.—(1) A credit institution or, subject to the Competition Act 1991, a group of any such credit institutions in respect of a service offered jointly by the group, shall notify the Bank of every proposal—

(a) to increase any charge that has been previously notified to the Bank, or

(b) to impose any charge in relation to the provision of a service to a customer or to a group of customers, that has not been previously notified to the Bank.

(2) Every notification under subsection (1) must be accompanied by—

(a) subject to subsection (4), such fee as the Bank may decide with respect to each notification, being a fee that does not exceed the prescribed maximum amount, and

(b) a statement of the commercial justification for the proposal, including a detailed statement of cost, and

(c) details of the estimated amount of additional income accruing from the proposal.

(3) For the purposes of subsection (2)(a), the prescribed maximum amount is—

(a) €31,750, or

(b) if some other amount is prescribed by regulations made for the purposes of this subsection — that other amount.

(4) The Bank may waive or reduce the fee referred to in subsection (2) if the payment of the fee would, in the opinion of the Bank, be unfair to the credit institution having regard to—

(a) the impact of any increase in or imposition of charges on customers, and

(b) the number of customers affected by any increase in or imposition of charges, and

(c) the additional income likely to accrue from any increase in or imposition of charges, and

(d) any other matters that the Bank considers appropriate.

(5) Subject to subsection (6), the Bank may, within 4 months of receipt of a notification under subsection (1), direct a credit institution—

(a) to refrain from imposing or changing a charge in relation to the provision of a service to a customer or to a group of customers, without the prior approval of the Bank, and

(b) to publish, in such manner as may be specified by the Bank from time to time, information on any charge in relation to the provision of a service to a customer or to a group of customers.

(6) If a notification under subsection (1) is in respect of a proposal to impose a charge for a new service that was not previously offered to its customers, or is being offered as a choice to and in a materially different way to existing services, the Bank may, within 3 weeks of receipt after the date of the notification, direct the credit institution—

(a) to refrain from imposing or changing a charge in relation to the provision of a service to a customer or to a group of customers, without the prior approval of the Bank, and

(b) to publish, in such manner as may be specified by the Bank from time to time, information on any charge in relation to the provision of a service to a customer or to a group of customers.

(7) A direction under this section may be expressed to apply—

(a) to every credit institution or to credit institutions carrying on a specified type of banking or financial business, or

(b) to all services provided to a customer or to a group of customers by credit institutions or to specified services or to services of a specified kind, or

(c) to a specified time or times or during a specified period or periods.

(8) The direction must—

(a) be communicated to every credit institution concerned, and

(b) if not communicated in writing, be confirmed in writing to every such credit institution as soon as possible afterwards, and

(c) have effect in accordance with its terms.

(9) The Bank shall, in exercising the powers conferred by this section, have regard to—

(a) the promotion of fair competition between—

(i) credit institutions, and

(ii) credit institutions carrying on a particular type of banking or financial business,

(b) the statement of commercial justification referred to in subsection (2)(b), and

(c) a credit institution passing any costs on to its customers or a group of its customers in proposing to impose or change any charge, in relation to the provision of a service to a customer or a group of its customers, and

(d) the effect on customers or a group of customers of any proposal to impose or change any charge in relation to the provision of such service.

(10) The Bank may amend or revoke a subsisting direction under this section and may amend or revoke a subsisting direction, which has been amended.

(11) The Bank may exempt a credit institution from the obligation to make a notification under subsection (1) in respect of any charge which has been individually negotiated bona fide with the credit institution by a customer, or by or on behalf of a group of customers, of the credit institution.

(12) The Bank shall—

(a) keep under general review the terms and conditions applying to the provision of services to customers by credit institutions, and

(b) require a credit institution to discontinue or refrain from the use of those terms and conditions that are, or are likely to be regarded as, unfair, and

(c) if the credit institution fails to comply with a requirement under paragraph (b), bring proceedings in the High Court for an order prohibiting the use, or the continued use, of those terms and conditions.

(13) In this section—

‘service’ means any service provided by a credit institution to a customer in respect of the following—

(a) making and receiving payments;

(b) providing foreign exchange facilities;

(c) providing and granting credit;

(d) maintaining and administrating transaction accounts used for the services specified by this subsection, including issuing statements;

(e) any other service that may be prescribed by regulations for the purposes of this section;

‘charge’ includes a penalty or surcharge interest by whichever name called, being an interest charge imposed in respect of arrears on a credit agreement or a loan, but does not include any rate of interest or any charge, cost or expense levied by a party other than a credit institution in connection with the provision of a service to the credit institution or the customer and that is to be discharged by the customer.

(14) For the purposes of this section, a notification made to the Director of Consumer Affairs before the substitution of this section by item 42 of Part 21 of Schedule 1 to the Central Bank and Financial Services Authority of Ireland Act 2003, is taken to have been made to the Bank.”.

43.

Section 149A (as inserted by section 36 of the Central Bank Act 1997)

Substitute the following section

“Customer charges, etc. payable by persons authorised to carry on business of a bureau de charge.

149A.—(1) In this section— ‘authorisation’ means an authorisation granted by the Bank under Part V of the Central Bank Act 1997, to carry on a bureau de change business. (2) The holder of an authorisation or, subject to the Competition Act 1991, a group of holders of authorisations in respect of a service offered jointly by the group, shall notify the Bank of every proposal—

149A.—(1) In this section—

‘authorisation’ means an authorisation granted by the Bank under Part V of the Central Bank Act 1997, to carry on a bureau de change business. (2) The holder of an authorisation or, subject to the Competition Act 1991, a group of holders of authorisations in respect of a service offered jointly by the group, shall notify the Bank of every proposal—

(a) to increase any charge which has been previously notified to the Bank, or

(b) to impose any charge in relation to the provision of a service to a customer or to a group of customers that has not been previously notified to the Bank.

(3) Every notification under subsection (2) must be accompanied by—

(a) subject to subsection (5), such fee as the Bank decides for each notification, being a fee that does not exceed the prescribed maximum amount, and

(b) a statement of the commercial justification for the proposal including a detailed statement of cost, and

(c) details of the estimated amount of additional income accruing from the proposal.

(4) For the purposes of subsection (3)(a), the prescribed maximum amount is—

(a) €31,750, or

(b) if some other amount is prescribed by regulations made for the purposes of this subsection — a fee of that other amount.

(5) The Bank may waive or reduce the fee if the payment of the fee would, in the opinion of the Bank, be unfair to the holder of the authorisation concerned, having regard to—

(a) the impact of any increase in or imposition of charges on customers, and

(b) the number of customers affected by any increase in or imposition of charges, and

(c) the additional income likely to accrue from any increase in, or imposition of, charges, and

(d) any other criteria that the Bank considers appropriate.

(6) The Bank may, within 4 months after receiving a notification under subsection (2), direct the holder of an authorisation—

(a) to refrain from imposing or changing a charge in relation to the provision of a service to a customer or to a group of customers, without the prior approval of the Bank, and

(b) to publish, in such manner as may be specified by the Bank from time to time, information on any charge in relation to the provision of a service to a customer or to a group of customers.

(7) If a notification under subsection (2) is in respect of a proposal to impose a charge for a new service that was not previously offered to its customers or is being offered as a choice to and in a way materially different from existing services, the Bank may, within 3 weeks after receiving the notification, direct the holder of an authorisation—

(a) to refrain from imposing or changing a charge for providing a service to a customer, or to a group of customers, without the prior approval of the Bank, and

(b) to publish, in such manner as may be specified by the Bank from time to time, information on any charge for providing a service to a customer or to a group of customers.

(8) A direction under this section may be expressed to apply—

(a) to every holder of an authorisation or holders of authorisations carrying on a specified type of bureau de change business, or

(b) to all services provided to a customer or to a group of customers by holders of authorisations or to specified services or to services of a specified kind, or

(c) to a specified time or times or during a specified period or periods,

and has effect according to its terms.

(9) The Bank shall—

(a) communicate such a direction to the holder of every authorisation concerned, and

(b) if not communicated in writing, confirm the communication in writing to that holder as soon as practicable after giving the direction.

(10) The Bank shall, in exercising the powers conferred by this section, have regard to—

(a) the promotion of fair competition between—

(i) holders of authorisations, and

(ii) credit institutions carrying on a particular type of bureau de change business,

and

(b) the statement of commercial justification referred to in subsection (3)(b), and

(c) the holder of an authorisation passing any costs on to its customers, or a group of its customers, in proposing to impose or change any charge for providing a service to a customer or a group of its customers, and

(d) the effect on customers or a group of customers of any proposal to impose or change any charge for providing the service.

(11) The Bank may amend or revoke a subsisting direction under this section and may amend or revoke a subsisting direction that has been amended.

(12) The Bank may exempt the holder of an authorisation from the obligation to make a notification under subsection (2) in respect of any charge which has been individually negotiated in good faith with that holder by a customer, or by or on behalf of a group of customers, of that holder.

(13) The Bank shall—

(a) keep under general review the terms and conditions applying to the provision of services to customers by holders of authorisations, and

(b) require the holder of an authorisation to discontinue or refrain from the use of such terms and conditions as are, or are likely to be regarded as, unfair, and

(c) if that holder fails to comply with a requirement under subparagraph (b), bring proceedings in the High Court for an order prohibiting the use, or continued use of those terms and conditions.

(14) In this section—

‘service’ means any service provided by the holder of an authorisation to a customer in relation to—

(a) making and receiving payments, or

(b) providing foreign exchange facilities.

(15) For the purposes of this section, a notification made to the Director of Consumer Affairs before the substitution of this section by item 43 of Part 21 of Schedule 1 to the Central Bank and Financial Services Authority of Ireland Act 2003, is taken to have been made to the Bank.”.

44.

Section 150

(a) Substitute “Bank” for “Director”;

(b) delete “during his term of office or at any time thereafter”;

(c) substitute “its” for “his”, wherever otherwise occurring;

(d) substitute “it” for “him”.

45.

Section 151

Substitute the following section

“Credit intermediaries register.

151.—(1) The Director shall establish and keep a register of credit intermediaries.

(2) The register is to be kept in a form determined by the Director.

(3) The credit intermediaries register must contain the following particulars

(a) the information referred to in section 144(8);

(b) any revocation or suspension of a credit intermediaries authorisation;

(c) such other particulars as the Minister for Enterprise, Trade and Employment from time to time prescribes.

(4) The Director shall keep the register at the Director's office of business and shall make the register available for inspection by members of the public during those business hours. If the register is kept in a form that is not immediately legible, the Director shall make available a version of the register that is in legible form.

(5) A person who attends the Director's office during the hours when it is open for business is entitled, on request—

(a) to inspect the register without charge or make enquiries regarding its contents, and

(b) on payment of the prescribed fee, to obtain a copy of any entry in the register.

(6) For the purpose of subsection (5)(b), the prescribed fee is—

(a) €6.25, or

(b) if some other amount is prescribed by the Minister for Enterprise, Trade and Employment for the purposes of this subsection — that other amount.”.

46.

Sections 151A and 151B

Insert the following sections after section 151

“Registers of moneylenders and mortgage intermediaries.

151A.—(1) The Bank shall establish and keep—

(a) a register of moneylenders, and

(b) a register of mortgage intermediaries.

(2) Each of the registers is to be kept in a form determined by the Bank.

(3) The register of moneylenders must contain the following particulars

(a) the information referred to in section 93(8);

(b) any revocation, suspension or variation of the terms or conditions of a moneylender's licence;

(c) such other particulars as the Minister for Finance prescribes from time to time.

(4) The mortgage intermediaries register must contain the following particulars

(a) the information referred to in section 116(8);

(b) any revocation or suspension of a mortgage intermediaries authorisation;

(c) such other particulars as the Minister for Finance prescribes from time to time.

(5) A person is at all reasonable times entitled to make enquiries regarding the contents of either of the registers.

(6) The Bank shall ensure that each of the registers is at all reasonable times open for inspection by members of the public. If a register is kept in a form that is not immediately legible, the Bank shall make available to any member of the public who wishes to inspect the register a version of the register that is in legible form.

(7) A person is entitled to obtain a copy of any entry in either of the registers on payment to the Bank of a fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection.

(8) The Bank may, in relation to such class or classes of persons as it decides, waive or reduce a fee prescribed for the purposes of subsection (7).

Certified copy of entry in register to be admissible in evidence.

151B.—(1) Every document purporting to be a copy of an entry in a register kept under section 151 and to be certified by a person employed in the office of the Director to be a true copy of the entry is, without proof of the person's signature or proof that the person was such officer, admissible in all legal proceedings as evidence of its contents.

(2) Every document purporting to be a copy of an entry in a register kept under section 151A and to be certified by an authorised person to be a true copy of the entry is, without proof of the person's signature or proof that the person was an authorised person, admissible in all legal proceedings as evidence of its contents.

(3) In subsection (2), ‘authorised person’ means the Bank, a person authorised by the Bank for the purposes of that subsection, a delegate of the Bank or a member, officer or employee of such a delegate.”.

PART 22 Amendment of Netting of Financial Contracts Act 1995

PART 22

Amendment of Netting of Financial Contracts Act 1995

Item

Provision affected

Amendment

1.

Section 1

In subsection (1), substitute the following definition for the definition of “Bank”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 23 Amendment of Central Bank Act 1997

PART 23

Amendment of Central Bank Act 1997

Item

Provision affected

Amendment

1.

Section 2

In subsection (1), substitute the following definition for the definition of “Bank”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 18

(a) Substitute the following subsection for subsection (1)

“(1) The Bank may, subject to the approval of the Minister, prescribe the fee that a person who operates a payment system must pay to the Bank in relation to the operation of the system. Different fees may be prescribed for different classes of operators of payment systems.”;

(b) in subsection (2), substitute “Bank” for “Minister”;

(c) in subsection (2), substitute “it” for “he or she”, wherever occurring;

(d) in subsection (2), substitute “it” for “him or her”.

3.

Section 24

Repeal the section.

4.

Sections 36 and 48

Repeal the sections.

5.

Section 75

Substitute the following subsections for subsection (8)

“(8) In this section—

‘appropriate person’ means—

(a) a Director, officer or employee of the Bank, or

(b) a member or officer of the Irish Financial Services Regulatory Authority, or

(c) in relation to a particular inspection or proposed inspection, any other person who is designated as an appropriate person under subsection (9);

‘inspection’ includes part of an inspection;

‘premises’ includes vessel, aircraft, vehicle and any other means of transport, as well as land and a building;

‘responsible authority’ means the Governor of the Bank or the Chief Executive Officer of the Irish Financial Services Regulatory Authority.

(9) A responsible authority may designate as an appropriate person for the purposes of this section any person who, in the authority's opinion, has sufficient qualifications or experience to carry out an inspection to which this section relates.”.

PART 24 Amendment of Credit Union Act 1997

PART 24

Amendment of Credit Union Act 1997

Item

Provision affected

Amendment

1.

Section 2

(a) In the definition of “annual return”, substitute “Bank” for “Registrar”;

(b) in subsection (1), insert the following definition after the definition of “annual return”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in subsection (1), substitute the following definition for the definition of “the Minister”

“‘Minister’ means the Minister for Finance;”;

(d) in the definition of “prescribed” in subsection (1), delete “by the Minister”;

(e) in subsection (1), delete the definition of “Registrar”.

2.

Section 3

Substitute “Bank” for “Registrar”, wherever occurring.

3.

Section 4

Substitute the following section

“Expenses incurred by the Minister.

4.—Expenses incurred by the Minister in administering this Act are payable out of money provided by the Oireachtas.”.

4.

Section 5

(a) In subsection (4), substitute “Bank” for “Registrar”;

(b) in subsection (4), substitute “it” for “he”.

5.

Section 6

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (4)(b), substitute “it” for “he”.

6.

Section 7

In subsection (1), substitute “Bank” for “Registrar”.

7.

Section 8

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3), substitute “it” for “he”.

8.

Section 10

In subsection (4)(b), substitute “Bank” for “Registrar”.

9.

Section 11

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3), substitute “its” for “his”.

10.

Section 12

In subsection (4)(c), substitute “Bank” for “Registrar”.

11.

Section 13

(a) In subsection (1), substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “him”.

12.

Section 14

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsections (4) and (5), substitute “it” for “him”;

(c) in subsections (4) and (5)(a), substitute “its” for “his”, wherever occurring;

(d) in subsection (5)(b), substitute “Bank's” for “Registrar's”.

13.

Section 26

In subsection (4), substitute “Bank” for “Registrar”.

14.

Section 27

(a) In subsection (3), substitute “Bank” for “Registrar”;

(b) in subsection (3), substitute “it” for “he”, wherever occurring;

(c) in subsection (4), insert “under section 182” after “regulations”.

15.

Section 32

(a) In subsection (4), substitute “Bank” for “Registrar”;

(b) in subsection (4), substitute “it” for “he”, wherever occurring.

16.

Section 33

In subsection (2), substitute “Bank” for “Registrar”.

17.

Section 34

(a) Substitute the following subsections for subsection (2)

“(2) An application for the recording of a charge under subsection (1) must be made by delivering to the Bank, within the permitted period—

(a) a copy of the instrument authenticated in such manner as may be specified by the Bank, and

(b) such additional particulars relating to the charge and authenticated as may be so specified.

The permitted period is 21 days from the date of execution of the instrument that creates or is evidence of the charge, or such extended period as may be allowed under subsection (5).

(2A) The application must be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection.”;

(b) in subsection (3), substitute “Bank” for “Registrar”, wherever occurring;

(c) substitute the following subsection for subsection (4)

“(4) Regulations under section 182 may provide for the giving of notice to the Bank of any release, discharge or other transaction relating to any charge in respect of which an application has been made for the purposes of this section and for the placing of any such notice on the public file of the credit union concerned.”.

18.

Section 35

In subsection (4), substitute “Bank” for “Registrar”.

19.

Section 39

(a) In subsection (2), substitute “Bank” for “Registrar”;

(b) in subsection (2), substitute “it” for “he”.

20.

Section 40

(a) In subsection (3), substitute “Bank” for “Registrar”;

(b) in subsection (3), substitute “it” for “he”.

21.

Section 41

(a) In subsection (5), substitute “Bank” for “Registrar”;

(b) in subsection (5), substitute “it” for “he”.

22.

Section 43

(a) In subsection (1), substitute “Subject to any regulation made under section 182 for the purpose of this section,” for “Subject to any provision made by regulations”;

(b) in subsection (5)(b), substitute “Bank” for “Registrar”.

23.

Section 44

In subsection (5), substitute “Bank” for “Registrar”.

24.

Section 46

In subsection (1), substitute “Bank” for “Registrar”.

25.

Section 47

In subsection (3), substitute “Bank” for “Registrar”.

26.

Section 48

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2)(b), substitute “Bank” for “Minister”;

(c) in subsection (2), insert “under section 182” after “regulations made”;

(d) in subsection (6), substitute “it” for “him”;

(e) in subsection (7), substitute “it” for “he”.

27.

Section 49

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) substitute “its” for “his”, wherever occurring;

(d) in subsection (5), substitute “it” for “him”.

28.

Section 50

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “him”, wherever occurring;

(c) in subsection (1), substitute “its” for “his”.

29.

Section 52

Substitute “Bank” for “Registrar”, wherever occurring.

30.

Section 54

In subsection (5), substitute “Bank” for “Registrar”.

31.

Section 56

In subsection (5), substitute “Bank” for “Registrar”.

32.

Section 57

Substitute “Bank” for “Registrar”, wherever occurring.

33.

Section 59

Substitute “Bank” for “Registrar”, wherever occurring.

34.

Section 61

In subsection (5), substitute “Bank” for “Registrar”.

35.

Section 62

Substitute “Bank” for “Registrar”, wherever occurring.

36.

Section 63

In subsection (5), substitute “Bank” for “Registrar”.

37.

Section 66

Substitute “Bank” for “Registrar”, wherever occurring.

38.

Section 70

In subsection (4), substitute “Bank” for “Registrar”.

39.

Section 71

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2)(g), substitute “its” for “his”.

40.

Section 73

In subsection (3), substitute “Bank” for “Registrar”.

41.

Section 75

(a) In subsection (5), substitute “Bank” for “Registrar”;

(b) in subsection (5), substitute “its” for “his”.

42.

Section 76

Substitute “Bank” for “Registrar”, wherever occurring.

43.

Section 78

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3), substitute “it” for “he”, wherever occurring.

44.

Section 79

In subsection (5), substitute “Bank” for “Registrar”, wherever occurring.

45.

Section 80

Substitute “Bank” for “Registrar”, wherever occurring.

46.

Section 81

In subsection (1), substitute “Bank” for “Registrar”.

47.

Section 82

In subsection (1), substitute “Bank” for “Registrar”.

48.

Section 83

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), substitute “it” for “him”.

49.

Part VI, heading

Substitute “Bank” for “Registrar”.

50.

Section 84

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), substitute “its” for “his”, wherever occurring;

(c) in subsection (2), substitute “it” for “him”.

51.

Section 85

Substitute “Bank” for “Registrar”, wherever occurring.

52.

Section 86

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”.

53.

Section 87

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”;

(c) in subsection (2), substitute “it” for “him”;

(d) in subsection (2), substitute “its” for “his”.

54.

Section 88

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in subsection (2), substitute “it” for “him”.

55.

Section 89

Substitute “Bank” for “Registrar”, wherever occurring.

56.

Section 90

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), substitute “its” for “his”;

(c) in subsection (2), substitute “it” for “he”.

57.

Section 91

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “its” for “his”, where lastly occurring;

(c) in subsection (2), substitute “in the exercise of the powers of the Bank or that person” for “in the exercise of his powers”;

(d) in subsection (8), substitute “it” for “him”;

(e) in subsection (8), substitute “its” for “his”;

(f) in subsection (8), substitute “it” for “he”.

58.

Section 92

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring (subsection (4) excepted);

(c) in subsection (3), substitute “it” for “him”;

(d) in subsection (8), substitute “its” for “his”.

59.

Section 93

In subsection (8), substitute “Bank” for “Registrar”, wherever occurring.

60.

Section 94

(a) In subsections (1), (3), (4), (6) and (7), substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute the following subsection for subsection (2)

“(2) In relation to a report made to the Bank under this section, the Bank shall—

(a) give a copy to the Minister, and

(b) if the inspector who made the report makes or has made an application to the Court under section 93(5), deliver a copy to the Court, and

(c) if it thinks fit, provide a copy to the credit union and its auditor, and

(d) on request and on payment of such fee (if any) as may be prescribed under section 33K of the Central Bank Act 1942, for the purposes of this paragraph, provide a copy to any other person—

(i) who is a member of the credit union, or

(ii) who is a member of any other body dealt with in the report by virtue of section 92(4), or

(iii) whose interests as a creditor of the credit union, or of that other body, appear to the Bank to be affected,

and

(e) where the investigation results from an application under section 92(1)(a) at the request of the applicants and if the Bank thinks fit, give a copy to the applicants.”;

(c) in subsections (3), (6) and (7), substitute “it” for “he”, wherever occurring;

(d) in subsection (8), substitute “Bank” for “Minister”.

61.

Section 95

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), substitute “it” for “him”;

(c) in subsections (1) and (3), substitute “it” for “he”.

62.

Section 96

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”.

63.

Section 97

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) substitute “its” for “his”, wherever occurring;

(d) in subsection (1), substitute “by notice in writing” for “by writing under his hand”;

(e) in subsection (1)(d), substitute “it” for “him”.

64.

Section 98

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “he”;

(c) substitute “by notice in writing” for “by writing under his hand”, wherever occurring.

65.

Section 99

Substitute “Bank” for “Registrar”, wherever occurring.

66.

Section 100

Substitute the following subsections for subsection (1)

“(1) The Bank shall prepare and keep at a specified office of the Bank a file relating to each credit union, to be known as the public file of the credit union.

(1A) The Bank shall ensure that the public file of each credit union contains—

(a) the documents, or the copies of documents, and

(b) the records of the matters,

that are directed by or under this Act to be kept in the public file of a credit union.”.

67.

Section 101

Repeal the section.

68.

Section 102

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) substitute “it” for “he”;

(c) substitute “it” for “him”.

69.

Section 103

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3), substitute “it” for “he”;

(c) substitute the following subsection for subsection (4)

“(4) The Bank may not serve a notice under subsection (3) after the end of 3 months from the date on which it received the document to which the notice relates.”;

(d) in subsection (5), substitute “it” for “him”, wherever occurring.

70.

Section 104

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (5), substitute “it” for “he”;

(c) substitute the following subsection for subsection (6)

“(6) The Bank may not serve a notice under subsection (5) after the end of 3 months from the date on which it received the document to which the notice relates.”;

(d) in subsection (7), substitute “it” for “him”, wherever occurring;

(e) substitute the following subsection for subsection (9)

“(9) Regulations under section 182 may make further provision for the delivery of documents, or the service of notices, under this section by instantaneous forms of communication.”.

71.

Section 105

Repeal the section.

72.

Section 106

Repeal the section.

73.

Section 107

Substitute “Bank” for “Registrar”, wherever occurring.

74.

Section 109

In subsection (2)(b), substitute “Bank” for “Registrar”, wherever occurring.

75.

Section 111

Substitute “Bank” for “Registrar”, wherever occurring.

76.

Section 113

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (9), substitute “it” for “he”.

77.

Section 114

In subsection (4)(b), substitute “Bank” for “Registrar”.

78.

Section 115

In subsection (1)(d), substitute “Bank” for “Registrar”.

79.

Section 116

In subsection (1), substitute “Bank” for “Registrar”, wherever occurring.

80.

Section 117

Substitute “Bank” for “Registrar”, wherever occurring.

81.

Section 118

Substitute “Bank” for “Registrar”, wherever occurring.

82.

Section 119

In subsection (4), substitute “Bank” for “Registrar”.

83.

Section 121

Substitute the following section

“Regulations relating to accounts and audit.

121.—Regulations under section 182 may make provision with respect to the annual accounts of credit unions and to their audit and, in particular, any such regulations may do all or any of the following

(a) add to the documents to be comprised in the annual accounts of a credit union prepared with respect to a financial year under section 111;

(b) make further provision as to the matters to be included in any document comprised in a credit union's annual accounts;

(c) make further provision in relation to accounting principles and rules for the preparation of annual accounts including, if the Minister considers it necessary or desirable, adherence to particular formats of presentation.”.

84.

Section 122

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (4), substitute “its” for “his”;

(c) in subsection (4), substitute “it” for “he”, wherever occurring;

(d) in subsection (4), substitute “it” for “him”.

85.

Section 124

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3), substitute “it” for “he”.

86.

Section 125

In subsection (3), substitute “Bank” for “Registrar”.

87.

Section 126

Substitute the following subsections for subsections (3) to (5)

“(3) If the rules of a credit union provide for a dispute to be determined by the Bank or the Registrar of Credit Unions, the Arbitration Acts apply to the dispute subject to any necessary modifications. In applying the Arbitration Acts, the following provisions apply

(a) the rules are to be treated as an arbitration agreement within the meaning of those Acts;

(b) a person nominated by the Bank, or the Registrar of Credit Unions, is to be a single arbitrator for the purpose of those Acts;

(c) the provisions of those Acts relating to the appointment of additional arbitrators or umpires do not apply.

(4) The Minister may, by order notified in Iris Oifigiúil, provide for the functions of the Bank or the Registrar of Credit Unions under subsection (3) to be performed—

(a) by an adjudicator appointed under a scheme established by an order in force under section 127, or

(b) if there is no such scheme, by an adjudicator appointed under a non-statutory scheme for the adjudication of complaints against credit unions.

(5) The Minister may make an order under subsection (4) only after consulting the Bank, the Advisory Committee and such other bodies as appear to the Minister to have expertise or knowledge about credit unions,”.

88.

Section 127

(a) Substitute the following subsections for subsection (1)

“(1) The Minister may, by order notified in Iris Oifigiúil, require a credit union to establish or join in establishing a scheme or schemes for the investigation of complaints against the credit union in relation to a prescribed matter of complaint.

(1A) The Minister may make an order under subsection (1) only after consulting the Bank, the Advisory Committee and such other bodies as appear to the Minister to have expertise or knowledge about credit unions.”;

(b) in subsection (2), substitute “an order” for “regulations”;

(c) in subsection (2)(i), substitute “Bank” for “Registrar”.

89.

Section 128

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (3)(b), substitute “it” for “he”, wherever occurring;

(c) in subsection (3)(b), substitute “its” for “his”.

90.

Section 129

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsections (2) and (5), substitute “it” for “he”.

91.

Section 130

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (4), substitute “it” for “he”.

92.

Section 131

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (6), substitute “it” for “he”, wherever occurring.

93.

Section 132

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), substitute “it” for “he”.

94.

Section 133

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “him”.

95.

Section 134

(a) In subsection (2)(a), substitute “Bank” for “Registrar”, where secondly occurring;

(b) in subsection (3), substitute “Bank” for “Registrar”.

96.

Section 135

Substitute “Bank” for “Registrar”, wherever occurring.

97.

Section 136

Substitute “Bank” for “Registrar”, wherever occurring.

98.

Section 137

(a) In subsection (1), substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (1), substitute “it” for “him”.

99.

Section 138

In subsection (1), substitute “Bank” for “Registrar”,

wherever occurring.

100.

Section 139

In subsection (1), substitute “Bank” for “Registrar”,

wherever occurring.

101.

Section 140

In subsection (2)(a), substitute “Bank” for “Registrar”,

wherever occurring.

102.

Section 141

In subsection (3)(b), substitute “Bank” for “Registrar”.

103.

Section 142

Substitute “Bank” for “Registrar”, wherever occurring.

104.

Section 143

In subsection (7), substitute “Bank” for “Registrar”.

105.

Section 145

In subsection (2), substitute “Bank” for “Registrar”.

106.

Section 153

In subsection (4), substitute “Bank” for “Registrar”.

107.

Section 154

In subsection (4), substitute “Bank” for “Registrar”.

108.

Section 155

Substitute “Bank” for “Registrar”, wherever occurring.

109.

Section 156

Substitute “Bank” for “Registrar”, wherever occurring.

110.

Section 157

Substitute “Bank” for “Registrar”, wherever occurring.

111.

Section 161

Substitute “Bank” for “Registrar”, wherever occurring.

112.

Section 163

Substitute “Bank” for “Registrar”, wherever occurring.

113.

Section 164

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (5), substitute “it” for “him”;

(c) in subsection (5), substitute “it” for “he”.

114.

Section 166

In subsection (1)(b), substitute “Bank” for “Registrar”.

115.

Section 169

In subsection (1), substitute “Bank” for “Registrar”.

116.

Section 171

Substitute the following subsection for subsection (4)

“(4) Summary proceedings for an offence against a provision of this Act may be brought only by the Bank.”.

117.

Section 176

Substitute “Bank” for “Registrar”, wherever occurring.

118.

Section 179

In subsection (1), substitute “Bank” for “Registrar”,

where secondly occurring.

119.

Section 180

(a) In subsection (2)(c), substitute “Bank” for “Registrar”;

(b) in subsection (7), delete “, with the consent of the Minister for Finance,”.

120.

Section 181

Substitute the following section

“Consultation.

181.—References in this Act to bodies appearing to the Minister or to the Bank to have expertise or knowledge about credit unions, include references to the unincorporated association called the Irish League of Credit Unions.”.

121.

Section 182

(a) In subsection (1), substitute “The Minister may make regulations” for “After consultation with the Registrar, the Advisory Committee and any other bodies appearing to the Minister to be expert or knowledgeable in matters relating to credit unions, the Minister may make regulations”;

(b) in subsection (1)(j), substitute “Bank” for “Registrar”;

(c) insert the following subsection after subsection (1)

“(1A) The Minister may make regulations under this section only after consulting the Bank, the Advisory Committee and any other body appearing to the Minister to have expertise or knowledge of credit unions.”;

(d) in subsection (3), delete “summary”;

(e) substitute the following subsection for subsection (4)

“(4) The amount that may be specified for such an offence may not exceed—

(a) if the offence is tried summarily, €1,250, or

(b) if the offence is tried on indictment, €12,500.”.

122.

Section 186

In subsection (1), substitute “Bank” for “Registrar”.

123.

Section 187

(a) Substitute “Bank” for “Registrar”, wherever occurring;

(b) in subsection (2), delete “or a person duly authorised by the Minister”.

124.

First Schedule

In item 12, substitute “Bank for Registrar of Credit Unions” for “Registrar”.

125.

Fourth Schedule

Substitute “Bank” for “Registrar”, wherever occurring.

126.

Fifth Schedule (including the heading)

Substitute “Bank” for “Registrar”, wherever occurring.

PART 25 Amendment of Central Bank Act 1998

PART 25

Amendment of Central Bank Act 1998

Item

Provision affected

Amendment

1.

Section 2

In subsection (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Sections 3 to 8 and 10 to 20

Repeal the sections.

PART 26 Amendment of Investor Compensation Act 1998

PART 26

Amendment of Investor Compensation Act 1998

Item

Provision affected

Amendment

1.

Section 2

In subsection (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 17

Delete “, with the consent of the Minister for Enterprise, Trade and Employment,”.

3.

Section 18

(a) Substitute the following subsections for subsections (2), (3) and (4)

“(2) The number of directors of the Company (including the chairperson and deputy chairperson) is such number as the Minister prescribes from time to time.

(3) The Minister may from time to time prescribe bodies that appear to the Minister to represent the financial services industry. Each of those bodies is entitled to nominate a director for appointment by the Company.

(4) The Minister may from time to time prescribe bodies that, or natural persons who, appear to the Minister to represent the interests of the clients of investment firms. Each of the bodies so prescribed may nominate a director for appointment by the Company. The Company shall appoint each natural person so prescribed to be a director of the Company.”.

(b) substitute the following subsection for subsection (6)

“(6) The Minister may, by regulation, provide for a body (or its successor) prescribed in accordance with subsection (3) or (4) to nominate and appoint more than one director if it appears to the Minister to be in the interests of ensuring the equal representation of the financial services industry and of investors. However, the number of directors to be nominated by bodies representing the financial services industry must be equal to the number representing the interests of investors.”.

4.

Section 48

Repeal the section.

PART 27 Amendment of Dormant Accounts Act 2001

PART 27

Amendment of Dormant Accounts Act 2001

Item

Provision affected

Amendment

1.

Section 2

In subsection (1), insert the following definition after the definition of “Board”

“‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Section 6

Substitute the following subsection for subsection (5)

“(5) (a) Summary proceedings for an offence under section 40(2) may be brought and prosecuted by the Minister.

(b) Summary proceedings for an offence under any provision of this Act other than section 40(2) may be brought and prosecuted by the Central Bank.”.

3.

Section 17

In subsection (4)(a)(iii), substitute “Central Bank” for “Minister”.

4.

Section 20

In subsection (1), substitute “Central Bank” for “Minister”, wherever occurring.

5.

Section 21

In the definition of “inspector”, substitute “Central Bank” for “Minister”.

6.

Section 22

(a) In subsections (1), (4) and (5), substitute “Central Bank” for “Minister”;

(b) in subsection (2), substitute “Central Bank” for “Minister”, where firstly occurring.

7.

Section 23

In subsections (3) and (9), substitute “Central Bank” for “Minister”.

8.

Section 24

Substitute “Central Bank” for “Minister”, wherever occurring.

9.

Section 27

In subsection (1), substitute “Central Bank” for “Minister”, wherever occurring.

PART 28 Amendment of Asset Covered Securities Act 2001

PART 28

Amendment of Asset Covered Securities Act 2001

Item

Provision affected

Amendment

1.

Section 3

In subsection (1), substitute the following definition for the definition of “Central Bank”

“ ‘Central Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

ISB Act 2003-04-22

Schedule 2 Central Bank and Financial Services Authority of Ireland Act 2003 Open official source

SCHEDULE 2 Amendment of European Communities Regulations

SCHEDULE 2

Amendment of European Communities Regulations

Section 35(2).

PART 1 Amendment of European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976)

PART 1

Amendment of European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976)

Item

Provision affected

Amendment

1.

Article 2

(a) In the definition of “authorisation” in subarticle (1) (as amended by Article 3 of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991), delete “by the Minister”;

(b) in sub-article (1), insert the following definition after the definition of “authorisation”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), delete the definition of “the Minister”.

2.

Article 4

In sub-article (1), substitute “Bank” for “Minister”.

3.

Article 5

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) in sub-article (2), substitute “its” for “his”.

4.

Article 6

In sub-article (4), substitute “Bank” for “Minister”.

5.

Article 7

In sub-article (2), substitute “the Bank's” for “the Minister's”.

6.

Article 9

Substitute “Bank” for “Minister”.

7.

Article 10

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

9.

Article 12

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “it” for “he”;

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

(d) in sub-article (3)(a), substitute “it” for “him”.

10.

Article 13

Substitute “Bank” for “Minister”.

11.

Article 14

In sub-article (8)(b) (as inserted by Article 4 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1991), substitute “Bank” for “Minister”.

12.

Article 15

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (b), substitute “it” for “he”.

13.

Article 16

In sub-article (2)(f), substitute “Bank” for “Minister”.

14.

Article 17

(a) Substitute “Bank” for “Minister”;

(b) substitute “it” for “him”;

(c) substitute “its” for “his”.

15.

Article 18

(a) In sub-article (2), substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2), substitute “its” for “his”;

(c) in sub-article (2), substitute “the restoration of the institution” for “its restoration”.

16.

Article 18A (as inserted by Article 7 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1986)

(a) In sub-article (2), substitute “Bank” for “Minister”, wherever occurring; (b) in sub-article (2), substitute “its” for “his”.

(a) In sub-article (2), substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2), substitute “its” for “his”.

17.

Article 19

Substitute “Bank” for “Minister”, wherever occurring.

18.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “it” for “him”;

(c) in sub-article (1), substitute “its” for “his”;

(d) in sub-article (3), substitute “it” for “he”.

19.

Article 21

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “him”, wherever occurring;

(c) substitute “it” for “he”, wherever occurring.

20.

Article 21A (as inserted by Article 9 of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991)

Substitute “Bank” for “Minister”.

21.

Article 22

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (4) (as substituted by Article 10(1) of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991), substitute “it” for “he”.

22.

Article 23

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2)(c), substitute “it” for “he”.

23.

Article 25

Substitute “Bank” for “Minister”.

24.

Article 26

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “its” for “his”.

25.

Article 32

Substitute “Bank” for “Minister”.

26.

Article 33

In sub-article (3) (as inserted by Article 2(b) of the European Communities (Non-Life Insurance) (Amendment) Regulations 1985), substitute “Bank” for “Minister”.

27.

Article 34 (as inserted by Article 2(c) of the European Communities (Non-Life Insurance) (Amendment) Regulations 1985)

Delete the article.

28.

Schedule III

(a) Substitute “the Central Bank and Financial Services Authority of Ireland” for “the Minister for Industry and Commerce” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring;

(b) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry and Commerce” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring.

PART 2 Amendment of European Communities (Insurance Agents and Brokers) Regulations 1978 (S.I. No. 178 of 1978)

PART 2

Amendment of European Communities (Insurance Agents and Brokers) Regulations 1978 (S.I. No. 178 of 1978)

Item

Provision affected

Amendment

1.

Regulation 2

(a) Insert the following definition before the definition of “certificate”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “the Minister”.

2.

Regulation 3

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in paragraph (2), substitute “it” for “he”.

3.

Regulation 6

Substitute “Bank” for “Minister”.

4.

Regulation 7

In paragraph (1), substitute “Bank” for “Minister”.

PART 3 Amendment of European Communities (Co-Insurance) Regulations 1983 (S.I. No. 65 of 1983)

PART 3

Amendment of European Communities (Co-Insurance) Regulations 1983 (S.I. No. 65 of 1983)

Item

Provision affected

Amendment

1.

Article 2

(a) Insert the following definition after the definition of “authorisation”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “the Minister”.

2.

Article 4

In sub-article (3), substitute “Bank” for “Minister”.

3.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”.

4.

Article 8

In sub-article (2), substitute “the undertaking has notified the Bank of the undertaking's intention to carry on the business in that manner and that the Bank has given its consent” for “the undertaking has notified the Minister of its intention to carry on such business in that manner and that the Minister has given his consent”.

PART 4 Amendment of European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984)

PART 4

Amendment of European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984)

Item

Provision affected

Amendment

1.

Article 2

(a) In sub-article (1), insert the following definition after the definition of “authorisation”

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in sub-article (1), delete the definition of “the Minister”.

2.

Article 4

In sub-article (1), delete “granted by the Minister”.

3.

Article 5

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occurring;

(c) substitute “its” for “his”.

4.

Article 7

In sub-article (1), substitute “Bank” for “Minister”.

5.

Article 10

Substitute “Bank” for “Minister”.

6.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 13

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “it” for “he”;

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

(d) in sub-article (3)(a), substitute “it” for “him”.

9.

Article 14

Substitute “Bank” for “Minister”.

10.

Article 15

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 16

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (b), substitute “it” for “he”.

12.

Article 17

In sub-article (2)(e), substitute “the Bank and with its consent” for “the Minister and with his consent”.

13.

Article 19

In sub-article (2), substitute “Bank” for “Minister”, wherever occurring.

14.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “him”;

(c) substitute “its” for “his”.

15.

Article 21

Substitute “Bank” for “Minister”, wherever occurring.

16.

Article 22

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “him”;

(c) substitute “its” for “his”;

(d) substitute “it” for “he”.

17.

Article 23

(a) Substitute the following sub-articles for subarticles (1) and (2)

“(1) An undertaking that is the holder of an authorisation and whose head office is located in the State shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such information (in such form and manner as it specifies) as will enable the Bank to verify the state of solvency of the undertaking with respect to its entire business.

(2) An undertaking that is the holder of an authorisation shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such returns and documents (in such form and manner as it specifies) as are necessary—

(a) to enable the Bank to verify that the technical reserves (including the mathematical reserves) mentioned in Article 15 of these Regulations are being maintained, and

(b) to enable the Bank to comply with Article 14 of these Regulations.”;

(b) in sub-articles (3) and (4), substitute “Bank” for “Minister”, wherever occurring;

(c) in sub-article (4)(a), substitute “it” for “him”.

18.

Article 24

Substitute “Bank” for “Minister”, wherever occurring.

19.

Article 25

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2)(c), substitute “it” for “he”.

20.

Article 27

In sub-article (1), substitute “Bank” for “the Minister”.

21.

Article 28

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “its” for “his”.

22.

Article 35

In sub-article (3), substitute “only by the Bank” for “by the Minister”.

23.

Article 36

Delete the Article.

24.

Schedule III

(a) Substitute “CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND” for “DEPARTMENT OF INDUSTRY, TRADE, COMMERCE AND TOURISM” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring;

(b) substitute “Central Bank and Financial Services Authority of Ireland” for “Minister for Industry, Trade, Commerce and Tourism hereby” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring;

(c) substitute “the official seal of the Central Bank and Financial Services Authority of Ireland” for “the official seal of the Minister for Industry, Trade, Commerce and Tourism” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring;

(d) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry, Trade, Commerce and Tourism” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 (S.I. No. 305 of 1997)), wherever occurring.

PART 5 Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 (S.I. No. 78 of 1989)

PART 5

Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 (S.I. No. 78 of 1989)

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of “articles”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in paragraph (1), substitute the following definition for the definition of “competent authority”

“ ‘competent authority’ means the Bank or, in the case of another Member State, the body or bodies designated by that State to act as a competent authority for the purposes of the Directive;”.

2.

Regulation 6

Substitute the following regulation

“Bank to be competent authority

6.—(1) The Bank is designated as a competent authority to carry out the duties provided for in the Directive and has all the powers necessary for that purpose.

(2) The Bank may arrange for its functions as a competent authority to be performed by any constituent part of the Bank or by any officer or employee of the Bank. Nothing in these Regulations precludes the Bank from being assisted in, or advised on, the discharge of those functions by any such constituent part, officer or employee.”.

3.

Heading to Part XI

Substitute “BANK” for “CENTRAL BANK OF IRELAND”.

4.

Regulation 95

Revoke the Regulation.

5.

Heading to Part XII

Delete “CENTRAL”.

6.

Regulation 99

(a) Substitute the following paragraphs for paragraph (3)

“(3) A responsible authority may, in writing, appoint a qualified person to exercise the powers conferred by paragraph (3A).

(3A) To enable the Bank to perform its statutory functions, an authorised person may, on producing the person's authorisation, at any reasonable time, inspect and take copies of, and make such enquiries as the person considers necessary in relation to—

(a) the records kept under this Regulation by the management company, investment company or trustee of an authorised UCITS, and

(b) any accounting records relating to the management company, investment company or trustee and kept under the Companies Acts, and

(c) any other documents relating to the business of the UCITS.

For those purposes the authorised person may enter any office to which paragraph (1) relates and any other place where the person reasonably believes any such records are kept.

(3B) A person who has possession of, or control over, records referred to in paragraph (1) shall, at the request of an authorised person—

(a) produce the records to that person and permit that person to inspect and take copies of them, and

(b) give any information that that person reasonably requires with respect to the records, and

(c) give such other assistance and information to that person as is reasonable in the circumstances.

(3C) Paragraphs (3) and (3A) apply to every management company, investment company and trustee of a UCITS. When an inspection of the management company, investment company or trustee of a UCITS is being or proposed to be undertaken, those paragraphs (other than paragraph (3A)(a)) also apply to—

(a) every associated enterprise of the management company, investment company and trustee, and

(b) any other person,

if an inspection of the accounts or other records of that enterprise or other person is, in the opinion of the Bank, materially relevant to the proper appraisal of the business of the UCITS.

(b) Substitute the following paragraph for paragraph (5)

“(5) In this Regulation—

‘associated enterprise’, in relation to the management company, investment company or trustee of a UCITS, means—

(a) a holding company of the management company, investment company or trustee, or

(b) a subsidiary company of the management company or investment company or trustee, or

(c) a company that is a subsidiary of a body corporate, where the management company, investment company or trustee is also a subsidiary of the body corporate, but neither company is a subsidiary of the other, or

(d) any other body corporate that is not a subsidiary of the management company, investment company or trustee but in respect of which the management company, investment company or trustee is beneficially entitled to more than 20 per cent in nominal value of either the allotted share capital or of the shares carrying voting rights (other than voting rights that arise only in specified circumstances) in that other body corporate, or

(e) a partnership in which the management company, investment company or trustee has an interest, and whose business is or, at the relevant time, was, in the opinion of the Bank, materially relevant to any inspection of the management company, investment company or trustee being carried out or proposed to be carried out under this section;

‘authorised person’ means a person appointed under paragraph (3);

‘holding company’ has the meaning given to it by section 155 of the Companies Act 1963;

‘qualified person’ means-

(a) a Director, officer or employee of the Bank, or a member or officer of the Irish Financial Services Regulatory Authority, or

(b) in relation to any particular inspection (including a proposed inspection), any other person who in the opinion of the responsible authority possesses appropriate qualifications or experience to carry out the inspection to which this Regulation relates, or any part of that inspection;

‘records’ includes books and any other documents, and also includes—

(a) any information kept in a non-legible form (whether electronically or otherwise) that is capable of being reproduced in a legible form, and

(b) the electronic or other means by which the information is capable of being reproduced;

‘responsible authority’ means the Governor of the Bank or the Chief Executive of the Irish Financial Services Regulatory Authority;

‘statutory functions’ means functions under these Regulations;

‘subsidiary company’ has the meaning given by section 155 of the Companies Act 1963.”.

PART 6 Amendment of European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 (S.I. No. 142 of 1991)

PART 6

Amendment of European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 (S.I. No. 142 of 1991)

Item

Provision affected

Amendment

1.

Article 2

Insert the following definition before the definition of “Insurance Regulations”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Article 14

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”;

(c) substitute “its” for “his”.

3.

Article 15

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (4), substitute “it” for “him”;

(c) in sub-article (6), substitute “it” for “he”;

(d) in sub-article (6), substitute “its” for “his”.

4.

Article 15A (as inserted by Article 11 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1992)

Substitute “Bank” for “Minister”, wherever occurring.

5.

Article 16

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 17

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 18

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “it” for “he”, wherever occuring.

8.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2)(b), substitute “its” for “his”.

9.

Article 21

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 22

In sub-article (1), substitute “Bank” for “Minister”.

PART 7 Amendment of European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 (S.I. No. 197 of 1991)

PART 7

Amendment of European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 (S.I. No. 197 of 1991)

Item

Provision affected

Amendment

1.

Article 2

Insert the following definition before the definition of “Council Directive”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Article 6

In sub-article (1), substitute “Bank” for “Minister”.

PART 8 Amendment of European Communities (Non-Life Insurance) (Amendment) Regulations 1992 (S.I. No. 244 of 1992)

PART 8

Amendment of European Communities (Non-Life Insurance) (Amendment) Regulations 1992 (S.I. No. 244 of 1992)

Item

Provision affected

Amendment

1.

Article 2

(a) In sub-article (1), insert the following definition after the definition of “Regulations of 1991”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in sub-article (1), delete the definition of “the Minister”.

2.

Article 6

Substitute “Bank” for “Minister”, wherever occurring.

3.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

PART 9 Amendment of European Communities (Credit Institutions: Accounts) Regulations 1992 (S.I. No. 294 of 1992)

PART 9

Amendment of European Communities (Credit Institutions: Accounts) Regulations 1992 (S.I. No. 294 of 1992)

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 10 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)

PART 10

Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Regulation 19

Revoke the Regulation.

PART 11 Amendment of European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992)

PART 11

Amendment of European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992)

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 12 Amendment of European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994)

PART 12

Amendment of European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994)

Item

Provision affected

Amendment

1.

Article 1

In sub-article (1), substitute “Bank” for “Minister”.

2.

Article 2

(a) In sub-article (1), in the definition of “authorisation”, delete “by the Minister”;

(b) in sub-article (1), insert the following definition after the definition of “authorisation”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), insert the following definition after the definition of “Member State where the risk is situated”

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

3.

Article 3

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (12) (as inserted by Article 3(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

5.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 10

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (4) (as inserted by Article 3(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

9.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 13

Substitute “Bank” for “Minister”, wherever occurring.

12.

Article 14

Substitute “Bank” for “Minister”, wherever occurring.

13.

Article 15

In sub-article (1), substitute “Bank” for “Minister”.

14.

Article 16

Substitute “Bank” for “Minister”, wherever occurring.

15.

Article 17

Substitute “Bank” for “Minister”, wherever occurring.

16.

Article 18

Substitute “Bank” for “Minister”, wherever occurring.

17.

Article 20

Substitute “Bank” for “Minister”, wherever occurring.

18.

Article 22

Revoke the Article.

19.

Article 24

(a) Substitute the following paragraph for paragraph (h)

“(h) any other requirements that the Bank may prescribe by regulations for the general good.”;

(b) insert as sub-articles (2) and (3) the following subarticles

“(2) Regulations made for the purposes of sub-article (1)(h) do not take effect until approved by the Minister for Finance.

(3) In prescribing regulations for the purposes of sub-article (1)(h), the Bank shall have regard—

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

(b) to the content of insurance proposals.”.

20.

Article 25

Substitute “Bank” for “Minister”, wherever occurring.

21.

Article 26

In sub-article (2), substitute “Bank” for “Minister”.

22.

Article 28

Substitute “Bank” for “Minister”, wherever occurring.

23.

Article 29

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “the Bank” for “the Minister's”.

24.

Article 30

Substitute “Bank” for “Minister”, wherever occurring.

25.

Article 31

Substitute “Bank” for “Minister”.

26.

Article 32

Amendment Substitute “Bank” for “Minister”, wherever occurring.

27.

Article 33

Substitute “Bank” for “Minister”, wherever occurring.

28.

Article 34

Substitute “Bank” for “Minister”, wherever occurring.

29.

Article 36

Substitute “Bank” for “Minister”, wherever occurring.

30.

Article 37

Substitute “Bank” for “Minister”, wherever occurring.

31.

Article 40

Substitute “Bank” for “Minister”, wherever occurring.

32.

Article 41

Substitute “Bank” for “Minister”, wherever occurring.

33.

Article 46

Substitute “Bank” for “Minister”.

34.

Article 48

In sub-article (1), substitute “Bank” for “Minister”.

35.

Article 49

Substitute “Bank” for “Minister”, wherever occurring.

36.

Article 55

Substitute “Bank” for “Minister”.

37.

Article 56

Substitute “Bank” for “Minister”, wherever occurring.

38.

Article 59

(a) Substitute “€1,900” for “£1,500”, wherever occurring;

(b) in sub-article (1), substitute “the Bank made under these Regulations” for “the Minister thereunder”;

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

39.

Article 60

Substitute the following Article for Article 60

“Lodgement of applications for authorisations.

60. An application for an authorisation under these Regulations must—

(a) be in writing, and

(b) be lodged with the Irish Financial Services Regulatory Authority, and

(c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this Article.”.

40.

Annexes

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in section 2(7)(a) of Annex III, substitute “it” for “him”;

(c) in section 2(7)(a) of Annex III, substitute “it” for “he”.

PART 13 Amendment of European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994)

PART 13

Amendment of European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994)

Item

Provision affected

Amendment

1.

Article 1

In sub-article (1), substitute “Bank” for “Minister”.

2.

Article 2

(a) In sub-article (1), in the definition of “authorisation”, delete “by the Minister”;

(b) in sub-article (1), insert the following definition after the definition of “authorisation”

“ `Bank' means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), in the definition of “direction”, substitute “Bank” for “Minister”;

(d) in sub-article (1), substitute the following definition for the definition of “Minister”

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

3.

Article 3

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (12) (as inserted by Article 4(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

5.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 10

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (6) (as inserted by Article 4(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

9.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 13

Substitute “Bank” for “Minister”, wherever occurring.

12.

Article 14

Substitute “Bank” for “Minister”.

13.

Article 15

In sub-article (3), substitute “Bank” for “Minister”.

14.

Article 17

In sub-article (1), substitute “Bank” for “Minister”.

15.

Article 19

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (1), substitute “it” for “he”.

16.

Article 20

(a) Substitute “Bank” for “Minister”, where firstly occurring;

(b) substitute “the Minister for Enterprise, Trade and Employment” for “Minister”, where secondly occurring.

17.

Article 21

Substitute the following Article

“Certain documents to be laid before Oireachtas.

21. As soon as practicable after documents are submitted to the Bank under these Regulations, the Bank shall arrange for copies of the documents to be laid before each House of the Oireachtas. The Bank may attach to those copies such explanatory statements as it thinks appropriate.”.

18.

Article 33

Substitute “Bank” for “Minister”.

19.

Article 35

Substitute “Bank” for “Minister”, wherever occurring.

20.

Article 36

Substitute “Bank” for “Minister”, wherever occurring.

21.

Article 37

Substitute “Bank” for “Minister”, wherever occurring.

22.

Article 38

Substitute “Bank” for “Minister”, wherever occurring.

23.

Article 40

Substitute “Bank” for “Minister”, wherever occurring.

24.

Article 41

Revoke the Article.

25.

Article 43

(a) Substitute the following paragraph for paragraph (e)

“(e) any other requirements that the Bank may prescribe by regulations for the general good.”;

(b) insert as sub-article (2) and (3) the following subarticles

“(2) Regulations made for the purposes of sub-article (1)(e) do not take effect until approved by the Minister.

(3) In prescribing regulations for the purposes of sub-article (1)(e), the Bank shall have regard—

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

(b) to the content of insurance, proposals.”.

26.

Article 44

Substitute “Bank” for “Minister”, wherever occurring.

27.

Article 46

Substitute “Bank” for “Minister”, wherever occurring.

28.

Article 47

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) substitute “Bank's” for “Minister's”.

29.

Article 48

Substitute “Bank” for “Minister”, wherever occurring.

30.

Article 49

Substitute “Bank” for “Minister”.

31.

Article 50

Substitute “Bank” for “Minister”, wherever occurring.

32.

Article 51

Substitute “Bank” for “Minister”, wherever occurring.

33.

Article 53

Substitute “Bank” for “Minister”, wherever occurring.

34.

Article 54

Substitute “Bank” for “Minister”, wherever occurring.

35.

Article 57

Substitute “Bank” for “Minister”, wherever occurring.

36.

Article 58

Substitute “Bank” for “Minister”.

37.

Article 59

Substitute “Bank” for “Minister”, wherever occurring.

38.

Article 62

Substitute “Bank” for “Minister”.

39.

Article 64

Substitute “Bank” for “Minister”.

40.

Article 65

In paragraph (d), substitute “Bank” for “Minister”, wherever occurring.

41.

Article 70

In sub-article (1), substitute “Bank” for “Minister”.

42.

Article 72

Substitute “Bank” for “Minister”, wherever occurring.

43.

Article 73

(a) Substitute “€1,900” for “£1,500”, wherever occurring;

(b) in sub-article (1), substitute “Bank” for “Minister”;

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

44.

Article 74

Substitute the following Article

“Lodgement of applications for authorisations.

74. An application for an authorisation under these Regulations must—

(a) be in writing, and

(b) be lodged with the Irish Financial Services Regulatory Authority, and

(c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this Article.”.

45.

Article 77

Substitute “Bank” for “Minister”, wherever occurring.

46.

Article 78

Substitute “Bank” for “Minister”, wherever occurring.

47.

Article 79

Substitute “Bank” for “Minister”, wherever occurring.

48.

Annexes

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in section 2(3) of Annex VII, substitute “it” for “he”.

PART 14 Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995)

PART 14

Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995)

Item

Provision affected

Amendment

1.

Regulation 3

In paragraph (1), substitute the following definition for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 15 Amendment of European Communities (Non-Life Insurance Accounts) Regulations 1995 (S.I. No. 202 of 1995)

PART 15

Amendment of European Communities (Non-Life Insurance Accounts) Regulations 1995 (S.I. No. 202 of 1995)

Item

Provision affected

Amendment

1.

Regulation 2

(a) Insert the following definition after the definition of “an authorisation”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “Minister”.

2.

Regulation 3

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 5

Substitute the following section

5. (1) The Bank is required to lodge with the Companies Registration Office all prescribed documents submitted to it under these Regulations.

(2) For the purposes of sub-article (1), the prescribed documents are all documents submitted to the Bank under these Regulations, other than a document in form 1, 3, 5, 6, 7, 14, 15 or 16 in the Schedule to these Regulations.

(3) A member of the public is entitled—

(a) to inspect without charge documents lodged in accordance with sub-article (1), and

(b) on payment of such fee (if any) as the Minister for Enterprise, Trade and Employment may fix from time to time — to obtain copies of those documents.

(4) As soon as practicable after documents are submitted to the Companies Registration Office under these Regulations, the Bank shall arrange for copies of the documents to be laid before each House of the Oireachtas. The Bank may attach to those copies such explanatory statements as the Bank thinks appropriate.”.

4.

Regulation 7

In sub-article (1), substitute “Bank” for “Minister”.

PART 16 Amendment of European Communities (Insurance Undertakings: Accounts) Regulations 1996 (S.I. No. 23 of 1996)

PART 16

Amendment of European Communities (Insurance Undertakings: Accounts) Regulations 1996 (S.I. No. 23 of 1996)

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of “associated undertaking”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in paragraph (1), delete the definition of “Minister”.

2.

Regulation 4

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 12

In paragraph (5), substitute “Bank” for “Minister”.

4.

The Schedule

Substitute “Bank” for “Minister”, wherever occurring.

PART 17 Amendment of European Communities (Supplementary Supervisions of Insurance Undertakings in an Insurance Group) Regulations 1999 (S.I. No. 399 of 1999)

PART 17

Amendment of European Communities (Supplementary Supervisions of Insurance Undertakings in an Insurance Group) Regulations 1999 (S.I. No. 399 of 1999)

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of ”authorised officer”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in the definition of “insurance undertaking”, substitute “Bank” for “Minister”;

(c) in paragraph (1), delete the definition of “Minister”;

(d) in the definition of “parent undertaking”, substitute “Bank” for “Minister”;

(e) in the definition of “subsidiary undertaking”, substitute “Bank” for “Minister”.

2.

Regulation 3

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 4

Substitute “Bank” for “Minister”, wherever occurring.

4.

Regulation 5

Substitute “Bank” for “Minister”, wherever occurring.

5.

Regulation 7

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in paragraph (1), substitute “it” for “he or she”.

6.

Regulation 8

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in paragraph (1) (b), substitute “its” for “his or her”.

7.

Regulation 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Regulation 10

Substitute “Bank” for “Minister”, wherever occurring.

9.

Regulation 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Regulation 12

(a) In paragraph (1), substitute “Bank” for “the Minister”;

(b) in paragraph (5), substitute “only by the Bank” for “by the Minister”.

11.

Annex I

(a) Substitute “Bank” for “Minister”, wherever occurring;

(b) in section 11, substitute “it” for “he or she”.

12.

Annex II

Substitute “Bank” for “Minister”, wherever occurring.

PART 18 Amendment of European Communities (Electronic Money) Regulations 2002 (S.I. No. 221 of 2002)

PART 18

Amendment of European Communities (Electronic Money) Regulations 2002 (S.I. No. 221 of 2002)

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following for the definition of “Bank”

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

PART 19 Amendment of European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002)

PART 19

Amendment of European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002)

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), delete the definition of “Director” and insert the following

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Regulation 3

(a) In paragraph (1), substitute “Bank” for “Director”;

(b) in paragraph (1), substitute “it” for “he or she”;

(c) in paragraph (2), substitute “section 8M” for “section 7”.

3.

Regulation 5

Substitute “Bank” for “Director”, wherever occurring.

4.

Regulation 7

Substitute “Bank” for “Director”.

ISB Act 2003-04-22

Schedule 3 Central Bank and Financial Services Authority of Ireland Act 2003 Open official source

SCHEDULE 3 Savings and Transitional Provisions

SCHEDULE 3

Savings and Transitional Provisions

Section 36..

Interpretation

1. (1) In this Schedule—

“Act of 1942” means the Central Bank Act 1942;

“Bank” means—

(a) in relation to any time before the commencement of the provision in which the reference occurs, the Central Bank of Ireland, or

(b) in relation to any time after that commencement, the Central Bank and Financial Services Authority of Ireland;

“Minister” (when used without qualification) means the Minister for Finance;

“reconstituted Board” means the Board of the Bank, as reconstituted under the Act of 1942, as amended by this Act;

“record” means any record of information, however complied, recorded or stored, and includes—

(a) any book, a register and any other document containing information, and

(b) any disc, tape or other article from which information is capable of being produced in any form that is capable of being reproduced visually or aurally;

“Regulatory Authority” means the Irish Financial Services Regulatory Authority.

(2) A provision of this Schedule does not limit the operation of any other such provision.

Board of the Bank

2. If—

(a) any action taken by the Board of the Bank under the Act of 1942 before the commencement of section 13 of this Act had not ceased to have effect before that commencement, and

(b) similar action could be taken by the reconstituted Board under that Act, as in force after that commencement,

the action so taken continues to have effect as if it had been taken by the reconstituted Board under the Act of 1942, as so in force. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by the reconstituted Board, and if the action relates to the exercise of a power, the action may be continued or completed by the reconstituted Board.

Existing Directors to cease to hold office

3. (1) On the commencement of section 13 of this Act, those persons who, immediately before that commencement, were holding office as Directors of the Board cease to hold office as such.

(2) A person who ceases to hold office as a Director because of the operation of subparagraph (1) is not entitled to any remuneration or compensation because of the loss of that office. However, the person can be appointed as a Director of the reconstituted Board if eligible for appointment under the Act of 1942, as in force after the commencement of section 13 of this Act.

(3) This paragraph does not apply to the Governor of the Bank in the Governor's capacity as a Director of the Board of the Bank.

Person appointed as Chief Executive Designate to be first Chief Executive of Regulatory Authority

4. (1) If a person whose appointment the Minister has purported to approve as Chief Executive Designate of the Regulatory Authority is holding that office immediately before the commencement of section 26 of this Act, the person is taken to have been appointed under that section as the first Chief Executive of that Authority on the commencement of that section.

(2) This paragraph has effect despite the provisions of section 33F of the Act of 1942 (as inserted by section 26 of this Act).

Transfer of certain functions of Minister for Enterprise, Trade and Employment to the Bank

5. (1) If—

(a) before the commencement of section 26 of this Act, any action had been taken by or done to the Minister for Enterprise, Trade and Employment in relation to the performance of a function imposed, or the exercise of a power conferred, on that Minister by or under any enactment or statutory instrument, and

(b) on that commencement, the function or power becomes the function or power of the Bank, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank under that enactment or statutory instrument, as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank, and if the action relates to the exercise of a power, the action may be continued or completed by or in relation to the Bank.

(2) If a document (other than an Act or statutory instrument) relates to an action referred to in subparagraph (1), all references in the document to the Minister for Enterprise, Trade and Employment, so far as relevant to that action, are taken to be references to the Bank.

(3) As soon as practicable after the commencement of section 26 of this Act, the Minister for Enterprise, Trade and Employment shall arrange for the transfer to the Bank of all records relating to the performance or exercise of functions or powers referred to in subparagraph (1).

Transfer of certain functions of Minister for Enterprise, Trade and Employment to Minister for Finance

6. (1) If—

(a) before the commencement of section 26 of this Act, any action had been taken by, or done to, the Minister for Enterprise, Trade and Employment in relation to the performance of a function imposed, or the exercise of a power conferred, on that Minister by or under any enactment or statutory instrument, and

(b) on that commencement, the function or power becomes the function or power of the Minister for Finance, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Minister for Finance under that enactment or statutory instrument, as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Minister for Finance, and if the action relates to the exercise of a power, the action may be continued or completed by or in relation to that Minister.

(2) If a document (other than an Act or a statutory instrument) relates to an Act referred to in subparagraph (1), all references in the document to the Minister for Enterprise, Trade and Employment, so far as relevant to that action, are taken to be references to the Minister for Finance.

(3) As soon as practicable after the commencement of section 26 of this Act, the Minister for Enterprise, Trade and Employment shall arrange for the transfer to the Minister for Finance of all records relating to the performance or exercise of functions or powers referred to in subparagraph (1).

Levies and fees payable under Acts amended by this Act

7. (1) If—

(a) immediately before the commencement of section 33J of the Act of 1942 (as inserted by section 26 of this Act) a levy was imposed under a provision of an Act amended or repealed by this Act, and

(b) on the commencement of that section, the Chief Executive of the Regulatory Authority could prescribe a levy in respect of that provision under the first-mentioned section,

then, despite the amendment or repeal of that provision by this Act, the levy that was imposed under the amended or repealed provision continues to be payable until that levy is replaced or terminated under regulations made under that section.

(2) If—

(a) immediately before the commencement of section 33K of the Act of 1942 (as inserted by section 26 of this Act) a fee was imposed under a provision of an Act amended or repealed by this Act, and

(b) on the commencement of that section, the Chief Executive of the Regulatory Authority could prescribe a fee in respect of that provision under the first-mentioned section,

then, despite the amendment or repeal of that provision by this Act, the fee that was imposed under the amended or repealed provision continues to be payable until it is replaced or terminated under regulations made under that section.

Effect of Insurance (Fees) Order 1995

8. The Insurance (Fees) Order 1995, as in force immediately before the commencement of section 26 of this Act, continues to have effect as if it were a regulation made under section 33K of the Act of 1942, as in force after that commencement, and may be amended or revoked accordingly.

Staff of Bank

9. (1) All persons who, immediately before the commencement of section 7 of this Act, were officers and servants of the Bank are taken to be employees of the Bank under the Act of 1942, as in force on and after that commencement.

(2) The Board of the Bank shall take all reasonably practicable steps to ensure that the persons referred to in subparagraph (1) are provided with the opportunity for training and experience in those activities for which the Regulatory Authority is responsible.

Transfer of employment of certain persons to the Bank

10. (1) On the request of the Governor of the Bank made within 25 months after the commencement of section 26 of this Act, the Minister may, by direction in writing, transfer to the Bank the employment of a person who is employed in a Government department, or by a public authority or a State owned corporation, but only if the person has agreed to have that employment transferred to the Bank.

(2) The Governor of the Bank may make such a request only with the concurrence of the Chief Executive of the Regulatory Authority.

(3) The conditions of employment of a person whose employment is transferred under this paragraph are to be no less favourable than those applicable to the person immediately before the transfer, except in so far as—

(a) a collective agreement negotiated with a trade union or staff association of which the person is a member, or

(b) an agreement between the person and the Bank,

expressly provides otherwise.

(4) If any dispute arises between a person whose employment is transferred under this paragraph and the Bank as to the conditions of employment applicable to the person immediately before the transfer, the Minister shall determine the dispute.

(5) If a person's employment is transferred under this paragraph, the person's previous service with a Government department, public authority or State owned corporation is to be counted as service for the purposes of the following Acts

(a) the Redundancy Payments Acts 1967 to 1991;

(b) the Minimum Notice and Terms of Employment Act 1973;

(c) the Unfair Dismissals Act 1977;

(d) the Organisation of Working Time Act 1997;

(e) the Parental Leave Act 1998;

(f) any other Act prescribed for the purposes of this subparagraph by a regulation made under paragraph 31;

(g) any Act that is to be read as one with any of those Acts.

(6) In this paragraph—

“public authority” means a body (other than a company) established or constituted by or under an Act for a public purpose;

“State owned corporation” means a body corporate owned, or of which all or a majority of the shares of the body are owned, by the Government or by a Minister on behalf of the State.

Savings for certain regulations, orders, notices and codes of conduct made under the Insurance Acts

11. (1) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1936, the Insurance Act 1964, or the Insurance Act 1989, were in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could make regulations under that provision, as in force after that commencement,

the regulations continue in force as if they had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(2) If—

(a) a direction given by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1936, was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could give a direction under that provision, as in force after that commencement,

the direction continues in force as if it had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(3) If—

(a) an order made, or a notice sent, by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1989, was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could make an order, or send a notice, under that provision, as in force after that commencement,

the order or notice continues in force as if it had been made or sent by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(4) If—

(a) a code of conduct order prescribed by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1989, was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could prescribe a code of conduct under that provision, as in force after that commencement,

the code of conduct continues in force as if it had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

Authorised officers appointed for the purposes of the Insurance Act 1989

12. A person who, immediately before the commencement of item 39 of Part 8 of Schedule 1 to this Act, was holding office as an authorised officer under section 59 of the Insurance Act 1989, as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Persons authorised for purposes of the Central Bank Act 1971

13. A person who, immediately before the commencement of item 2 of Part 6 of Schedule 1 to this Act, was authorised for the purposes of section 17 of the Central Bank Act 1971, as in force immediately before that commencement, continues to be an authorised person for the purposes of that section, as in force after that commencement.

Persons authorised for purposes of section 50 of the Central Bank Act 1989

14. A person who, immediately before the commencement of item 5 of Part 9 of Schedule 1 to this Act, was authorised under section 50 of the Central Bank Act 1989, as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

Persons authorised for purposes of the Building Socities Act 1989

15. A person who, immediately before the commencement of item 3 of Part 10 of Schedule 1 to this Act, was authorised under section 41 of the Building Societies Act 1989, as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

Authorised officers appointed for purposes of Trustee Savings Banks Act 1989

16. A person who, immediately before the commencement of item 2 of Part 11 of Schedule 1 to this Act, was holding office as an authorised officer under section 24 of the Trustee Savings Banks Act 1989, as in force immediately before that commencement, continues to hold that office under section 24A of that Act, as in force after that commencement.

Applications for authorisations pending under the Investment Limited Partnership Act 1994

17. An application for authorisation as an investment limited partnership made under section 8 of the Investment Limited Partnership Act 1994, as in force immediately before the commencement of item 2 of Part 16 of Schedule 1 to this Act, and pending immediately before that commencement, is to be dealt with as if that section had not been amended by this Act.

Persons authorised for the purposes of the Stock Exchange Act 1995

18. (1) A person who, immediately before the commencement of item 4 of Part 19 of Schedule 1 to this Act, was appointed for the purposes of section 30 of the Stock Exchange Act 1995, as in force immediately before that commencement, continues to hold the appointment under and subject to that section, as in force after that commencement.

(2) A person who, immediately before the commencement of item 5 of Part 19 of Schedule 1 to this Act, was authorised under section 36 of the Stock Exchange Act 1995, as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

(3) A person who, immediately before the commencement of item 7 of Part 19 of Schedule 1 to this Act, was holding office as an authorised officer under section 55 of the Stock Exchange Act 1995, as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Persons authorised for the purposes of the Investment Intermediaries Act 1995

19. (1) A person who, immediately before the commencement of item 4 of Part 20 of Schedule 1 to this Act, was authorised under section 22 of the Investment Intermediaries Act 1995, as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

(2) A person who, immediately before the commencement of item 6 of Part 20 of Schedule 1 to this Act, was holding office as an authorised officer under section 64 of the Investment Intermediaries Act 1995, as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Performance of former functions of Director of Consumer Affairs

20. (1) If—

(a) before the commencement of section 26 of this Act, action taken by, or done to, the Director of Consumer Affairs in relation to the performance of a function imposed, or the exercise of a power conferred, on the Director by or under a provision of the Consumer Credit Act 1995, and

(b) on that commencement, the function or power became the function or power of the Bank, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank under that provision as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank, and if the action relates to the exercise of a power, the act or thing may be continued or completed by or in relation to the Bank.

(2) If a document relates to an action referred to in subparagraph (1), all references in the document to the Director of Consumer Affairs, so far as relevant to that action, are taken to be references to the Bank.

(3) Without limiting subparagraph (1), the moneylenders register and mortgage intermediaries register established under section 151 of the Consumer Credit Act 1995, as in force before the commencement of items 45 and 46 of Part 21 of Schedule 1 to this Act, are taken to have been established under section 151A of the Consumer Credit Act 1995, as in force after that commencement.

Furnishing by Director of Consumer Affairs of certain records to Consumer Director

21. The Director of Consumer Affairs shall, as soon as practicable after the commencement of section 33Q of the Act of 1942 (inserted by section 26 of this Act), furnish all such records as shall be required by the Consumer Director for the purposes of responsibilities under section 33S of the Act of 1942 (as so inserted). Section 21(1)(c) of the Interpretation Act 1937, as applied to section 150 of the Consumer Credit Act 1995 by virtue of item 44 of Part 21 of Schedule 1, shall not be read so as to prevent any such records from being so furnished.

Appointment of persons as authorised officers for purposes of the Consumer Credit Act 1995

22. A person who, immediately before the commencement of item 3 of Part 21 of Schedule 1 to this Act, was holding office as an authorised officer under section 7 of the Consumer Credit Act 1995, as in force immediately before that commencement, continues to hold office as such under section 8A or 8M of that Act, as in force after that commencement.

Saving of certain regulations under the Consumer Credit Act 1995

23. (1) Regulations made under the provisions of section 28, 37, 60 or 86 of the Consumer Credit Act 1995 and in force immediately before the respective commencements of items 11, 12, 18 and 19 of Part 21 of Schedule 1 to this Act continue in force as if they had been made under those provisions as in force after that commencement, and may be amended or revoked accordingly.

(2) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under the provisions of section 114, 116, 120 or 131 of the Consumer Credit Act 1995 were in force immediately before the respective commencements of items 28, 30, 34 and 36 of Part 21 of Schedule 1 to this Act, and

(b) on that commencement, the Minister for Finance could make regulations under those provisions as in force after that commencement,

the regulations continue in force as if they had been made by the Minister for Finance under those provisions as in force after that commencement, and may be amended or revoked accordingly.

(3) Any regulations made by the Minister for Enterprise, Trade and Employment under the provisions of section 137 or 144 of the Consumer Credit Act 1995 and in force immediately before the respective commencements of items 38 and 41 of Part 21 of Schedule 1 to this Act continue in force as if they had been made under those provisions as in force after that commencement, and may be amended or revoked accordingly.

Methods or formulae approved or prescribed under the Consumer Credit Act 1995

24. Any method or formula approved or prescribed for the purposes of section 52 or 53 of the Consumer Credit Act 1995, and having effect immediately before the respective commencements of items 16 and 17 of Part 21 of Schedule 1 to this Act continues to have effect for the purpose of that section as substituted by this Act.

Saving for certain credit intermediaries

25. Despite the amendment to section 144(1) of the Consumer Credit Act 1995 made by item 41 of Part 21 of Schedule 1 to this Act, a person who was, immediately before the commencement of that item, the holder of a mortgage intermediaries authorisation under section 116 of that Act may continue to engage in the business of being a credit intermediary as long as the person continues to hold such an authorisation.

Performance of former functions of Registrar of Friendly Societies

26. (1) If—

(a) before the commencement of section 26 of this Act, any action taken by, or done to, the Registrar of Friendly Societies in relation to the performance of a function imposed, or the exercise of a power conferred, on that Registrar by or under a provision of the Credit Union Act 1997, and

(b) on that commencement, the function or power becomes the function or power of the Bank or the Registrar of Credit Unions, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank or the Registrar of Credit Unions under that provision as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank or the Registrar of Credit Unions, and if the action relates to the exercise of a power, the act or thing may be continued or completed by or in relation to the Bank or that Registrar.

(2) If a document relates to an action referred to in subparagraph (1), all references in the document to the Registrar of Friendly Societies, so far as relevant to that action, are taken to be references to the Bank or to the Registrar of Credit Unions, as the case requires.

(3) As soon as practicable after the commencement of this paragraph, the Registrar of Friendly Societies shall arrange for the transfer to the Bank of all records relating to the performance or exercise of functions or powers referred to in subparagraph (1).

Saving of certain regulations under the Credit Union Act 1997

27. (1) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under the Credit Union Act 1997 (sections 126 and 127 excepted) were in force immediately before the commencement of item 121 of Part 24 of Schedule 1 to this Act, and

(b) on that commencement, the Minister for Finance could make regulations under those provisions as in force after that commencement,

the regulations continue in force as if they had been made by the Minister for Finance under those provisions as in force after that commencement, and may be amended or revoked accordingly.

(2) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under the provisions of section 126 or 127 of the Credit Union Act 1997 were in force immediately before the respective commencements of items 87 and 88 of Part 24 of Schedule 1 to this Act, and

(b) on that commencement, the Minister for Finance could make an order under those provisions as in force after that commencement,

the regulations continue in force as if they were an order made by the Minister for Finance under those provisions as in force after that commencement, and may be amended or revoked accordingly.

Appointments to Credit Union Advisory Committee continued

28. All persons who, immediately before the commencement of item 119 of Part 24 of Schedule 1 to this Act, were holding office as members of the Credit Union Advisory Committee under section 180 of the Credit Union Act 1997, as in force immediately before that commencement, are taken to have been appointed by the Minister as members of that Committee under that section, as in force after that commencement.

Effect of certain European Communities Regulations 1994 relating to insurance

29. (1) Article 60 of the European Communities (Non-Life Insurance) Framework Regulations 1994, as in force before the commencement of item 39 of Part 12 of Schedule 2 to this Act, continues to have effect as if it were included in a regulation made under section 33K of the Act of 1942, as inserted by this Act, and may be amended or revoked accordingly.

(2) Article 74 of the European Communities (Life Assurance) Framework Regulations 1994, as in force before the commencement of item 44 of Part 13 of Schedule 2 to this Act, continues to have effect as if it were included in a regulation made under section 33K of the Act of 1942, as inserted by this Act, and may be amended or revoked accordingly.

References in certain documents to Central Bank

30. After the commencement of this paragraph, a reference to the Central Bank of Ireland in a document (other than in an Act or statutory instrument amended by this Act) is to be read as a reference to the Central Bank and Financial Services Authority of Ireland.

Power to make regulations to deal with savings and transitional issues

31. (1) The Minister may make regulations containing provisions of a savings or transitional nature consequential on the enactment of this Act, including provisions amending references in any specified Act (other than this Act), or in any specified statutory instrument, to the Central Bank of Ireland, the Minister for Enterprise, Trade and Employment, the Director of Consumer Affairs or the Registrar of Friendly Societies to references to the Central Bank and Financial Services Authority of Ireland, as appropriate.

(2) Regulations made under this paragraph may provide for any such savings or transitional provision to come into operation on the date of passing of this Act or a later day.

(3) To the extent to which regulations provide for any such savings or transitional provision is expressed to come into operation on and from a day that is earlier than the date on which the regulations are notified in Iris Oifigiúil, the provision does not operate—

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before that date of notification, or

(b) to impose a liability on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before that date.

Transitional Reporting Arrangements

32. (1) Notwithstanding any other provision of this Act relating to reporting requirements—

(a) for the year preceding the year of commencement of that provision, and

(b) for so much of the year in which that provision is commenced immediately before such commencement,

where any reporting requirement contained in an enactment is amended by this Act, then the reporting requirement shall be performed, in respect of the years referred to in clause (a) and the period to which clause (b) relates, by the person who would have performed it if the amendment concerned had not been made.

(2) (a) The annual report requirements provided for by sections 33O, 33T and 33AC of the Principal Act shall—

(i) for so much of the year as occurs after the commencement of the section concerned, and

(ii) for the year following that year,

be complied with by making the report concerned for the period from the commencement of the period to which subclause (i) relates to the end of the year to which subclause (ii) relates, and those sections shall be construed accordingly.

(b) Where a section referred to in clause (a) is commenced with effect on and from 1 January in any year, then clause (a) does not apply in respect of that section.

Central Bank and Financial Services Authority of Ireland Act 2003

Statutory Text (3 Articles)

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