Central Bank (Supervision and Enforcement) Act 2013 (2013_act_26) | IE

ISB Act 2013-07-11

Schedule 1 Central Bank (Supervision and Enforcement) Act 2013 Open official source

SCHEDULE 1 Repeals and Revocations

SCHEDULE 1

Repeals and Revocations

Section 4.

PART 1 Repeals

PART 1

Repeals

Section 4(1).

Item (1)

Item

(1)

Number and year (2)

Number and year

(2)

Short title (3)

Short title

(3)

Extent of repeal (4)

Extent of repeal

(4)

1

No. 3 of 1989

Insurance Act 1989

Section 3(2C)

2

No. 16 of 1989

Central Bank Act 1989

Section 87(3)

3

No. 17 of 1989

Building Societies Act 1989

Section 119(5)

4

No. 21 of 1989

Trustee Savings Banks Act 1989

Section 66(2)

5

No. 37 of 1990

Unit Trusts Act 1990

Section 18(3)

6

No. 24 of 1994

Investment Limited Partnerships Act 1994

Section 41(3)

7

No. 11 of 1995

Investment Intermediaries Act 1995

Section 79(3)

8

No. 24 of 1995

Consumer Credit Act 1995

Section 14(3)

9

No. 8 of 1997

Central Bank Act 1997

Section 27K

10

No. 15 of 1997

Credit Union Act 1997

Section 171(5)

11

No. 37 of 1998

Investor Compensation Act 1998

Section 43(3)

12

No. 32 of 2001

Dormant Accounts Act 2001

Section 6(4)

13

No. 47 of 2001

Asset Covered Securities Act 2001

Section 97

14

No. 2 of 2003

Unclaimed Life Assurance Policies Act 2003

Section 5(3)

15

No. 12 of 2005

Investment Funds, Companies and Miscellaneous Provisions Act 2005

Section 21(4)

16

No. 19 of 2007

Consumer Protection Act 2007

Section 76

17

No. 23 of 2010

Central Bank Reform Act 2010

Part 5

PART 2 Revocations

PART 2

Revocations

Section 4(2).

Item (1)

Item

(1)

Number and year (2)

Number and year

(2)

Citation (3)

Citation

(3)

Extent of revocation (4)

Extent of revocation

(4)

1

S.I. No. 727 of 2004

European Communities (Financial Conglomerates) Regulations 2004

Regulation 28(3)

2

S.I. No. 13 of 2005

European Communities (Insurance Mediation) Regulations 2005

Regulation 38(3)

3

S.I. No. 380 of 2006

European Communities (Reinsurance) Regulations 2006

Regulation 79(3)

4

S.I. No. 60 of 2007

European Communities (Markets in Financial Instruments) Regulations 2007

Regulations 164 and 190(2)

5

S.I. No. 383 of 2009

European Communities (Payment Services) Regulations 2009

Regulation 113(2) and (3)

6

S.I. No. 183 of 2011

European Communities (Electronic Money) Regulations 2011

Regulation 75(2) and (3)

7

S.I. No. 352 of 2011

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011

Regulation 132(10) and (11)

ISB Act 2013-07-11

Schedule 2 Central Bank (Supervision and Enforcement) Act 2013 Open official source

SCHEDULE 2 Amendments of Central Bank Acts

SCHEDULE 2

Amendments of Central Bank Acts

Section 5.

PART 1 Amendments of Central Bank Act 1942

PART 1

Amendments of Central Bank Act 1942

Section 5(1).

Item

Provision affected

Amendment

(1)

(2)

(3)

1

Section 2

(a) In subsection (1) substitute the following for the definition of “designated enactments”: “ ‘designated enactments’ means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;”. (b) Insert the following subsection: “(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.”.

(a) In subsection (1) substitute the following for the definition of “designated enactments”

“ ‘designated enactments’ means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;”.

(b) Insert the following subsection

“(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.”.

2

Section 18D(2)

In paragraph (a) after “Bank” insert “or with one or more persons with relevant knowledge of any of the matters specified in section 24(1) (or with both)”.

3

Section 24(2)

(a) In paragraph (c) substitute “Parliament,” for “Parliament, or”. (b) In paragraph (d) substitute “member,” for “member.” and insert the following after that paragraph: “(e) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider, (f) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or (g) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence.”.

(a) In paragraph (c) substitute “Parliament,” for “Parliament, or”.

(b) In paragraph (d) substitute “member,” for “member.” and insert the following after that paragraph

“(e) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider,

(f) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or

(g) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence.”.

4

Section 32B(2)

In paragraph (a) substitute “2016” for “2011”.

5

Part IIIA

Before section 32L substitute the following for the Chapter heading: “Chapter 3A Accountability”.

Before section 32L substitute the following for the Chapter heading

“Chapter 3A

Accountability”.

6

Section 32L(3)

Delete “and” at the end of paragraph (a) and insert the following paragraph: “(aa) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and”.

Delete “and” at the end of paragraph (a) and insert the following paragraph

“(aa) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and”.

7

Section 33AK(5)

Substitute “2010, or” for “2010.” in paragraph (ao) and insert the following after that paragraph: “(ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011.”.

Substitute “2010, or” for “2010.” in paragraph (ao) and insert the following after that paragraph

“(ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011.”.

8

Section 33AN

In the definition of “contravene” substitute the following for paragraph (b): “(b) aiding, abetting, counselling or procuring a person to commit a contravention, and”.

In the definition of “contravene” substitute the following for paragraph (b)

“(b) aiding, abetting, counselling or procuring a person to commit a contravention, and”.

9

Section 57BC

Insert the following after subsection (7): “(8) The Minister may from time to time advance to the Council, out of moneys provided by the Oireachtas, such sums as the Minister may determine for the purposes of the performance of the functions relating to superannuation conferred on the Council by this Act.”.

Insert the following after subsection (7)

“(8) The Minister may from time to time advance to the Council, out of moneys provided by the Oireachtas, such sums as the Minister may determine for the purposes of the performance of the functions relating to superannuation conferred on the Council by this Act.”.

10

Schedule 2, Part 1

(a) Substitute the following for item 38

“

38

No. 23 of 2010

Central Bank Reform Act 2010

Parts 3 and 4

”.

(b) Insert the following

“

No. 27 of 1992

Financial Transfers Act 1992

Section 4

No. 2 of 2005

Criminal Justice (Terrorist Offences) Act 2005

Section 42(6)

No. 13 of 2009

Financial Services (Deposit Guarantee Scheme) Act 2009

The whole Act

No. - of 2013

Central Bank (Supervision and Enforcement) Act 2013

The whole Act other than sections 83 to 87 and 89 to 94

”.

Item

Provision affected

Amendment

(1)

(2)

(3)

11

Schedule 2, Part 2

(a) Substitute the following for item 36

“

36

S.I. No. 48 of 2011

European Communi-ties (Reorgan-isation and Winding-up of Credit Institutions) Regulations 2011

The whole instrument

”.

(b) Insert the following

“

S.I. No. 799 of 2007

European Communities (Information on the payer accompanying transfers of funds) Regulations 2007

The whole instrument

S.I. No. 247 of 2010

European Communities (Credit Rating Agencies) Regulations 2010

The whole instrument

S.I. No. 352 of 2011

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011

The whole instrument

S.I. No. 340 of 2012

European Union (Short Selling) Regulations 2012

The whole instrument

”.

PART 2 Amendments of Central Bank Act 1971

PART 2

Amendments of Central Bank Act 1971

Section 5(1).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 2(1)

(a) In paragraph (d) of the definition of “related body” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”. (b) Insert the following definition: “ ‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC 6 6 OJ No. L3, 7.1.2004, p.36 ;”.

(a) In paragraph (d) of the definition of “related body” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

(b) Insert the following definition

“ ‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC 6 6 OJ No. L3, 7.1.2004, p.36 ;”.

6 OJ No. L3, 7.1.2004, p.36

2

Section 7

In subsection (1) delete “on behalf of any other person”.

3

Section 10

Insert “or authorisation under section 9A(2)” after “licence” in each place.

4

Section 12

(a) In subsection (1) insert “and of the holders of authorisations under section 9A” after “licences”. (b) In subsection (2)— (i) insert “or authorisation under section 9A” after “licence”, and (ii) insert “European Banking Committee” after “European Commission”. (c) In subsection (3)— (i) insert “and of the holders of authorisations under section 9A” after “licences”, and (ii) insert the following after paragraph (d): “(dd) the European Banking Committee;”.

(a) In subsection (1) insert “and of the holders of authorisations under section 9A” after “licences”.

(b) In subsection (2)—

(i) insert “or authorisation under section 9A” after “licence”, and

(ii) insert “European Banking Committee” after “European Commission”.

(c) In subsection (3)—

(i) insert “and of the holders of authorisations under section 9A” after “licences”, and

(ii) insert the following after paragraph (d)

“(dd) the European Banking Committee;”.

5

Section 17

(a) Insert “or authorisation under section 9A” after “licence” in each place. (b) In subsection (1) insert “or holders of authorisations under section 9A” after “licence holders”.

(a) Insert “or authorisation under section 9A” after “licence” in each place.

(b) In subsection (1) insert “or holders of authorisations under section 9A” after “licence holders”.

6

Section 18

Insert “or authorisation under section 9A” after “licence” in each place.

7

Section 19

(a) In subsection (1)— (i) insert “or authorisation under section 9A” after “a licence”, and (ii) insert “or authorisation” after “the licence”. (b) In subsection (2) insert “or authorisations under section 9A” after “licences”.

(a) In subsection (1)—

(i) insert “or authorisation under section 9A” after “a licence”, and

(ii) insert “or authorisation” after “the licence”.

(b) In subsection (2) insert “or authorisations under section 9A” after “licences”.

8

Section 20

Insert “or authorisation under section 9A” after “licence” in each place.

9

Section 21

Insert “or authorisation under section 9A” after “licence” in each place.

10

Section 22

Insert “or authorisation under section 9A” after “licence” in each place.

11

Section 25

Insert “or authorisation under section 9A” after “licence” in each place.

12

Section 26

(a) In subsections (1), (2), (3) and (6) insert “or authorisation under section 9A” after “licence” in each place. (b) In subsection (4) insert “or authorisations under section 9A” after “licences”.

(a) In subsections (1), (2), (3) and (6) insert “or authorisation under section 9A” after “licence” in each place.

(b) In subsection (4) insert “or authorisations under section 9A” after “licences”.

13

Section 27(2)

In paragraph (a) insert “or authorisation under section 9A” after “licence”.

14

Section 28(1)

Insert “or authorisation under section 9A” after “licence”.

15

Section 31

Insert “or authorisation under section 9A” after “licence” in each place.

PART 3 Amendment of Central Bank Act 1997

PART 3

Amendment of Central Bank Act 1997

Section 5(1).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 32A(5)(b)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

PART 4 Amendments of Central Bank Reform Act 2010

PART 4

Amendments of Central Bank Reform Act 2010

Section 5(1).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 3

Substitute the following for the definition of “authorised officer”: “ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.

Substitute the following for the definition of “authorised officer”

“ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.

2

Section 23

(a) Substitute the following for subsection (1): “(1) A regulated financial service provider shall not appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function.”. (b) In subsection (6)(b) substitute “(a) to (h)” for “(a) to (g)”.

(a) Substitute the following for subsection (1)

“(1) A regulated financial service provider shall not appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function.”.

(b) In subsection (6)(b) substitute “(a) to (h)” for “(a) to (g)”.

3

Section 25(3)

Insert the following after paragraph (c): “(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.

Insert the following after paragraph (c)

“(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.

4

Section 43(2)

Insert the following after paragraph (c): “(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.

Insert the following after paragraph (c)

“(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.

5

Section 52

(a) Insert the following after subsection (2): “(2A) The Bank may at its discretion appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.”. (b) In subsection (3)— (i) substitute “, (2) and (2A)” for “and (2)”, (ii) substitute “any” for “either”, and (iii) substitute “, the Head of Financial Regulation or the Bank” for “or the Head of Financial Regulation”.

(a) Insert the following after subsection (2)

“(2A) The Bank may at its discretion appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.”.

(b) In subsection (3)—

(i) substitute “, (2) and (2A)” for “and (2)”,

(ii) substitute “any” for “either”, and

(iii) substitute “, the Head of Financial Regulation or the Bank” for “or the Head of Financial Regulation”.

6

Section 54 (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012)

Substitute the following section: “Co-operation with Member State authorities or third country authorities. 54.— (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank. (2) At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may— (a) require information on the matter about which the Bank has required or could require the provision of information or the production of documents under any provision of financial services legislation, or (b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter. (3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular: (a) whether in the country or territory of the Member State authority or third country authority, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the Member State authority or third country authority;

Substitute the following section

“Co-operation with Member State authorities or third country authorities.

54.— (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank.

(2) At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may—

(a) require information on the matter about which the Bank has required or could require the provision of information or the production of documents under any provision of financial services legislation, or

(b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter.

(3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular

(a) whether in the country or territory of the Member State authority or third country authority, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the Member State authority or third country authority;

(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State; (c) the seriousness of the case and its importance to persons in the State; (d) whether it is otherwise appropriate in the public interest to give the assistance sought. (4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate. (5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union. (6) If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned. (7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942. (8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.”.

(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State;

(c) the seriousness of the case and its importance to persons in the State;

(d) whether it is otherwise appropriate in the public interest to give the assistance sought.

(4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate.

(5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union.

(6) If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned.

(7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942.

(8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.”.

PART 5 Amendments of Central Bank and Credit Institutions (Resolution) Act 2011

PART 5

Amendments of Central Bank and Credit Institutions (Resolution) Act 2011

Section 5(1).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 14

Substitute the following for subsection (4): “(4) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank.”.

Substitute the following for subsection (4)

“(4) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank.”.

2

Section 18(2)

Substitute “supervisory directives” for “supervisory enactments”.

ISB Act 2013-07-11

Schedule 3 Central Bank (Supervision and Enforcement) Act 2013 Open official source

SCHEDULE 3 Amendments of Certain other Acts

SCHEDULE 3

Amendments of Certain other Acts

PART 1 Amendments of Investment Intermediaries Act 1995

PART 1

Amendments of Investment Intermediaries Act 1995

Section 5(2).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 2(1)

In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement Act 2013)” for “Part 5 of the Central Bank Reform Act 2010”.

2

Section 20(6)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

PART 2 Amendments of Credit Union Act 1997

PART 2

Amendments of Credit Union Act 1997

Section 5(2).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 90

In subsections (1) and (3) substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

2

Section 91

Substitute the following for subsection (1): “(1) If required to do so by notice in writing served by the Bank at any time— (a) a credit union, (b) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and (c) any other person who has in his or her possession or power any books or documents relating to a credit union, shall furnish to the Bank such books or documents which relate to the credit union and are in the possession or power of the credit union or such person and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Bank in the exercise of its powers under this Act.”.

Substitute the following for subsection (1)

“(1) If required to do so by notice in writing served by the Bank at any time—

(a) a credit union,

(b) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and

(c) any other person who has in his or her possession or power any books or documents relating to a credit union,

shall furnish to the Bank such books or documents which relate to the credit union and are in the possession or power of the credit union or such person and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Bank in the exercise of its powers under this Act.”.

3

Section 93(1)

Substitute the following for paragraph (b): “(b) ‘agent’ has the same meaning as in section 21 of the Central Bank (Supervision and Enforcement) Act 2013.”.

Substitute the following for paragraph (b)

“(b) ‘agent’ has the same meaning as in section 21 of the Central Bank (Supervision and Enforcement) Act 2013.”.

4

Section 95

In subsection (1) substitute “, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013,” for “, after an inspection under section 90,”.

5

Section 95A (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012)

In subsection (1) substitute “after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “after an inspection under section 90”.

6

Section 96(1)

Substitute “after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “after an inspection under section 90”.

7

Section 186(3)

Insert “or Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” after “this Act”.

PART 3 Amendments of Investor Compensation Act 1998

PART 3

Amendments of Investor Compensation Act 1998

Section 5(2).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 9

(a) Substitute the following for subsection (1): “(1) In this section “Act of 2013” means the Central Bank (Supervision and Enforcement) Act 2013.”. (b) Substitute “Part 3 of the Act of 2013” for “Part 5 of the Act of 2010” in each place.

(a) Substitute the following for subsection (1)

“(1) In this section “Act of 2013” means the Central Bank (Supervision and Enforcement) Act 2013.”.

(b) Substitute “Part 3 of the Act of 2013” for “Part 5 of the Act of 2010” in each place.

2

Section 33(2)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

PART 4 Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009

PART 4

Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009

Section 5(2).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Section 9

Substitute the following for subsection (3): “(3) Summary proceedings for an offence under this Act may be brought and prosecuted by the Bank.”.

Substitute the following for subsection (3)

“(3) Summary proceedings for an offence under this Act may be brought and prosecuted by the Bank.”.

ISB Act 2013-07-11

Schedule 4 Central Bank (Supervision and Enforcement) Act 2013 Open official source

SCHEDULE 4 Amendments of Certain Statutory Instruments

SCHEDULE 4

Amendments of Certain Statutory Instruments

Section 5.

PART 1 Amendments of European Communities (Markets in Financial Instruments) Regulations 2007

PART 1

Amendments of European Communities (Markets in Financial Instruments) Regulations 2007

Section 5(3).

(S.I. No. 60 of 2007)

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Regulation 3(1)

In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

2

Regulation 6(7)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

3

Regulation 14(1)(b)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

4

Regulation 147(1)(g)(ii)

Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

PART 2 Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007

PART 2

Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007

Section 5(3).

(S.I. No. 366 of 2007)

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Regulation 3(1)

In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Bill 2013” for “Part 5 of the Central Bank Reform Act 2010”.

2

Regulation 9(7)

Substitute “under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “under Part 5 of the Central Bank Reform Act 2010”.

PART 3 Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007

PART 3

Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007

Section 5(3).

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Regulation 1

Insert the following definition: “ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.

Insert the following definition

“ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.

2

Regulation 4

Substitute the following for Regulation 4: “4. For the purpose of ensuring compliance with the Parliament and Council Regulation, an authorised officer may exercise any of the powers conferred on him or her under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013.”.

Substitute the following for Regulation 4

“4. For the purpose of ensuring compliance with the Parliament and Council Regulation, an authorised officer may exercise any of the powers conferred on him or her under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013.”.

PART 4 Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011

PART 4

Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011

Section 5(3)

(S.I. No. 48 of 2011)

Item (1)

Item

(1)

Provision affected (2)

Provision affected

(2)

Amendment (3)

Amendment

(3)

1

Regulation 2(2)

Insert the following subparagraph after subparagraph (x): “(xi) a direction given by the Bank under Part 7 of the Central Bank (Supervision and Enforcement) Act 2013 that contains a declaration that it or part of it is made with the intention of preserving or restoring the financial position of a credit institution, where the direction is capable of affecting the rights of third parties existing before the direction comes into effect.”.

Insert the following subparagraph after subparagraph (x)

“(xi) a direction given by the Bank under Part 7 of the Central Bank (Supervision and Enforcement) Act 2013 that contains a declaration that it or part of it is made with the intention of preserving or restoring the financial position of a credit institution, where the direction is capable of affecting the rights of third parties existing before the direction comes into effect.”.

ISB Act 2013-07-11

Schedule 5 Central Bank (Supervision and Enforcement) Act 2013 Open official source

SCHEDULE 5 Redress for Contravention of section 41 (1)

SCHEDULE 5

Redress for Contravention of section 41 (1)

Section 41.

Complaints to rights commissioner.

1. (1) An employee (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the consent of the employee) or, with the consent of the employee, any trade union of which the employee is a member may present a complaint to a rights commissioner that the employee’s employer has contravened section 41(1) in relation to the employee.

(2) Where a complaint under subparagraph (1) is made, the rights commissioner shall—

(a) give the parties an opportunity to be heard by the commissioner and to present to the commissioner any evidence relevant to the complaint,

(b) give a decision in writing in relation to it, and

(c) communicate the decision to the parties.

(3) A decision of a rights commissioner under subparagraph (2) shall do one or more of the following

(a) declare that the complaint was or was not well founded;

(b) require the employer to take a specified course of action, which may include, in a case where the penalisation constitutes a dismissal within the meaning of section 37(3), re-instatement or re-engagement;

(c) require the employer to pay to the employee compensation of such amount (if any) as is just and equitable having regard to all the circumstances, but not exceeding 2 years’ remuneration in respect of the employee’s employment calculated in accordance with regulations under section 17 of the Unfair Dismissals Act 1977.

(4) The references in clauses (b) and (c) of subparagraph (3) to an employer shall be construed, in a case where ownership of the business of the employer changes after the contravention to which the complaint relates occurred, as references to the person who, by virtue of the change, becomes entitled to such ownership.

(5) Subject to subparagraph (7), a rights commissioner shall not entertain a complaint under this paragraph if it is presented to him or her after the expiration of the period of 6 months beginning on the date of the contravention to which the complaint relates.

(6) Notwithstanding subparagraph (5), a rights commissioner may entertain a complaint under this paragraph presented to him or her after the expiration of the period referred to in subparagraph (5) (but not later than 6 months after such expiration) if he or she is satisfied that the failure to present the complaint within that period was due to exceptional circumstances.

(7) Where a delay by an employee in presenting a complaint under this paragraph is due to any misrepresentation by the employer, subparagraph (5) shall be construed as if the reference to the date of the contravention were a reference to the date on which the misrepresentation came to the employee’s notice.

(8) A complaint shall be presented by giving notice of it in writing to a rights commissioner and the notice shall contain such particulars and be in such form as may be specified from time to time by the Minister for Jobs, Enterprise and Innovation.

(9) A copy of a notice under subparagraph (8) shall be given to the other party concerned by the rights commissioner concerned.

(10) Proceedings under this paragraph before a rights commissioner shall be conducted otherwise than in public.

(11) A rights commissioner shall furnish the Labour Court with a copy of each decision given by the commissioner under subparagraph (2).

Appeals from decisions of rights commissioner.

2. (1) A party concerned may appeal to the Labour Court from a decision of a rights commissioner under paragraph 1(2) and, if the party does so, the Labour Court shall—

(a) give the parties an opportunity to be heard by it and to present to it any evidence relevant to the appeal,

(b) make a determination in writing in relation to the appeal affirming, varying or setting aside the decision, and

(c) communicate the determination to the parties.

(2) An appeal under this paragraph shall be initiated by the party concerned giving, within 6 weeks (or such greater period as the Labour Court may determine in the particular circumstances) from the date on which the decision to which it relates was communicated to the party, a notice in writing to the Labour Court containing such particulars as are determined by the Labour Court under clauses (e) and (f) (in so far as it relates to the said clause (e)) of subparagraph (4) and stating the intention of the party concerned to appeal against the decision.

(3) A copy of a notice under subparagraph (2) shall be given by the Labour Court to any other party concerned as soon as practicable after the receipt of the notice by the Labour Court.

(4) The Labour Court shall determine the following matters and the procedures to be followed in relation to them

(a) the procedure in relation to all matters concerning the initiation and the hearing by the Labour Court of appeals under this paragraph;

(b) the times and places of hearings of such appeals;

(c) the representation of the parties to such appeals;

(d) the publication and notification of determinations of the Labour Court;

(e) the particulars to be contained in a notice under subparagraph (2);

(f) any matters consequential on, or incidental to, the matters referred to in clauses (a) to (e).

(5) The Labour Court may refer a question of law arising in proceedings before it under this paragraph to the High Court for its determination and the determination of the High Court shall be final and conclusive.

(6) A party to proceedings before the Labour Court under this paragraph may appeal to the High Court from a determination of the Labour Court on a point of law and the determination of the High Court shall be final and conclusive.

Paragraphs 1 and 2: supplemental provisions.

3. (1) The Labour Court shall, on the hearing of any appeal referred to it under paragraph 2, have power to take evidence on oath or on affirmation and for that purpose may cause persons attending as witnesses at that hearing to swear an oath or make an affirmation.

(2) The Labour Court may, by giving notice in that behalf in writing to any person, require such person to attend at such time and place as is specified in the notice and—

(a) to give evidence in relation to any matter appealed to the Labour Court under paragraph 2, or

(b) to produce any document specified in the notice relating to the matter in the person’s possession or power.

(3) A witness at a hearing of an appeal before the Labour Court has the same privileges and immunities as a witness before the High Court.

(4) Where—

(a) a decision of a rights commissioner in relation to a complaint under this Schedule has not been carried out by the employer concerned in accordance with its terms, and

(b) the time for bringing an appeal against the decision has expired and no such appeal has been brought or, if such an appeal has been brought, it has been abandoned,

the employee concerned (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the consent of the employee) or, with the consent of the employee, any trade union of which the employee is a member, may bring the complaint before the Labour Court and the Labour Court shall, without hearing the employer concerned or any evidence (other than in relation to the matters aforesaid), make a determination to the like effect as the decision.

(5) The bringing of a complaint before the Labour Court under subparagraph (4) shall be effected by giving to the Labour Court a written notice containing such particulars (if any) as may be determined by the Labour Court.

(6) The Labour Court shall publish, in a manner it considers appropriate, particulars of any determination made by it under any of clauses (a) to (f) of subparagraph (4) of paragraph 2 (not being a determination as respects a particular appeal under that paragraph) and subparagraph (5).

Enforcement of determinations of Labour Court.

4. (1) If an employer fails to carry out in accordance with its terms a determination of the Labour Court in relation to a complaint under paragraph 1 within 28 days from the date on which the determination is communicated to the parties, the Circuit Court shall, on application made to it in that behalf by—

(a) the employee concerned (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the employee’s consent), or

(b) with the consent of the employee, any trade union of which the employee is a member,

without hearing the employer or any evidence (other than in relation to the matters aforesaid), make an order directing the employer to carry out the determination in accordance with its terms.

(2) The reference in subparagraph (1) to a determination of the Labour Court is a reference to a determination in relation to which, at the expiration of the time for bringing an appeal against it, no such appeal has been brought or, if such an appeal has been brought, it has been abandoned, and the reference in that subparagraph to the date on which the determination is communicated to the parties shall, in a case where such an appeal is abandoned, be read as a reference to the date of such abandonment.

(3) In an order under this paragraph providing for the payment of compensation, the Circuit Court may, if in all the circumstances it considers it appropriate to do so, direct the employer concerned to pay to the employee concerned interest on the compensation (at the rate per annum standing specified for the time being in section 26 of the Debtors (Ireland) Act 1840) for each day or part of a day beginning 28 days after the day on which the determination of the Labour Court is communicated to the parties and ending on the day immediately before the day on which the order of the Circuit Court is made.

(4) An application under this paragraph to the Circuit Court shall be made to the judge of the Circuit Court for the circuit in which the employer concerned ordinarily resides or carries on any profession, trade, business or occupation.

Provisions relating to winding-up and bankruptcy.

5. (1) There shall be included among the debts which, under section 285 of the Companies Act 1963 are, in the distribution of the assets of a company being wound-up, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1)(b) by the company to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided by rules made under that Act.

(2) There shall be included among the debts which, under section 81 of the Bankruptcy Act 1988 are, in the distribution of the property of a bankrupt or arranging debtor, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1)(b) by the bankrupt or arranging debtor, to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided under that Act.

Amendment of Protection of Employees (Employers’ Insolvency) Act 1984.

6. Section 6 of the Protection of Employees (Employers’ Insolvency) Act 1984 is amended—

(a) in subsection (2)(a)—

(i) in subparagraph (xxviii) by deleting “and” after “that Schedule,”,

(ii) in subparagraph (xxix) by substituting “that Act, and” for “that Act.”, and

(iii) by inserting the following subparagraph after subparagraph (xxix)

“(xxx) any amount which an employer is required to pay by virtue of a decision of a rights commissioner under paragraph 1(2)(b) of Schedule 5 to the Central Bank (Supervision and Enforcement) Act 2013 or a determination by the Labour Court under paragraph 2(1)(b) of that Schedule.”,

(b) in subsection (2)(b), by substituting “, (xxix) or (xxx)” for “or (xxix)”,

(c) in subsection (2)(c), by substituting “, (xxix) or (xxx)” for “or (xxix)”, and

(d) in subsection (9), in the definition of “relevant date”, by substituting “, (xxix) or (xxx)” for “or (xxix)”.

Central Bank (Supervision and Enforcement) Act 2013

Statutory Text (5 Articles)

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