Central Bank Act 1942

F245 [ Disclosure of information.

33AK

F246 [ 33AK. (1) This subsection applies to the following persons:

( a ) the Governor and every former Governor;

( b ) every former Director of the Central Bank and Financial Services Authority of Ireland;

( c ) every former member of the Irish Financial Services Regulatory Authority;

( d ) every member and every former member of the Commission;

( e ) every Head of Function and every former Head of Function;

( f ) the Registrar of Credit Unions and every former Registrar of Credit Unions;

( g ) every other officer or employee and every other former officer or employee of the Bank;

( h ) every person who is or was formerly employed as a consultant, auditor or in any other capacity by the Bank F247 [ or is or was an agent engaged by the Bank ] ;

( i ) every person to whom this subsection (as in force immediately before the amendment of this section by the Central Bank Reform Act 2010) applied immediately before that coming into operation.

(1A) A person to whom subsection (1) applies shall not disclose confidential information concerning

( a ) the business of any person or body whether corporate or incorporate that has come to the person s knowledge through the person s office or employment with the Bank, or

( b ) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,

if such disclosure is prohibited by the Rome Treaty, the ESCB Statute or the F248 [ supervisory EU legal acts ] . ]

(2)     ( a ) If requested by the Bank, the directors or those charged with the direction of a supervised entity shall, in accordance with paragraph (b) , inform the Bank on the extent of any disclosure duly made by or on behalf of them or the entity to any authority, whether within the State or otherwise.

( b ) Where a request is made under paragraph (a) , the directors or those charged with the direction of a supervised entity shall give to the Bank all the information so requested that is in their possession or under their control, within

(i) 30 days of receipt of the request, or

(ii) such longer period as the Bank may allow when making the request or subsequently.

( c ) In responding to a request for information under this subsection, the directors or those charged with the direction of the supervised entity concerned shall exercise due diligence and shall not, by any act or omission, give or cause to be given to the Bank false or misleading information.

(3)     ( a ) Subject to F249 [ subsection (1A) ] and paragraph (b) , the Bank shall report, as appropriate, to

(i) the Garda S í och á na, or

(ii) the Revenue Commissioners, or

(iii) the Director of Corporate Enforcement, or

(iv) the Competition Authority, or

F250 [ (iva) F251 [ ] ]

(v) any other body, whether within the State or otherwise, charged with the detection or investigation of a criminal offence, or

(vi) any other body charged with the detection or investigation of a contravention of

(I) the Companies Acts 1963 to 2001, or

(II) the Competition Act 2002 , or in so far as any commencement order under that Act does not relate to the repeal of provisions of the Competition Acts 1991 and 1996, which would otherwise be subsisting those Acts,

F252 [ or

(III) the Irish Collective Asset-management Vehicles Act 2015, ]

any information relevant to that body that leads the Bank to suspect that

(A) a criminal offence may have been committed by a supervised entity, or

(B) a supervised entity may have contravened a provision of an Act to which subparagraph (vi) relates.

F249 [ ( b ) Paragraph (a) does not apply

(i) where the Bank is satisfied that the supervised entity has already reported the information concerned to the relevant body, or

(ii) where the information concerned has come into the possession of, or to the knowledge of the Bank, from an authority, in a jurisdiction other than that of the State, duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank. ]

( c ) Information contained in a report under paragraph (a) may only be used by the body to which it is addressed for the purposes of

(i) the detection or investigation of a contravention of a provision of an Act to which paragraph (a)(vi) relates, or

(ii) any investigation which may lead to a prosecution for a criminal offence and any prosecution for the alleged offence.

F253 [ (3A) Where a provision of any of the F248 [ supervisory EU legal acts ] , or of any of the following Regulations of the European Parliament and of the Council, requires or permits the Bank to report information to a supervisory body established by that Regulation, the Bank may do so:

( a ) Regulation (EU) No. 1092/2010 of 24 November 2010 2 ;

( b ) Regulation (EU) No. 1093/2010 of 24 November 2010 2 ;

( c ) Regulation (EU) No. 1094/2010 of 24 November 2010 4 ;

( d ) Regulation (EU) No. 1095/2010 of 24 November 2010 5 . ]

(4) ( a ) In relation to a supervised entity, where the Bank identifies information

(i) which it believes is or is likely to be material to an authority concerned with the enforcement of any law, and

(ii) which it believes it is unable, due to the provisions of F249 [ subsection (1A) ] F254 [ or (5B) ] , to disclose to that authority, and

(iii) in respect of which it is not satisfied that the information has been disclosed to that authority by the directors, or those charged with the direction, of the supervised entity,

then, the Bank shall issue to the directors or others duly charged with the direction of the supervised entity a document, to be known as a Disclosure Issue Notice, and the notice shall

(I) specify the name of the authority concerned, and

(II) identify the information that the Bank has identified as causing it to issue the Disclosure Issue Notice.

( b ) The Bank shall advise the authority concerned when a Disclosure Issue Notice is issued.

( c ) Where a Disclosure Issue Notice is issued in respect of a company to which section 158 of the Companies Act 1963 applies (which relates to the directors report), the directors report shall comply with subsection (6B) of that section.

(5) Subject to F249 [ subsection (1A) ] , the Bank may disclose confidential information

( a ) required for the purposes of criminal proceedings, or

( b ) with the consent of the person to whom the information relates and, if the information was obtained from another person, that other person, or

( c ) where the Bank is or was the agent of a person made to the person as the person s agent, or

( d ) to an authority in a jurisdiction other than that of the State duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank and which has obligations in respect of nondisclosure of information similar to the obligations imposed on the Bank under this section, or

( e ) to any institution of the European Community because of the State s membership of the Community, or to the European Central Bank for the purpose of complying with the Rome Treaty or the ESCB Statute, or

( f ) to an approved stock exchange, within the meaning of the Stock Exchange Act 1995

(i) in respect of member firms of the exchange for the purpose of monitoring compliance by member firms with stock exchange rules or with conditions or requirements imposed by the Bank, or with both, or

(ii) where the Bank considers it necessary to do so, either for the proper and orderly regulation of stock exchanges and their member firms or for the protection of investors, or for both, or

( g ) to a financial futures and options exchange, within the meaning of section 97 of the Central Bank Act 1989, whose rules have been approved by the Bank under Chapter VIII of the Central Bank Act 1989

(i) for the purpose of monitoring compliance by the members of that exchange with those rules or with conditions or requirements imposed by the Bank, or with both, or

(ii) where the Bank considers it necessary to do so for the proper and orderly regulation of futures and options exchanges and their members, or

( h ) to

(i) an inspector appointed under the Companies Acts 1963 to 2001, or section 57 of the Stock Exchange Act 1995 , or

(ii) a Committee appointed under section 65 of the Stock Exchange Act 1995 , or

( i ) to a body that is a competent authority for the purpose of Council Directive 93/22/EEC of 10 May 1993 or Council Directive 93/6/EEC of 15 March 1993, or

( j ) to an approved professional body

(i) for the purpose of monitoring compliance by investment business firms with rules or with conditions or requirements imposed by the Bank, or

(ii) where the Bank considers it necessary to do so for the proper and orderly regulation of investment business firms, or

( k ) to

(i) a Committee appointed under section 74 of the Investment Intermediaries Act 1995 , or

(ii) a person nominated or approved of by a supervisory authority in accordance with section 51(2) of that Act, or

(iii) an inspector appointed by the Court under Part VIII of that Act, or

( l ) to a product producer in respect of investment business services or investment advice provided by a restricted activity investment product intermediary who holds an appointment in writing from the producer under section 27 of the Investment Intermediaries Act 1995 , or

( m ) to an officer of statistics (as defined by section 20 of the Statistics Act 1993 ) in connection with the collection, compilation, analysis or interpretation of data relating to balance of payments, national accounts or any other financial statistics prepared for those purposes, or

( n ) F255 [ ]

( o ) to the Comptroller and Auditor General that is required for the performance of that officer s functions or to a person employed in the Office of the Comptroller and Auditor General, or

( p ) to an auditor to whom F256 [ subsections (3) and (4) of section 32I apply ] , or

( q ) to the Minister for the Environment and Local Government in connection with that Minister s functions under the national housing programme with respect to a mortgage lender, or

( r ) to the Investor Compensation Company Limited, or to a subsidiary of that company established by the Bank in order to provide administrative services to that company, or

( s ) for the purposes of the hearing of an appeal by the Appeals Tribunal, or

( t ) for the purpose of complying with a requirement imposed under section 33AM or by or under any other law, or

( u ) where the Bank is in receipt of information from an authority in a jurisdiction other than the State duly authorised to exercise functions similar to one or more of the statutory functions of the Bank, made with the permission of that authority, or

( v ) to a liquidator, examiner, receiver or any other person or body involved in the liquidation or bankruptcy of a supervised entity in relation to that entity, in accordance with the F248 [ supervisory EU legal acts ] , where applicable, or

( w ) to the auditor of a supervised entity in relation to that entity, in accordance with the F248 [ supervisory EU legal acts ] , where applicable, or

( x ) to any body established under law for the purposes of overseeing auditors, in accordance with the terms of the F248 [ supervisory EU legal acts ] , where applicable, or

( y ) to the Director of Corporate Enforcement for the purpose of any investigation under Part II (as amended) of the Companies Act 1990 , or to an officer of the Director for the purposes of the Director s functions and in accordance with the terms of the F248 [ supervisory EU legal acts ] , where applicable, or

F257 [ ( z ) to

(i) the Minister, in accordance with the provisions of the F248 [ supervisory EU legal acts ] in relation to the Minister s responsibility for policy on the supervision of supervised entities,

(ii) authorities in other Member States with responsibilities corresponding to that of the Minister referred to in subparagraph (i) , or

(iii) where the Bank is the chair of a college of supervisors established under Regulation 11A of the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 ( S.I. No. 475 of 2009 ), to the Committee of European Banking Supervisors,

( za ) to an inspector appointed by the Minister and acting on the Minister s behalf,

or ]

( aa ) in accordance with Article 25(7) of Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field, to a body which has the function of providing clearing or settlement services for one of the State s markets where necessary for the performance of its functions, or

( ab ) in accordance with the terms of Council Directive 92/49/EEC of 18 June 1992 in respect of insurance undertakings, to bodies which administer compulsory winding up proceedings or guarantee funds, where necessary for the performance of their functions, or

( ac ) in accordance with the terms of Council Directive 92/96/EEC of 10 November 1992 in respect of assurance undertakings, to bodies which administer compulsory winding up proceedings or guarantee funds, where necessary for the performance of their functions, or

( ad ) to the Pensions Board that is required for the performance of its functions, or

( ae ) in summary or collective form, such that individual persons or bodies cannot be identified, in legal proceedings where a supervised entity has been declared bankrupt or is being compulsorily wound up, but only if the information disclosed does not concern the business of any person or body which, to the knowledge of the Bank, may be, or has been involved in attempts to rescue that supervised entity at any stage, or

( af ) if the Bank is satisfied that the disclosure is necessary to protect consumers of relevant financial services or to safeguard the interests of the Bank, or

( ag ) if the disclosure arises in relation to

(i) the operations of the Bank in any financial market, or

(ii) the issue by the Bank or the European Central Bank of legal tender, or

(iii) the pursuit by the Bank of the objectives set out in section 6A of the Central Bank Act 1942 , or

( ah ) to a Tribunal of Inquiry established under the Tribunals of Inquiry (Evidence) Acts 1921 to 2002, or

F258 [ ( aha ) to any Commission of Investigation established under the Commissions of Investigation Act 2004 , or ]

F259 [ ( ahb ) to a Joint Committee of the Houses of the Oireachtas that is conducting an inquiry, being an inquiry

(i) that is a Part 2 inquiry (within the meaning of the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013 ), and

(ii) in respect of which a terms of reference resolution under section 13 of that Act was passed by D á il É ireann and Seanad É ireann on the 25th day and 26th day, respectively, of November, 2014,

provided the disclosure to that Committee occurs after the making of the rules and standing orders referred to in subsection (6A) , ]

( ai ) to the Revenue Commissioners in relation to their functions in a manner such that no supervised entity can be identified, or

( aj ) to the Registrar of Friendly Societies that is required for the performance of the Registrar s F260 [ functions, or ]

F261 [ ( aja ) to the Credit Union Restructuring Board that is required for the performance of that Board s functions, ]

F262 [ ( ak ) to the F263 [ Financial Services and Pensions Ombudsman ] that is required for the performance of that Ombudsman s F264 [ functions, or ] ]

F265 [ F266 [ (al) to the Competition and Consumer Protection Commission, if the confidential information is required for the performance of the Commission s functions, or ] ]

F267 [ ( am ) to a deposit guarantee scheme established in accordance with Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 2 , or

( an ) to a body or authority that is a competent authority for the purposes of a Regulation of the European Union or European Communities, or a law of the State implementing such a Regulation, that imposes restrictive measures within the framework of the EU Common Foreign and Security Policy, or

( ao ) 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 Credit Institutions (Stabilisation) Act F268 [ 2010, or ] ]

F269 [ ( 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 , or

( aq ) to authorities or bodies charged with responsibility for maintaining the stability of the financial system in Member States through the use of macroprudential rules, or

( ar ) to reorganisation bodies or authorities aiming at protecting the stability of the financial system, or

F270 [ (as) for the purposes of contractual or institutional protection schemes as referred to in Article 113(7) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 6 , or

(at) for any purpose connected with the functions of the Bank under Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 7 , or

(au) to the Information Commissioner that is required for the performance of that Commissioner s functions under the Freedom of Information Act 2014 , or

F271 [ (av) to the ECB or a national competent authority in accordance with the SSM Regulation or the SSM Framework Regulation, or

F272 [ (aw) for any purpose connected to the functions of the Bank as a competent authority or resolution authority under Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 4 , or ] ]

F273 [ (ax) to independent actuaries of insurance undertakings and reinsurance undertakings (within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015) carrying out legal supervision of those entities and the bodies responsible for overseeing such F274 [ actuaries, or ] ]

F275 [ (ay) in accordance with the SRM Regulation, to

(i) the SRB,

(ii) national resolution authorities in other Member States,

(iii) the Commission,

(iv) the Council,

(v) the ECB, or

(vi) competent authorities in F274 [ other Member States, or ] ]

F276 [ (az) to the Workplace Relations Commission in accordance with Part 3 of the European Communities (Market Abuse) Regulations 2016 F277 [ ( S.I. No. 349 of 2016 ), or ] ]

F278 [ ( ba ) to the Data Protection Commission that is required for the performance of that Commission s functions under the Data Protection Regulation or the Data Protection Acts 1988 to 2018. ]

F254 [ (5A) Subsection (5) shall not apply to confidential information received by the Bank in the performance of its functions as a competent authority designated as such for the purposes of the Payment Services Directive.

(5B) A person to whom subsection (1) applies shall not disclose confidential information concerning

( a ) the business of any person or body whether corporate or incorporate that has come to the person s knowledge through the person s office or employment with the Bank, or

( b ) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,

if such disclosure is required to be prohibited by the Payment Services Directive.

(5C) Subject to subsection (5B) , the Bank may disclose confidential information received by it in the performance of its functions as a competent authority (so designated for the purposes of the Payment Services Directive)

( a ) to a public authority or body designated by another Member State as the competent authority for the purposes of the Payment Services Directive,

( b ) to the European Central Bank and the central banks of other Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems,

( c ) to the European Banking Authority, in its capacity of contributing to the consistent and coherent functioning of supervising mechanisms (as referred to in point ( a ) of Article 1(5) of Regulation (EU) No 1093/2010 of 24 November 2010 28 ),

( d ) to the relevant authorities of other Member States designated under laws giving effect to the Payment Services Directive, Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 29 and other Acts of the European Union applicable to payment service providers (including Acts applicable to the protection of individuals with regard to the processing of personal data and to money laundering and terrorist financing),

( e ) to authorities entrusted with the public duty of supervising other financial sector entities and the authorities responsible for the supervision of financial markets,

( f ) to authorities or bodies charged with responsibility for maintaining the stability of the financial system in Member States through the use of macroprudential rules,

( g ) to reorganisation bodies or authorities aiming at protecting the stability of the financial system,

( h ) to bodies involved in the liquidation and bankruptcy of institutions and in other similar procedures,

( i ) to the persons responsible for carrying out statutory audits of the accounts of institutions, insurance undertakings and financial institutions,

( j ) to the ESCB central banks and other bodies with a similar function in their capacity as monetary authorities when the information is relevant for the exercise of their respective statutory tasks,

( k ) to contractual or institutional protection schemes as referred to in Article 113(7) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 30 ,

( l ) where appropriate, to other public authorities responsible for overseeing payment systems,

( m ) to the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, where that information is relevant for the exercise of their functions under Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 31 , Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 32 or Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 33 , as the case may be,

( n ) to a clearing house or other similar body recognised under Irish law for the provision of clearing or settlement services where that information is necessary in order to ensure the proper functioning of those bodies in relation to defaults or potential defaults by market participants,

( o ) to a liquidator, examiner, receiver or any other person or body involved in the liquidation or bankruptcy of a supervised entity in relation to that entity,

( p ) to the Minister for Housing, Planning and Local Government in connection with that Ministers functions under the national housing programme with respect to a mortgage lender,

( q ) to

(i) the Minister, in accordance with the provisions of the Payment Services Directive in relation to the Minister s responsibility for policy on the supervision of supervised entities,

(ii) authorities in other Member States with responsibilities corresponding to that of the Minister referred to in subparagraph (i), or

(iii) where the Bank is the chair of a college of supervisors established under Regulation 104 of the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ), to the Committee of European Banking Supervisors,

( r ) to an inspector appointed by the Minister and acting on the Minister s behalf,

( s ) where the information is required for the purposes of criminal proceedings, or

( t ) with the consent of the person to whom the information relates and, if the information was obtained from another person, that other person.

(5D) Where confidential information has been received from an authority designated as a competent authority for the purposes of the Payment Services Directive in another Member State, the Bank shall only disclose such confidential information pursuant to subsection (5C) ( h ), ( i ) or ( k ) in accordance with the express consent of that authority.

(5E) In subsections (5A) , (5B) , (5C) and (5D) , Payment Services Directive means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 34 .

(5F) Subsections (5A) , (5B) , (5C) and (5D) shall apply to confidential information received in connection with the operation of the European Communities (Electronic Money) Regulations 2011, subject to the modification that a reference to the Payment Services Directive shall be construed as a reference to Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 35 . ]

(6) Any person or entity to whom confidential information is provided under subsection (3) ( a ) or (5) shall comply with the provisions on professional secrecy in the F248 [ supervisory EU legal acts ] F259 [ and in the ESCB Statute ] in holding and dealing with information provided to them by the Bank.

F259 [ (6A) Any member of either House of the Oireachtas to whom confidential information is provided under subsection (5) and who fails to comply with the provisions of professional secrecy referred to in subsection (6) in respect of that information may be subject to the sanction of the House of which the person is a member in accordance with rules and standing orders made by that House. ]

F254 [ (6B) Any person or entity to whom confidential information is provided under subsection (5C) shall, when holding and dealing with that information, ensure its confidentiality. ]

(7) The Bank may, for the purposes of subsection (5)(d) or otherwise, require from a supervised entity any information for the purposes of the Bank assisting an authority to which that subsection relates, but the Bank may only require such information where the information requested is, in the opinion of the Bank, to assist the authority in the carrying out of its regulatory functions.

(8) A person who

( a ) contravenes F249 [ subsection (1A) ] F254 [ or (5B) ] , or

( b ) contravenes paragraph ( a ) or ( c ) of subsection (2) , or

( c ) fails to comply with section 158(6B) of the Companies Act 1963 , for the purpose of a Disclosure Issue Notice issued under subsection (4),

commits an offence and is liable

(i) on conviction on indictment to a fine not exceeding 30,000 or to imprisonment for a term not exceeding 5 years, or both, or

(ii) on summary conviction to a fine not exceeding 3,000 or to imprisonment for a term not exceeding 12 months, or both.

(9) Notwithstanding anything to the contrary provided for by or under any enactment, where in the opinion of the Revenue Commissioners, or such officer or officers of the Commissioners as they may from time to time designate for this purpose, there is information which may relate to

( a ) the commission of an offence, or

( b ) a failure to comply with an obligation,

under the designated enactments or the designated statutory instruments, then the Commissioners or that officer shall disclose the information to the Bank.

(10) In this section

approved professional body has the meaning given by section 55 of the Investment Intermediaries Act 1995 ;

F278 [ Data Protection Regulation means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 12 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation); ]

product producer has the meaning given by section 2 of the Investment Intermediaries Act 1995 ;

restricted activity investment product intermediary has the meaning assigned to it by section 26 of the Investment Intermediaries Act 1995 ;

F279 [ F248 [ supervisory EU legal acts ] means

( a ) Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000,

( b ) Council Directive 93/22/EEC of 10 May 1993,

( c ) Council Directive 85/611/EEC of 20 December 1985,

( d ) Council Directive 92/49/EEC of 18 June 1992,

( e ) Council Directive 92/96/EEC of 10 November 1992,

F280 [ ( f ) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC,

( g ) Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive) and Commission Implementing Directive (EU) 2015/2392 of 17 December 2015 on Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of that Regulation, ]

( h ) the 2003 Prospectus Directive (within the meaning of Part 5 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 ),

( i ) Directive 2005/68/EC of 16 November 2005,

( j ) the Transparency (Regulated Markets) Directive (within the meaning of Part 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006 ),

( k ) Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions,

( l ) Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions,

( m ) Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation,

F281 [ ( n ) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,

( o ) the Supplemental Directive and the MiFID Regulation as defined in section 3(1) of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 F282 [ (No. 37 of 2007), ] ]

F283 [ ( p ) F284 [ ]

F285 [ ( q ) F284 [ ]

( r ) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC 14 , and

F286 [ ( s ) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 8 on OTC derivatives, central counterparties and trade repositories,

F287 [ ( t ) the SSM Regulation,

F288 [ ( u ) the SSM Framework Regulation, ] ]

F289 [ ( v ) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II); ]

F290 [ ( x ) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and F291 [ Regulation (EU) No 236/2012, ] ]

F292 [ ( y ) Directive 2014/92/EU of the European Parliament and of the Council of 23 July 20141 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic F291 [ features, and ] ]

F293 [ (w) the SRM Regulation. ]

F294 [ ( z ) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014, and

( aa ) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU. ]

F295 [ (ab ) Regulation (EU) No 2015/2365 of the European Parliament and of the Council of 25 November 2015 5 ; ]

F296 [ ( ac ) Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016 8 ; ]

F297 [ ( ad ) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 10 on insurance distribution. ]

F298 [ ( ae ) Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 3 ; ]

F299 [ ( af ) Regulation (EU) 2017/2402 of the European Parliament and of the Council of F300 [ 12 December 2017, ] 24

F301 [ ( ag ) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017; 1

supervised entity means any person or body in relation to which the Bank exercises functions under the designated enactments or the designated statutory instruments. ]

Annotations:

Amendments:

F245

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F246

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 64, S.I. No. 469 of 2010.

F247

Inserted (27.01.2014) by Credit Reporting Act 2013 (45/2013), s. 34, S.I. No. 19 of 2014.

F248

Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 5(a).

F249

Substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 68(1)(a) and (b), S.I. No. 557 of 2012.

F250

Inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(5), S.I. No. 178 of 2007.

F251

Deleted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(d)(i), S.I. 366 of 2014, in effect as per reg. 3.

F252

Inserted (12.03.2015) by Irish Collective Asset-management Vehicles Act 2015 (2/2015), s. 189(a), S.I. No. 85 of 2015.

F253

Inserted (31.12.2010) by European Communities (Directive 2009/111/EC) Regulations 2010 (S.I. No. 627 of 2010), reg. 3(1) and sch. 1, item 1, commenced as per reg. 2.

F254

Inserted (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), re. 144(a)-(d), in effect as per reg. 1(2).

F255

Deleted (15.07.2010) by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010), s. 114(2), S.I. No. 342 of 2010.

F256

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 68, S.I. No. 469 of 2010.

F257

Substituted (31.12.2010) by European Communities (Directive 2009/111/EC) Regulations 2010 (S.I. No. 627 of 2010), reg. 3(1) and sch. 1, item 2, commenced as per reg. 2.

F258

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 65, S.I. No 469 of 2010.

F259

Inserted (4.02.2015) by Central Bank (Amendment) Act 2015 (1/2015), s. 1, commenced on enactment.

F260

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 9(a), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F261

Inserted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 56(3), S.I. No. 557 of 2012.

F262

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 9(b), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F263

Substituted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(b), S.I. No. 524 of 2017.

F264

Substituted (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 13(a), S.I. No. 730 of 2007.

F265

Substituted (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 13(b), S.I. No. 730 of 2007.

F266

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(d)(ii), S.I. 366 of 2014, in effect as per reg. 3.

F267

Substituted (21.12.2010) by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 72 and sch. 1, pt. 2, item 1, S.I. No. 623 of 2010.

F268

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 7, S.I. No. 287 of 2013.

F269

Substituted and inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 153(1).

F270

Substituted and inserted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 5(b).

F271

Substituted and inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(c), in effect as per reg. 1(2).

F272

Substituted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(d)(i), in effect as per reg. 1(2).

F273

Inserted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(2), in effect as per reg. 1(2), subject to exception in reg. 1(3).

F274

Substituted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(b)(i) and (ii), in effect as per reg. 1(2).

F275

Inserted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(d)(i), in effect as per reg. 1(2).

F276

Inserted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(b)(iii), in effect as per reg. 1(2).

F277

Substituted (25.05.2018) by Data Protection Act 2018 (7/2018), s. 168(a), S.I. No. 174 of 2018.

F278

Inserted (25.05.2018) by Data Protection Act 2018 (7/2018), s. 168(b), (c), S.I. No. 174 of 2018.

F279

Substituted (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 7(a), S.I. No. 730 of 2007.

F280

Substituted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(c), in effect as per reg. 1(2).

F281

Substituted (1.11.2009) by European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009), reg. 118 and sch. 2 pt. 2 item 1, commenced by reg. 2(2).

F282

Substituted (30.04.2011) by European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011), reg. 79(1) and sch. 1, pt. 1, item 1, commenced as per reg 2.

F283

Substituted and inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 153(2).

F284

Deleted (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 144(e), in effect as per reg. 1(2).

F285

Substituted and inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(b)(ii).

F286

Substituted and inserted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 5(c).

F287

Substituted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(2)(b), in effect as per reg. 1(2), subject to exception in reg. 1(3).

F288

Substituted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(d)(ii), in effect as per reg. 1(2).

F289

Substituted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 12(b)(i), in force as per reg. 1(2).

F290

Substituted (18.09.2016) by European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016), reg. 21(3)(a), in force as per reg. 1(2).

F291

Substituted (3.01.2018) by European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), reg. 131(b)(i), ii), in effect as per reg. 1(2).

F292

Inserted (18.09.2016) by European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016), reg. 21(3)(b), in force as per reg. 1(2).

F293

Inserted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(d)(ii), in effect as per reg. 1(2).

F294

Inserted (3.01.2018) by European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), reg. 131(b)(iii), in effect as per reg. 1(2).

F295

Inserted (22.12.2017) by European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017), reg. 31(b).

F296

Inserted (1.01.2018) by European Union (Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 (S.I. No. 644 of 2017), reg. 27(b), in effect as per reg. 1(2).

F297

Inserted (1.10.2018) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 54(b), in effect as per reg. 1(2).

F298

Inserted (21.07.2018) by European Union (Money Market Funds) Regulations 2018 (S.I. No. 269 of 2018), reg. 5(b), in effect as per reg. 1(2).

F299

Inserted (1.01.2019) by European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018), reg. 31(b), in effect as per reg. 1(2).

F300

Substituted (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 39(b)(i), in effect as per reg. 1(2).

F301

Inserted (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 39(b)(ii), in effect as per reg. 1(2).

Modifications (not altering text):

C20

Application of section restricted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 88(2).

Supervisory stress testing

88. (1) The Bank shall carry out as appropriate, but at least annually, supervisory stress tests on institutions it supervises, to facilitate the review and evaluation process under Regulation 85.

(2) Nothing in these Regulations, the Capital Requirements Regulation or section 33AK of the Act of 1942 shall prevent the Bank from publishing the results of supervisory stress tests carried out in accordance with paragraph (1).

Editorial Notes:

E135

Subss. 5((w), (x) (y) and 10(u), (v), (w) ordered alphabetically (1.01.2016); their amending and inserting provisions are unclear on this point, see F-notes above.

E136

Subs. (5)(ao), (ap) substituted and inserted in s. 33K (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(1) and sch. 2 pt. 1 item 3, S.I. No. 548 of 2011; amendment not possible as section previously deleted. The amendment appears to have been intended for this section.

E137

Previous affecting provision: subs. (10)(x) inserted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 12(b)(ii), in effect as per reg. 1(2); substituted as per F-note above.

E138

Previous affecting provision: subs. (5)(aw) substituted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(2), in effect as per reg. 1(2), subject to exception in reg. 1(3); substituted as per F-note above.

E139

Previous affecting provision: subs. (10)(u) and (v) substituted and inserted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(2)(b), in effect as per reg. 1(2), subject to exception in reg. 1(3); substituted as per F-note above.

E140

Previous affecting provision: subs. (5)(as), (at), (au) and (av) substituted and inserted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 5(b); substituted as per F-note above.

E141

Previous affecting provision: subs. (5)(as), (at) substituted and inserted (14.10.2014) by Freedom of Information Act 2014 (30/2014), s. 50, commenced as per s. 1(2); substituted as per F-note above.

E142

Previous affecting provision: subs. (10)(s) substituted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(b)(ii).

E143

Previous affecting provision: subs. (5)(as), (at) inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(b)(i).

E144

Previous affecting provision: subs. (10)(q), (r) inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 153(2).

E145

Previous affecting provision: subs. (5)(as) inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 153(1).

E146

Previous affecting provision: subs. (5)(ap) inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 7, S.I. No. 287 of 2013, substituted as per F-note above.

E147

Previous affecting provision: subs. (5)(am) inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 67, S.I. No. 469 of 2010; substituted as per F-note above.

E148

Previous affecting provision: subs. (5)(al) amended (18.06.2009) by Financial Services (Deposit Guarantee Scheme) Act 2009 (13/2009), s. 11 and sch. item 1(a), commenced on enactment; substituted as per F-note above.

E149

Previous affecting provision: additional subs. (5)(am) inserted (18.06.2009) by Financial Services (Deposit Guarantee Scheme) Act 2009 (13/2009), s. 11 and sch. item 1(b), commenced on enactment; substituted as per F-note above.

E150

Previous affecting provision: subs. (5)(al) substituted (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 13(b), S.I. No. 730 of 2007.

E151

Previous affecting provisions: definition of “supervisory directives” in subs. (10) amended:

• (6.07.2005) by Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005), s. 36, S.I. No. 323 of 2005;

• by Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006), s. 23, not commenced;

• (15.07.2006) by European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006), regs. 84, commenced as per reg. 1(2);

• (1.11.2007) by European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007), reg. 192, commenced as per reg. 1(2) and deleted (1.11.2007) by European Communities (Markets in Financial Instruments) (Amendment) Regulations 2007 (S.I. No. 663 of 2007), commenced as per reg. 1(3);

• (1.11.2009) by European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009), reg. 118 and sch. 2 part 2 item 1, commenced by reg. 2(2);

• (30.04.2011) by European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011), reg. 79(1) and sch. 1, part 1, items 3-4, commenced as per reg. 2;

substituted as per F-note above.

1 OJ No. L 168, 30.6.2017, p. 12. ]

10 OJ No. L 26, 02.02.2016, p. 19

12 OJ No. L 119, 4.5.2016, p.1

14 OJ No. L 176, 27.06.2013, p. 338

1 O J No. 331, 15.12.2010, p. 1.

24 OJ No L 347, 28.12.2017, p.35 ]

29 OJ No. L 141, 5.6.2015, p. 73.

3 OJ No. L169, 30.6.2017, p.8

30 OJ No. L 176, 27.6.2013, p. 1

31 OJ No. L 331, 15.12.2010, p. 1.

32 OJ No. L 331, 15.12.2010, p. 48.

33 OJ No. L 331, 15.12.2010, p. 84.

34 OJ No. L 337, 23.12.2015, p.35.

35 OJ No. L 267, 10.10.2009, p.7.

3 O J No. 331, 15.12.2010, p. 48.

4 O J No. 331, 15.12.2010, p. 120.

6 OJ No. L 176, 27.06.2013, p. 1

7 OJ No. L 201, 27.07.2012, p. 1

8 OJ No. L 201, 27.07.2012, p. 1