Central Bank Act 1942

F71 [ Supplementary powers of Bank with respect to certain responsibilities.

5C

5C. (1) To enable the Bank to carry out its responsibilities, the Bank may

( a ) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers,

( b ) collect and compile information for that purpose, and

( c ) publish the results of any such studies, analyses or surveys.

(2) In undertaking such a study, analysis or survey, the Bank

( a ) may, by notice in writing, require any person who, in the opinion of the Bank, has information, or has control of a record or other thing, that is relevant to the study, analysis or survey, to provide the information, record or thing to the Bank, and

( b ) may, by the same or another notice in writing, require the person to attend before an officer or employee of the Bank for that purpose.

F72 [ (3) Subject to section 33AK, if the Competition and Consumer Protection Commission is of the opinion that information obtained by the Bank pursuant to subsections (1) and (2) is relevant to the exercise of that Commission s functions under section 10 (3)(j) of the Competition and Consumer Protection Act 2014, the Bank shall provide the requested information to the Commission at the Commission s request. ]

(4) A person commits an offence if the person

( a ) intentionally prevents the Bank from exercising a power conferred by subsection (1),

( b ) intentionally obstructs or hinders the Bank in the exercise of such a power,

( c ) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or

( d ) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Bank with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.

(5) The Head of Financial Regulation may, in writing, authorise an officer or employee of the Bank to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or employee may take whatever steps are necessary for or in connection with carrying out such an investigation.

(6) A financial service provider who

( a ) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (5), or

( b ) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation,

commits an offence.

(7) A person who is convicted of an offence under this section is liable

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

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

(8) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences. ]

Annotations:

Amendments:

F71

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 22, S.I. No. 469 of 2010.

F72

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(c), S.I. No. 366 of 2014.