Central Bank Act 1971

Offences and punishments.

58

F171[58.—(1) Any person who contravenes section 7, 14, 17, F172[F173[…]] 18 or 27 of this Act and a holder of a licence who—

(a) has obtained a licence through false statements or any other irregular means,

(b) contravenes section 19, 20, 26, 31 or 33 of this Act,

(c) commits by act or omission a breach of a condition duly imposed and which relates to a licence,

(d) fails to comply with a direction under section 11(3)(c) (inserted by section 34 of the Central Bank Act, 1989), 21 or 22 of this Act, or a requisition under section 23 of this Act, or

(e) contravenes regulations under section 24 or 25 of this Act,

shall be guilty of an offence and shall be liable—

(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both,

and, if the contravention, breach or failure in respect of which he was convicted is continued after conviction, he shall be guilty of an offence on every day on which the contravention, breach or failure continues after conviction in respect of the original contravention, breach or failure and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000.

(2) Where there is a contravention in relation to a unit trust scheme of section 14(2) of this Act, the manager under the scheme shall be deemed to have contravened section 14 of this Act.

(3) In any proceedings for an offence under this section which relates to section 27 of this Act, it shall be a good defence for the accused to prove that he was, at the relevant time, a person whose business it was to publish or arrange for the publication on behalf of some other person of advertisements or other solicitations and that the relevant advertisement or other solicitation was received for publication in the ordinary course of that business and that he did not know and had no reason to suspect that to use it to advertise or otherwise solicit could be an offence.]

Annotations

Amendments:

F171

Substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 9, S.I. No. 176 of 1989.

F172

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 part 6 item 5, S.I. No. 160 of 2003.

F173

Deleted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70(3) and sch. 3 part 1 item 2, S.I. No. 557 of 2012.

Modifications (not altering text):

C58

Application of section extended (9.08.2011) by Criminal Justice Act 2011 (22/2011), s. 3 and sch., S.I. No. 411 of 2011.

Relevant offences for purposes of this Act

3.—(1) In this Act a relevant offence means—

(a) an arrestable offence under a provision of an enactment, or at common law, specified in Schedule 1,

(b) an arrestable offence under a provision of an enactment, or at common law, specified in an order made under subsection (2),

(c) an offence consisting of aiding, abetting, counselling or procuring the commission of an offence specified in Schedule 1 or in an order made under subsection (2), or

(d) an offence consisting of conspiring to commit, or inciting the commission of, an offence specified in Schedule 1 or in an order made under subsection (2).

…

SCHEDULE 1

"RELEVANT OFFENCES" FOR THE PURPOSES OF THIS ACT

Offences relating to banking, investment of funds and other financial activities

1. An offence under section 58 of the Central Bank Act 1971 insofar as it relates to a contravention of section 17, 18, 23, 24 or 25 of that Act.

C59

References construed (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 152(a), in effect as per reg. 1(2).

152. Notwithstanding Regulation 7(1), the references, however expressed, to the holder of a licence under section 9 of the Act of 1971, in—

(a) sections 19 to 26, section 28, sections 31 to 42 or section 58 of the Act of 1971,

…

shall be construed so as to include any person who, but for the application of Regulation 7(1), was or would have been required to hold a licence under section 9 of the Act of 1971.

Editorial Notes:

E146

A fine of £1,000 mentioned in subs. (1)(i) converted (1.01.1999) to €1,269.73. This translates into a class C fine, not greater than €2,500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 6(2) and table ref. no. 1, S.I. No. 662 of 2010.

E147

A fine of £50,000 mentioned in subs. (1)(ii) converted (1.01.1999) to €63,486.50. This is multiplied by 10 to €634,865 as provided (4.01.2011) by Fines Act 2010 (8/2010), s. 9 and table ref. no. 1, S.I. No. 662 of 2010.

E148

A fine of £100 mentioned in subs. (1) converted (1.01.1999) to €126.97. This translates into a class E fine, not greater than €500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 8(2) and table ref. no. 1, S.I. No. 662 of 2010.

E149

A fine of £5,000 mentioned in subs. (1) converted (1.01.1999) to €6,348.65. This is multiplied by 10 to €63,486.50 as provided (4.01.2011) by Fines Act 2010 (8/2010), s. 9 and table ref. no. 1, S.I. No. 662 of 2010.

E150

Previous affecting provision: references construed (1.01.1993) by European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992), reg. 38(1)(a)(i), in effect as per reg. 1(2); revoked (31.03.2014) with transitional provisions by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 161, in effect as per reg. 1.