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Central Bank Act 1997
F66[Person prohibited from carrying on regulated business without authorisation.
29.—(1) A person shall not carry on a regulated business unless the person is the holder of an authorisation.
(2) A person who contravenes subsection (1) commits an offence and—
(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or
(b) if tried on indictment, is liable on conviction to a fine not exceeding €100,000.
(3) A person who, after being convicted of an offence under subsection (2), continues to contravene subsection (1) commits a further offence on each day or part of a day during which the contravention continues and—
(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or
(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.
(4) This section does not have effect in relation to a person who carries on a money transmission business until 6 months after the commencement of section 27 of the Central Bank and Financial Services Authority of Ireland Act 2004.]
F67[(5) For the purposes of this Act—
(a) the National Asset Management Agency and a NAMA group entity (within the meaning of the National Asset Management Agency Act 2009) shall not be treated as carrying on a regulated business as a credit servicing firm,
(b) an excepted person shall not be treated as carrying on a regulated business as a debt management firm,
(c) a person referred to in paragraphs (a) to (g) of the definition of "retail credit firm" in section 28(1) shall not be treated as carrying on a regulated business as a F68[retail credit firm,]
(d) a securitisation special purpose entity referred to in section 28(2A) or (2B) shall not be treated as carrying on a regulated business as a F68[retail credit firm, and]]
F69[(e) a credit servicer, credit service provider, credit purchaser or designated representative of a credit purchaser, each within the meaning of the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (S.I. No. 644 of 2023), shall not be treated as carrying on a regulated business as a credit servicing firm.]
Annotations
Amendments:
F65
Substituted (1.02.2008) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 19(d), S.I. No. 782 of 2007.
F66
Substituted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 27, S.I. No. 455 of 2004, art. 2 and sch. part 3(b), subject to transitional provisions in sch. 5.
F67
Inserted (16.05.2022) by Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022), s. 3, S.I. No. 229 of 2022.
F68
Substituted (30.12.2023) by European Union (Credit Servicers and Credit Purchasers) Regulations (S.I. No. 644 of 2023), reg. 28(a), (b), in operation as per reg. 2.
F69
Inserted (30.12.2023) by European Union (Credit Servicers and Credit Purchasers) Regulations (S.I. No. 644 of 2023), reg. 28(c), in operation as per reg. 2.
Editorial Notes:
E36
A fine of €2,000 translates into a class C fine, not exceeding €2,500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 6(3) and table ref. no. 1, S.I. No. 662 of 2010.
E37
A fine of €200 translates into a class E fine, not exceeding €500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 8(3) and table ref. no. 1, S.I. No. 662 of 2010.
E38
Previous affecting provision: chapter heading inserted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 27, S.I. No. 455 of 2004, art. 2 and sch. part 3(b), subject to transitional provisions in sch. 5; substituted as per F-note above.