Markets in Financial Instruments and Miscellaneous Provisions Act 2007

13.

Amendments to Central Bank Act 1942.

13.— The Central Bank Act 1942 is amended—

( a) in section 33AK(5)( ak) by substituting “functions, or” for “functions.”,

( b) by inserting the following after subsection (5)( ak):

“( al) to the Agency, if the confidential information is required for the performance of the Agency’s functions.”,

( c) in section 33N(1), by substituting “2 months” for “3 months”,

( d) in section 57BO, by substituting the following for subsection (4):

“(4) For the purposes of this section, ‘bureau staff member’ includes the Financial Services Ombudsman, each of the Deputy Financial Services Ombudsmen and each of the members of the Financial Services Ombudsman Council.”,

( e) in section 57BZ, by substituting the following for subsection (4):

“(4) As soon as practicable after deciding not to investigate a complaint, or to discontinue an investigation of a complaint, the Financial Services Ombudsman shall inform the complainant in writing of the decision and the reasons for the decision.”,

( f) by substituting the following for paragraph 2 of Schedule 3:

“2. (1) In this paragraph—

( a) ‘first anniversary’ means 1 May 2008, and

( b) ‘subsequent anniversary’ means 1 May of each subsequent year.

(2) Appointed members hold office for an indefinite period up to a maximum of 15 years.

(3) However, the Regulatory Authority may make rules of procedure under paragraph 8(2) of this Schedule for the purpose of determining terms of office of the members and of securing that on, or in,

( a) the years prior to the first anniversary, or

( b) the year prior to each subsequent anniversary date,

not less than 2 of the appointed members shall have ceased to hold office by virtue either of this paragraph or paragraph 5(2)( a) to ( k) of this Schedule.

(4) If, in the years prior to the first anniversary or the year prior to each subsequent anniversary,

( a) no appointed member ceases to hold office under paragraph 5(2)( a) to ( k) of this Schedule, then the terms of office of 2 appointed members must be completed on that anniversary,

( b) one appointed member ceases to hold office under paragraph 5(2)( a) to ( k) of this Schedule, then the term of office of one other appointed member must be completed on that anniversary, or

( c) 2 or more appointed members cease to hold office under paragraph 5(2)( a) to ( k) of this Schedule, then the term of office of no other appointed member must be completed on that anniversary.

(5) Which (if any) of the appointed members is or are to retire under this paragraph is to be determined as provided by the rules of procedure made by the Regulatory Authority pursuant to paragraph 8(2) of this Schedule.

(6) Appointed members who—

( a) are required to retire under the rules of procedure made under paragraph 8(2) of this Schedule, or

( b) cease to hold office under paragraph 5(2)( c), ( e), ( f) or ( g) of this Schedule,

are eligible for re-appointment.

(7) However, a person who retires after having served as an appointed member for 15 years is not eligible for reappointment.”.