Central Bank Reform Act 2010

23A
23A

F18[Notification and approval of appointment

23A.F19[(1) A significant supervised entity (within the meaning of the SSM Framework Regulation) which is a regulated financial service provider or holding company shall not—

(a) appoint a person to its management body (within the meaning of the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)), or

(b) make any other appointment the approval of which is subject to the exclusive competence of the ECB under Article 4(1)(e) of the SSM Regulation,

unless the entity has been notified in writing by the ECB that it has approved the appointment.]

(2) Where the Bank receives an application from an entity for the purposes of seeking approval from the ECB under subsection (1), it shall send that application to the ECB without delay.

(3) For the purposes of the making of a decision by the ECB as to whether or not to approve F20[the appointment of] a person under subsection (1), the Bank may request the person, or a specified officer or employee of the entity that proposes to appoint the person F21[], by notice in writing to do any one or more of the following:

(a) produce a specified document or documents to the Bank;

(b) provide specified information to the Bank;

(c) produce to the Bank documents of a kind described in the notice;

(d) answer a question or questions set out in the notice;

(e) attend before a specified officer or employee of the Bank for interview.

(4) A notice under subsection (3) shall specify a date and time by which, and a place at which, the person shall provide the document or documents or information, provide answers to the question or questions, or attend for interview, as the case may be.

(5) Nothing in subsection (3) or any notice given by the Bank under that subsection requires a person

(a) to produce to the Bank a document that the person could not have been compelled to produce to a court,

(b) to give the Bank information that the person could not have been compelled to give a court, or

(c) to answer a question (either in writing or at interview) that the person could not have been compelled to answer in a court.

(6) An application for approval under subsection (1) shall be determined by the ECB in accordance with relevant European Union law.

(7) F21[]]

Annotations

Amendments:

F18

Inserted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 38.

F19

Substituted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 13(a), S.I. No. 176 of 2023.

F20

Inserted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 13(b)(i), S.I. No. 176 of 2023.

F21

Deleted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 13(b)(ii), (c), S.I. No. 176 of 2023.

Editorial Notes:

E35

The section heading is taken from the contents of the section in the absence of one included in the amendment.