Central Bank Reform Act 2010

25.

Head of Financial Regulation may investigate persons’ fitness and probity.

25.— (1) If in relation to a person to whom subsection (2) applies, the Head of Financial Regulation is of the opinion that—

( a) there is reason to suspect the person’s fitness and probity to perform the relevant controlled function, and

( b) in the circumstances an investigation is warranted into the person’s fitness and probity,

the Head of Financial Regulation may conduct an investigation, in accordance with this Chapter, in relation to the fitness and probity of the person to perform the controlled function.

(2) This subsection applies to a person—

( a) if the person performs a controlled function in relation to a regulated financial service provider,

( b) if, to the knowledge of the Head of Financial Regulation, a regulated financial service provider proposes to appoint the person to carry out a controlled function (other than a pre-approval controlled function), or

( c) if the Head of Financial Regulation has reason to believe that a regulated financial service provider is considering the appointment of the person to perform a controlled function (other than a pre-approval controlled function).

(3) Without prejudice to the generality of subsection (1) , the Head of Financial Regulation may form the opinion referred to in that subsection if there is reason to suspect that—

( a) the person does not have the experience, qualifications or skills necessary to perform properly and effectively the controlled function, the part of a controlled function or any controlled function, as the case may be,

( b) the person does not satisfy an applicable standard of fitness and probity in a code issued pursuant to section 50 ,

( c) the person has participated in serious misconduct in relation to the business of a regulated financial service provider,

F7 [ ( ca ) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38 (2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect, ]

( d) the person has directly or indirectly provided information to the Bank, the Governor or the Head of Financial Regulation (whether pursuant to this Part or otherwise) that the person knew or ought to have known was false or misleading,

( e) the person has directly or indirectly provided information that the person knew or ought to have known was false or misleading to another person in order for it to be provided to the Bank, the Governor or the Head of Financial Regulation,

( f) the person has caused or sought to cause information requested by the Head of Financial Regulation by evidentiary notice from a regulated financial service provider or a person who is carrying out a controlled function not to be provided by the due date,

( g) the person has failed to comply with an evidentiary notice, or

( h) the person has been convicted of an offence (whether in the State or outside the State) of money laundering or terrorist financing or an offence involving fraud, dishonesty or breach of trust.

Annotations:

Amendments:

F7

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(1) and sch. 2 part 4 item 3, S.I. No. 287 of 2013.

Editorial Notes:

E25

Standard of proof prescribed for findings in relation to any of the matters referred to at subs. (3)(a) to (h) (24.02.2012) by Central Bank Reform Act 2010 (Procedures Governing the Conduct of Investigations) Regulations 2012 (S.I. No. 56 of 2012), reg. 11.