Credit Union and Co-operation with Overseas Regulators Act 2012

SCHEDULE 5

Amendments to Certain Statutory Instruments

PART 1

Amendments of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004

( S.I. No. 853 of 2004)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 25

In paragraph (1) substitute “competent authority (other than the Bank)” for “competent authority”.

2

Regulation 26

In paragraph (1) substitute “competent authority (other than the Bank)” for “competent authority”.

PART 2

Amendment of European Communities (Insurance Mediation) Regulations 2005

( S.I. No. 13 of 2005)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 3(1)

Delete the definition of “authorised officer”.

PART 3

Amendment of European Communities (Reinsurance) Regulations 2006

( S.I. No. 380 of 2006)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 3(1)

Delete the definition of “authorised officer”.

PART 4

Amendments of European Communities (Markets in Financial Instruments) Regulations 2007

( S.I. No. 60 of 2007)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 3(1)

Substitute the following for the definition of “authorised officer”:

“‘authorised officer’ means an authorised officer appointed under Part 5 of the Central Bank Reform Act 2010”.

2

Regulation 6(7)

Substitute “Part 5 of the Central Bank Reform Act 2010” for “Regulation 164”.

3

Regulation 14(1)

In subparagraph ( b) insert “appointed under Part 5 of the Central Bank Reform Act 2010” after “authorised officer”.

4

Regulation 147(1)( g)(ii)

Substitute “Part 5 of the Central Bank Reform Act 2010” for “Regulation 164”.

5

Regulation 174(1)

Delete “an authorised officer or”.

PART 5

Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007

( S.I. No. 366 of 2007)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 3(1)

Substitute the following for the definition of “authorised officer”:

“‘authorised officer’ means an authorised officer appointed under Part 5 of the Central Bank Reform Act 2010;”.

2

Regulation 9

( a) Substitute the following for paragraph (5):

“(5) If, in a particular case, the Bank wishes to verify information concerning an insurer or reinsurer located in another Member State and the insurer or reinsurer is an associate of an insurer or reinsurer that both holds an authorisation issued by the Bank and is subject to supplementary supervision, the Bank shall request the competent authority of that other Member State to have that verification carried out by that authority or an officer appointed by it.”.

( b) In paragraph (7) insert “under Part 5 of the Central Bank Reform Act 2010” after “authorised officer”.

PART 6

Amendments of European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009

( S.I. No. 475 of 2009)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 20

Substitute the following for Regulation 20:

“20. (1) Section 18 of the Central Bank Act 1971 (No. 24 of 1971) applies to and in relation to a credit institution that is subject to consolidated supervision by the Bank as if—

( a) references in that section to a holder of a licence under that Act were references to the credit institution, and

( b) references in that section to a related body of a holder of such a licence were references to an associated enterprise of the credit institution.

(2) Section 41A of the Building Societies Act 1989 (No. 17 of 1989) applies to and in relation to a building society that is subject to consolidated supervision by the Bank as if references in that section to a related body of a building society were references to an associated body of the building society.

(3) Section 25 of the Trustee Savings Bank Act 1989 (No. 21 of 1989) applies to and in relation to a credit institution that is subject to consolidated supervision by the Bank as if references in that section to a trustee savings bank were references to the credit institution. ”.

PART 7

Amendment of European Communities (Cross Border Payments) Regulations 2010

( S.I. No. 183 of 2010)

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Regulation 2(1)

Delete the definitions of “relevant records” and “search warrant”.