Central Bank (Supervision and Enforcement) Act 2013


Number 26 of 2013


CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013

REVISED

Updated to 23 January 2018


This Revised Act is an administrative consolidation of the Central Bank (Supervision And Enforcement) Act 2013. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including Finance Act 2017 (41/2017), enacted 25 December 2017, and all statutory instruments up to and including Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2018 (S.I. No. 18 of 2018), made 23 January 2018, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 26 of 2013


CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013

REVISED

Updated to 23 January 2018


Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

Central Bank Acts 1942 to 2015 : this Act is one of a group of Acts included in this collective citation, to be construed together as one ( Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), s. 9(2)). The Acts in this group are:

Central Bank Act 1942 (22/1942)

Central Bank Act 1961 (8/1961)

Central Bank Act 1971 (24/1971)

Central Bank Act 1989 (16/1989), Part II

Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85

Central Bank Act 1998 (2/1998)

Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)

Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2

Central Bank Reform Act 2010 (23/2010)

Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 36, 37, 48(2) and 56(3), Part 5 (in so far as it amends Central Bank Acts 1942 to 2011), and schs. 2 and 3 (in so far as they amend Central Bank Acts 1942 to 2011)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013) (other than s. 5 in so far as it relates to schs. 3 and 4, and ss. 75 to 78, 80 to 87 and 89 to 94)

Central Bank Act 2014 (9/2014), s. 1

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2014), other than s. 8

Acts previously included in the group but now repealed are:

Central Bank Act 1964 (3/1964)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1991, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)

Workplace Relations Act 2015 (16/2015)

Protected Disclosures Act 2014 (14/2014)

Central Bank Act 2014 (9/2014)

Credit Reporting Act 2013 (45/2013)

All Acts up to and including Finance Act 2017 (41/2017), enacted 25 December 2017, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2018 (S.I. No. 18 of 2018)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Investment Firms) Regulations 2017 (S.I. No. 604 of 2017)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2017 (S.I. No. 559 of 2017)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017 (S.I. No. 391 of 2017)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017 (S.I. No. 344 of 2017)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. No. 60 of 2017)(revoked)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2016 (S.I. No. 568 of 2016)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. No. 307 of 2016)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016 (S.I. No. 280 of 2016)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Undertakings National Specific Templates Reporting Arrangements) Regulations 2016 (S.I. No. 159 of 2016)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations for Fund Service Providers (Amendment) Regulations 2016 (S.I. No. 87 of 2016)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (S.I. No. 585 of 2015)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (S.I. No. 420 of 2015)

European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers (S.I. No. 105 of 2015)(revoked)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Client Asset Regulations 2015 (S.I. No. 104 of 2015)(revoked)

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) Regulations 2015 (S.I. No. 47 of 2015)

Protected Disclosures Act 2014 (Section 7(2)) Order 2014 (S.I. No. 339 of 2014)

European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)

Central Bank (Supervision and Enforcement) Act 2013 (Section 72) (Commencement) Order 2013 (S.I. No. 321 of 2013)

Central Bank (Supervision and Enforcement) Act 2013 (Commencement) Order 2013 (S.I. No. 287 of 2013)

All statutory instruments up to and including Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2018 (S.I. No. 18 of 2018), made 23 January 2018, were considered in the preparation of this revision.


Number 26 of 2013


CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013

REVISED

Updated to 23 January 2018


ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title, collective citation and construction.

2. Commencement.

3. Interpretation.

4. Repeals and revocations.

5. Amendments.

6. Savings and transitional provisions.

PART 2

Provision of Report to Bank

7. Definitions ( Part 2).

8. Persons to whom this Part applies.

9. Giving of notice to reviewee to provide a report.

10. Matters to which Bank shall have regard before giving notice under section 9.

11. The reviewer.

12. Contract with reviewer.

13. Cost of report.

14. Assisting the reviewer.

15. Duty of reviewee to ensure performance of reviewer’s functions.

16. Reviewer to provide explanation to the Bank.

17. Bank not bound by report nor liable for it.

18. Offence of providing false information to a reviewer.

19. Bank may apply to High Court for an order.

20. Guidelines for reviewees and reviewers.

PART 3

Information, etc.

Chapter 1

Introductory

21. Persons to whom this Part applies.

Chapter 2

Bank’s power to gather information, etc.

22. Power of Bank to require information, records, plans, etc.

23. Form of information, etc.

Chapter 3

Authorised officers

24. Appointment of authorised officers.

25. Warrant of appointment.

26. Power of authorised officer to enter premises.

27. Powers of authorised officer.

28. Warrant required to enter premises.

29. Authorised officer may attend meetings.

Chapter 4

Supplementary

30. Provision of information, record or other document not to be treated as breach or to affect lien.

31. Failure to comply with a requirement.

32. Offence.

33. Privileged legal material.

34. Use of information.

PART 4

Auditor Assurance

35. Amendment of Central Bank Act 1997.

36. Amendment of section 27G of Central Bank Act 1997.

PART 5

Protection for Persons Reporting Breaches

37. Definitions ( Part 5).

38. Protected disclosure.

39. Guidelines for persons referred to in section 38(2)(a).

40. Protection from civil liability of persons who have made a protected disclosure.

41. Protection of employees from penalisation for making a protected disclosure.

42. Tortious liability of person for victimisation.

PART 6

Customer Protection

43. Bank’s power to direct redress for customers.

44. Actions for damages.

PART 7

Bank’s Power to Give Directions

45. Bank’s power to give directions.

46. Prior approval of High Court for certain proceedings.

47. Bank may apply to High Court for orders enforcing directions.

PART 8

Bank’s Power to Make Regulations

48. Bank’s power to make regulations.

49. Consultation before making regulations.

50. Matters to which Bank to have regard when making regulations.

51. Supplementary provisions relating to regulations.

PART 9

Enforcement

52. High Court enforcement orders on application by Bank.

53. Notices to the public.

54. Restitution orders.

55. Prosecution of offences.

56. Copies of documents for juries.

57. Convicted person liable for costs and expenses of investigation and proceedings.

58. Limitation of liability.

PART 10

Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc.

59. Amendment of section 28 of Central Bank Act 1997.

60. Amendment of section 31 of Central Bank Act 1997.

61. Amendment of section 31A of Central Bank Act 1997.

62. Amendment of section 32A of Central Bank Act 1997.

63. Amendment of section 33A of Central Bank Act 1997.

64. Transitional provision for existing debt management firms.

65. Amendment of section 36 of Central Bank Act 1997.

66. Amendment of section 36A of Central Bank Act 1997.

PART 11

Amendments to Part IIIC of Act of 1942

67. Amendment of section 33AO of Act of 1942.

68. Amendment of section 33AQ of Act of 1942.

69. Amendment of section 33AV of Act of 1942.

70. Amendment of section 33BA of Act of 1942.

71. Amendment of section 33BC of Act of 1942.

PART 12

Other Amendments to Financial Services Legislation

72. Ombudsman’s report to include information about complaints.

73 . Third country branches.

74. Amendment of section 76 of Central Bank Act 1989.

75. Amendment of section 43 of Investment Intermediaries Act 1995.

76. Amendment of section 30 of Consumer Credit Act 1995.

77. Amendment of section 45 of Consumer Credit Act 1995.

78. Amendment of section 149 of Consumer Credit Act 1995.

79. Amendment of section 27 of Central Bank Act 1997.

80. Amendments of Investor Compensation Act 1998.

81. Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009.

82. Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.

PART 13

Miscellaneous

83. Amendment of section 1 of Insurance Act 1964.

84. Amendment of section 6 of Insurance Act 1964.

85. Amendment of section 4 of Landlord and Tenant Act (Ground Rents) (No. 2) Act 1978.

86. Amendment of section 4 of Landlord and Tenant (Amendment) Act 1980.

87. Amendment of section 3 of Companies (Amendment) Act 1990.

88. Disclosure to Bank of tax information about qualifying companies and FVCs.

89. Amendment of section 11 of Electronic Commerce Act 2000.

90. Amendment of Planning and Development Act 2000.

91. Amendment of section 56 of Personal Injuries Assessment Board Act 2003.

92. Amendment of Credit Institutions (Financial Support) Act 2008.

93. Amendment of section 38 of Credit Institutions (Stabilisation) Act 2010.

94. Amendment of section 6 of Irish Bank Resolution Corporation Act 2013.

SCHEDULE 1

Repeals and Revocations

PART 1

Repeals

PART 2

Revocations

SCHEDULE 2

Amendments of Central Bank Acts

PART 1

Amendments of Central Bank Act 1942

PART 2

Amendments of Central Bank Act 1971

PART 3

Amendment of Central Bank Act 1997

PART 4

Amendments of Central Bank Reform Act 2010

PART 5

Amendments of Central Bank and Credit Institutions (Resolution) Act 2011

SCHEDULE 3

Amendments of Certain other Acts

PART 1

Amendments of Investment Intermediaries Act 1995

PART 2

Amendments of Credit Union Act 1997

PART 3

Amendments of Investor Compensation Act 1998

PART 4

Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009

SCHEDULE 4

Amendments of Certain Statutory Instruments

PART 1

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

PART 2

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

PART 3

Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007

PART 4

Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011

SCHEDULE 5

Redress for Contravention of section 41 (1)


Acts Referred to

Asset Covered Securities Act 2001

2001, No. 47

Bankers’ Books Evidence Act 1879

42 & 43. Vict., c. 11

Bankruptcy Act 1988

1988, No. 27

Building Societies Act 1989

1989, No. 17

Central Bank Act 1942

1942, No. 22

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank Act 1997

1997, No. 8

Central Bank Acts 1942 to 2012

Central Bank and Credit Institutions (Resolutions) Act 2011

2011, No. 27

Central Bank Reform Act 2010

2010, No. 23

Charities Act 2009

2009, No. 6

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Companies (Amendment) Act 1990

1990, No. 27

Consumer Credit Act 1995

1995, No. 24

Consumer Protection Act 2007

2007, No. 19

Credit Institutions (Financial Support) Act 2008

2008, No. 18

Credit Institutions (Stabilisation) Act 2010

2010, No. 36

Credit Union Act 1997

1997, No. 15

Credit Union and Co-operation with Overseas Regulators Act 2012

2012, No. 40

Criminal Justice (Terrorist Offences) Act 2005

2005, No. 2

Debtors (Ireland) Act 1840

3 & 4 Vict., c. 105

Dormant Accounts Act 2001

2001, No. 32

Electronic Commerce Act 2000

2000, No. 27

European Communities (Amendment) Act 1993

1993, No. 25

Financial Services (Deposit Guarantee Scheme) Act 2009

2009, No. 13

Financial Transfers Act 1992

1992, No. 27

Insurance (No. 2) Act 1983

1983, No. 29

Insurance Act 1964

1964, No. 18

Insurance Act 1989

1989, No. 3

Investment Funds, Companies and Miscellaneous Provisions Act 2005

2005, No. 12

Investment Intermediaries Act 1995

1995, No. 11

Investment Limited Partnerships Act 1994

1994, No. 24

Investor Compensation Act 1998

1998, No. 37

Irish Bank Resolution Corporation Act 2013

2013, No. 2

Landlord and Tenant (Amendment) Act 1980

1980, No. 10

Landlord and Tenant (Ground Rents) Act 1967

1967, No. 3

Landlord and Tenant (Ground Rents) (No. 2) Act 1978

1978, No. 16

Personal Injuries Assessment Board Act 2003

2003, No. 46

Personal Insolvency Act 2012

2012, No. 44

Petty Sessions (Ireland) Act 1851

14 & 15. Vict., c. 93

Planning and Development Act 2000

2000, No. 30

Protection of Employees (Employers’ Insolvency) Act 1984

1984, No. 21

Protection of Employees (Fixed-Term Work) Act 2003

2003, No. 29

Succession Act 1965

1965, No. 27

Taxes Consolidation Act 1997

1997, No. 39

Trustee Savings Banks Act 1989

1989, No. 21

Unclaimed Life Assurance Policies Act 2003

2003, No. 2

Unfair Dismissals Act 1977

1977, No. 10

Unfair Dismissals Acts 1977 to 2007

Unit Trusts Act 1990

1990, No. 37


Number 26 of 2013


CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013

REVISED

Updated to 23 January 2018


AN ACT TO FURTHER PROVIDE FOR THE REGULATION AND SUPERVISION OF FINANCIAL SERVICE PROVIDERS AND FINANCIAL SERVICES; TO FURTHER PROVIDE FOR THE ENFORCEMENT OF FINANCIAL SERVICES LEGISLATION; TO PROVIDE FOR THE PROTECTION OF PERSONS REPORTING BREACHES; FOR THOSE AND OTHER PURPOSES TO PROVIDE FOR AMENDMENTS TO, AND TO FURTHER AMEND AND EXTEND, THE CENTRAL BANK ACTS 1942 TO 2012 AND CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS, AND TO PROVIDE FOR RELATED MATTERS.

[11 th July, 2013]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications (not altering text):

C1

Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...