Central Bank (Supervision and Enforcement) Act 2013

SCHEDULE 2

Amendments of Central Bank Acts

PART 1

Amendments of Central Bank Act 1942

Section 5(1) .

Item

Provision affected

Amendment

(1)

(2)

(3)

1

Section 2

( a) In subsection (1) substitute the following for the definition of “designated enactments”:

“‘designated enactments’ means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;”.

( b) Insert the following subsection:

“(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.”.

2

Section 18D(2)

In paragraph ( a) after “Bank” insert “or with one or more persons with relevant knowledge of any of the matters specified in section 24(1) (or with both)”.

3

Section 24(2)

( a) In paragraph ( c) substitute “Parliament,” for “Parliament, or”.

( b) In paragraph ( d) substitute “member,” for “member.” and insert the following after that paragraph:

“( e) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider,

( f) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or

( g) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence.”.

4

Section 32B(2)

In paragraph ( a) substitute “2016” for “2011”.

5

Part IIIA

Before section 32L substitute the following for the Chapter heading:

“Chapter 3A

Accountability”.

6

Section 32L(3)

Delete “and” at the end of paragraph ( a) and insert the following paragraph:

“( aa) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and”.

7

Section 33AK(5)

Substitute “2010, or” for “2010.” in paragraph ( ao) and insert the following after that paragraph:

“( ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011.”.

8

Section 33AN

In the definition of “contravene” substitute the following for paragraph ( b):

“( b) aiding, abetting, counselling or procuring a person to commit a contravention, and”.

9

Section 57BC

Insert the following after subsection (7):

“(8) The Minister may from time to time advance to the Council, out of moneys provided by the Oireachtas, such sums as the Minister may determine for the purposes of the performance of the functions relating to superannuation conferred on the Council by this Act.”.

10

Schedule 2, Part 1

( a) Substitute the following for item 38:

38

No. 23 of 2010

Central Bank Reform Act 2010

Parts 3 and 4

”.

( b) Insert the following:

No. 27 of 1992

Financial Transfers Act 1992

Section 4

No. 2 of 2005

Criminal Justice (Terrorist Offences) Act 2005

Section 42(6)

No. 13 of 2009

Financial Services (Deposit Guarantee Scheme) Act 2009

The whole Act

No. - of 2013

Central Bank (Supervision and Enforcement) Act 2013

The whole Act other than sections 83 to 87 and 89 to 94

”.

Item

Provision affected

Amendment

(1)

(2)

(3)

11

Schedule 2, Part 2

( a) Substitute the following for item 36:

36

S.I. No. 48 of 2011

European Communi-ties (Reorgan-isation and Winding-up of Credit Institutions) Regulations 2011

The whole instrument

”.

( b) Insert the following:

S.I. No. 799 of 2007

European Communities (Information on the payer accompanying transfers of funds) Regulations 2007

The whole instrument

S.I. No. 247 of 2010

European Communities (Credit Rating Agencies) Regulations 2010

The whole instrument

S.I. No. 352 of 2011

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011

The whole instrument

S.I. No. 340 of 2012

European Union (Short Selling) Regulations 2012

The whole instrument

”.

PART 2

Amendments of Central Bank Act 1971

Section 5(1) .

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 2(1)

( a) In paragraph ( d) of the definition of “related body” substitute “ Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

( b) Insert the following definition:

“‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC 6;”.

2

Section 7

In subsection (1) delete “on behalf of any other person”.

3

Section 10

Insert “or authorisation under section 9A(2)” after “licence” in each place.

4

Section 12

( a) In subsection (1) insert “and of the holders of authorisations under section 9A” after “licences”.

( b) In subsection (2)—

(i) insert “or authorisation under section 9A” after “licence”, and

(ii) insert “European Banking Committee” after “European Commission”.

( c) In subsection (3)—

(i) insert “and of the holders of authorisations under section 9A” after “licences”, and

(ii) insert the following after paragraph ( d):

“( dd) the European Banking Committee;”.

5

Section 17

( a) Insert “or authorisation under section 9A” after “licence” in each place.

( b) In subsection (1) insert “or holders of authorisations under section 9A” after “licence holders”.

6

Section 18

Insert “or authorisation under section 9A” after “licence” in each place.

7

Section 19

( a) In subsection (1)—

(i) insert “or authorisation under section 9A” after “a licence”, and

(ii) insert “or authorisation” after “the licence”.

( b) In subsection (2) insert “or authorisations under section 9A” after “licences”.

8

Section 20

Insert “or authorisation under section 9A” after “licence” in each place.

9

Section 21

Insert “or authorisation under section 9A” after “licence” in each place.

10

Section 22

Insert “or authorisation under section 9A” after “licence” in each place.

11

Section 25

Insert “or authorisation under section 9A” after “licence” in each place.

12

Section 26

( a) In subsections (1), (2), (3) and (6) insert “or authorisation under section 9A” after “licence” in each place.

( b) In subsection (4) insert “or authorisations under section 9A” after “licences”.

13

Section 27(2)

In paragraph ( a) insert “or authorisation under section 9A” after “licence”.

14

Section 28(1)

Insert “or authorisation under section 9A” after “licence”.

15

Section 31

Insert “or authorisation under section 9A” after “licence” in each place.

6 OJ No. L3, 7.1.2004, p.36

PART 3

Amendment of Central Bank Act 1997

Section 5(1) .

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 32A(5)( b)

Substitute Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010”.

PART 4

Amendments of Central Bank Reform Act 2010

Section 5(1) .

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 3

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

“‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.

2

Section 23

( a) Substitute the following for subsection (1):

“(1) A regulated financial service provider shall not appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function.”.

( b) In subsection (6)( b) substitute “( a) to ( h)” for “( a) to ( g)”.

3

Section 25(3)

Insert the following after paragraph ( c):

“( 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,”.

4

Section 43(2)

Insert the following after paragraph ( c):

“( 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,”.

5

Section 52

( a) Insert the following after subsection (2):

“(2A) The Bank may at its discretion appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.”.

( b) In subsection (3)—

(i) substitute “, (2) and (2A)” for “and (2)”,

(ii) substitute “any” for “either”, and

(iii) substitute “, the Head of Financial Regulation or the Bank” for “or the Head of Financial Regulation”.

6

Section 54 (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012)

Substitute the following section:

“Co-operation with Member State authorities or third country authorities.

54. — (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank.

(2) At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may

( a) require information on the matter about which the Bank has required or could require the provision of information or the production of documents under any provision of financial services legislation, or

( b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter.

(3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular:

( a) whether in the country or territory of the Member State authority or third country authority, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the Member State authority or third country authority;

( b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State;

( c) the seriousness of the case and its importance to persons in the State;

( d) whether it is otherwise appropriate in the public interest to give the assistance sought.

(4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate.

(5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union.

(6) If the Bank authorises an authorised officer for the purposes of subsection (2)( b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned.

(7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942.

(8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person. ”.

PART 5

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

Section 5(1).

Item

(1)

Provision affected

(2)

Amendment

(3)

1

Section 14

Substitute the following for subsection (4):

“(4) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank.”.

2

Section 18(2)

Substitute “supervisory directives” for “supervisory enactments”.