Central Bank (Supervision and Enforcement) Act 2013

64.

Transitional provision for existing debt management firms.

64.— The Central Bank Act 1997 is amended by inserting the following section after section 34C—

“Transitional provision for existing debt management firms.

34D.— (1) Notwithstanding section 29, a person carrying on the business of a debt management firm immediately before the commencement of Part 10 of the Central Bank (Supervision and Enforcement) Act 2013 is taken to be authorised to carry on the business of a debt management firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that commencement.

(2) If a person is taken to be authorised to carry on the business of a debt management firm under subsection (1), the Bank may do either or both of the following:

( a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of debt management firms;

( b) direct that person not to carry on the business of a debt management firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.”.