Central Bank Act 1942

F374[What decisions F375[Bank] can make at conclusion of inquiry held under section 33AO.

33AQ

33AQ.(1) At the conclusion of an inquiry held under section 33AO, the F375[Bank] shall make a finding as to whether the financial service provider concerned is committing or has committed the prescribed contravention to which the inquiry relates.

(2) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the F375[Bank] shall make a finding as to whether the person is participating or has participated in the prescribed contravention to which the inquiry relates.

(3) If the F375[Bank] makes a finding that a regulated financial service provider is committing or has committed a prescribed contravention, it may impose on the financial service provider one or more of the following sanctions:

(a) a caution or reprimand;

(b) a direction to refund or withhold all or part of an amount of money charged or paid, or to be charged or paid, for the provision of a financial service by the financial service provider;

(c) a direction to pay to the F375[Bank] a monetary penalty not exceeding the prescribed amount;

F376[(ca) F377[in the case of a financial service provider not authorised by the ECB under the SSM Regulation, suspension of its authorisation], in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate; ]

F376[(cb) F377[in the case of a financial service provider not authorised by the ECB under the SSM Regulation, revocation of its authorisation];]

F378[(cc) in the case of a financial service provider authorised by the ECB under the SSM Regulation, the submission of a proposal to the ECB to suspend its authorisation, in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate;

(cd) in the case of a financial service provider authorised by the ECB under the SSM Regulation, the submission of a proposal to the ECB to withdraw its authorisation;]

(d) if the financial service provider is a natural person, a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order;

(e) if the financial service provider is found to be still committing the contravention, a direction ordering the financial service provider to cease committing the contravention;

(f) a direction to pay to the F375[Bank] all or a specified part of the costs incurred by that Authority in holding the inquiry and in investigating the matter to which the inquiry relates.

F379[(4) For the purpose of subsection (3)(c), the prescribed amount is

(a) if the financial service provider is a body corporate or an unincorporated body, the greater of

(i) 10,000,000, and

(ii) an amount equal to 10 per cent of the turnover of the body for its last complete financial year before the finding is made,

(b) if the financial service provider is a natural person, 1,000,000, or

(c) if the regulations prescribe some other amount for paragraph (a) or (b), that other amount.]

(5) If the F375[Bank] makes a finding that a person concerned in the management of a regulated financial service provider is participating or has participated in the commission by the financial service provider of a prescribed contravention, it may impose on the person one or more of the following sanctions:

(a) a caution or reprimand;

(b) a direction to pay to the F375[Bank] a monetary penalty not exceeding the prescribed amount;

(c) a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order;

(d) if the person is found to be still participating in the commission of the contravention, a direction ordering the person to cease participating in the commission of the contravention;

(e) a direction to pay to the F375[Bank] all or a specified part of the costs incurred by F380[the Bank] in holding the inquiry and in investigating the matter to which the inquiry relates.

(6) For the purpose of subsection (5)(b), the prescribed amount is

F381[(a) 1,000,000, or]

(b) if the regulations prescribe some other amount of money for paragraph (a), that other amount.

(7) At the conclusion of an inquiry relating to the conduct of a regulated financial service provider, the F375[Bank] shall notify its decision to the financial service provider. The decision must set out in writing

(a) its finding as to whether or not the financial service provider is committing or has committed the prescribed contravention to which the inquiry relates, and

(b) the grounds on which its finding is based, and

(c) if the F375[Bank] finds that the contravention is being or has been committed, the sanctions (if any) imposed under this section in respect of the contravention.

(8) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the F375[Bank] shall notify the person of its decision. The decision must set out

(a) its finding as to whether or not the person is participating or has participated in the commission of the prescribed contravention to which the inquiry relates, and

(b) the grounds on which the finding is based, and

(c) if the F375[Bank] finds that the person is participating or has participated in the contravention, the sanctions (if any) imposed under this section in respect of the participation.]

F382[(9) In this section "authorisation" means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration.]

Annotations

Amendments:

F374

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F375

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010.

F376

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 68(a), S.I. No. 287 of 2013.

F377

Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 7(a), (b).

F378

Inserted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 7(c).

F379

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 68(b), S.I. No. 287 of 2013.

F380

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(b), S.I. No. 469 of 2010.

F381

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 68(c), S.I. No. 287 of 2013.

F382

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 68(d), S.I. No. 287 of 2013.

Modifications (not altering text):

C38

Application of section extended in certain circumstances (28.08.2022) by European Union (Pan-European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), reg. 6(4).

Administrative sanctions 

6. ...

(4) For the purposes of a contravention of the PEPP Regulation, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions referred to in Article 67(3) of the PEPP Regulation.

C39

Application of section extended in certain circumstances (13.12.2021) by European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021), reg. 9(3).

Administrative penalties and other administrative measures

9. ...

(3) For the purposes of a contravention of these Regulations or the Crowdfunding Regulation, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions referred to in Article 39(2) of the Crowdfunding Regulation.

C40

Application of section extended in certain circumstances (21.09.2021) by European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021), reg. 16(3).

Sanctions

16. ...

(3) For the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions set out in this Regulation.

C41

Application of section restricted (1.01.2019) by European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018), reg. 27, in effect as per reg. 1(2).

Sanctions

27. (1) Notwithstanding the sanctions set out in section 33AQ of the Act of 1942, any of the sanctions referred to in paragraph (2) may be imposed by the Bank where the provisions of the Act of 1942 are invoked —

(a) following an inquiry under section 33AO of the Act of 1942, or

(b) in accordance with section 33AR or section 33AV of the Act of 1942,

in respect of any negligent or intentional contravention of these Regulations or the Securitisation Regulation and, for the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as a reference to the sanctions set out in this Regulation.

(2) The sanctions mentioned in paragraph (1) are:

(a) an order requiring the person responsible for the contravention to cease the conduct and to desist from a repetition of that conduct;

(b) a public statement which indicates the identity of the person responsible for the contravention and the nature of the contravention in accordance with Article 37 of the Securitisation Regulation;

(c) a temporary withdrawal of the authorisation referred to in Article 28 of the Securitisation Regulation for the third party authorised to check the compliance of a securitisation with Articles 19 to 22 or Article 23 to 26 of the Securitisation Regulation;

(d) a temporary ban preventing any member of the originator’s, sponsor’s or SSPE’s management body, or any natural person who is held responsible for such a contravention, from exercising management functions;

(e) where the contravention is a contravention referred to in point (e) or (f), as the case may be, of Article 32.1 of the Securitisation Regulation, a temporary ban preventing the originator and sponsor from notifying under Article 27.1 of the Securitisation Regulation that a securitisation meets the requirements set out in Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation;

(f) maximum administrative pecuniary sanctions of at least twice the amount of the profits gained or losses avoided because of the contravention where those profits gained or losses avoided can be determined by the Bank, even if those sanctions exceed the amounts referred to in subparagraphs (g) and (h);

(g) in the case of a natural person, a pecuniary sanction not exceeding €5,000,000;

(h) in the case of a legal person, a pecuniary sanction —

(i) not exceeding €5,000,000, or

(ii) of up to 10 per cent of the total annual turnover of the legal person according to the last available accounts approved by the management body.

(3) For the purposes of paragraph (2)(h)(i) and (ii), where the legal person concerned is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the Council of 26 June 201322, the relevant total annual net turnover shall be the total net annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.

C42

Application of section restricted by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010), s. 114(2), (3), as inserted (26.11.2018) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 (26/2018), s. 36, S.I. No. 486 of 2018.

Prescribed amounts under section 33AQ of Central Bank Act 1942 in respect of certain contraventions

114A. (1) In this section ‘Act of 1942’ means the Central Bank Act 1942 and ‘designated person’ means a designated person within the meaning of Part 4.

(2) Notwithstanding subsection (4) of section 33AQ of the Act of 1942, in the case of a contravention of Chapter 3, 4 or 6 of Part 4, or section 30B, 57, 57A, 58 or 59, by a designated person, the prescribed amount for the purpose of subsection (3)(c) of section 33AQ is—

(a) if the designated person is a body corporate or an unincorporated body, the greatest of—

(i) €10,000,000,

(ii) twice the amount of any benefit derived by the person from the contravention (where that benefit can be determined), and

(iii) an amount equal to 10 per cent of the turnover of the body for its last complete financial year before the finding is made,

(b) if the designated person is a natural person—

(i) where the designated person is not a credit institution or financial institution, the greater of—

(I) €1,000,000, and

(II) twice the amount of any benefit derived by the person from the contravention (where that benefit can be determined),

(ii) where the designated person is a credit institution or financial institution, the greater of—

(I) €5,000,000, and

(II) twice the amount of any benefit derived by the person from the contravention (where that benefit can be determined).

(3) Notwithstanding subsection (6) of section 33AQ of the Act of 1942, in the case of a contravention of Chapter 3, 4 or 6 of Part 4, or section 30B, 57, 57A, 58 or 59, by a designated person, the prescribed amount for the purpose of subsection (5)(b) of section 33AQ is—

(a) where the designated person is not a credit institution or financial institution, the greater of—

(i) €1,000,000, and

(ii) twice the amount of any benefit derived by the person from the contravention (where that benefit can be determined),

(b) where the designated person is a credit institution or financial institution, the greater of—

(i) €5,000,000, and

(ii) twice the amount of any benefit derived by the person from the contravention (where that benefit can be determined).

...

C43

Application of Part restricted (1.10.2018) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 44(1), in effect per reg. 1(2).

Sanctions in Regulations 46 and 47, and Act of 1942

44. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of that Act, any of the sanctions referred to in Regulations 46 and 47 may be imposed by the Bank—

(a) following an inquiry under section 33AO, or

(b) in accordance with section 33AR or section 33AV, of the Act of 1942 in respect of any contravention by a person falling within Regulation 45.

(2) The Bank shall take all measures necessary to ensure that any such sanction is implemented.

C44

Application of section restricted (3.01.2018) by European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), reg. 119(1), in effect per reg. 1(2).

Sanctions

119. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, any of the sanctions referred to in paragraph (3) may be imposed by the Bank—

(a) where the provisions of the Act of 1942 are invoked—

(i) following an inquiry under section 33AO of the Act of 1942, or

(ii) in accordance with section 33AR or 33AV of the Act of 1942, or

(b) where an assessor has been appointed under Regulation 113(1) and an adverse assessment has been made by the assessor (being an adverse assessment that contains a statement of the kind referred to in Regulation 113(8)(c)),

in respect of any contravention by a person falling within paragraph (5), (6) or (7), and, for the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as a reference to the sanctions set out in this Regulation.

...

C45

Application of section restricted (1.01.2018) by European Union (Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 (S.I. No. 644 of 2017), reg. 19(1), in effect per reg. 1(2).

Sanctions that may be imposed by Bank

19. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, any of the sanctions referred to in paragraph (3) may be imposed by the Bank—

(a) where the provisions of the Act of 1942 are invoked—

(i) following an inquiry under section 33AO of the Act of 1942, or

(ii) in accordance with section 33AR or 33AV of the Act of 1942, or

(b) where an assessor has been appointed under Regulation 13(1) and an adverse assessment has been made by the assessor (being an adverse assessment that contains a statement of the kind referred to in Regulation 13(8)(c)),

in respect of any contravention by a person falling within paragraph (5) and, for the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as a reference to the sanctions set out in this Regulation.

...

C46

Application of section restricted (31.12.2017) by European Union (Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPS)) Regulations 2017 (S.I. No. 629 of 2017), reg. 4(1), in effect per reg. 1(2).

Sanctions

4. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, sanctions may be imposed by the Bank—

(a) following an inquiry under section 33AO of the Act of 1942, or

(b) in accordance with section 33AR or section 33AV of the Act of 1942, for the infringements listed in Article 24(1) of the PRIIPS Regulation and may include any or all of the following:

(i) an order prohibiting the marketing of a PRIIP;

(ii) an order suspending the marketing of a PRIIP;

(iii) a public warning which indicates the person responsible for, and the nature of, the infringement;

(iv) an order prohibiting the provision of a key information document which does not comply with the requirement of Articles 6, 7, 8 or 10 of the PRIIPS Regulation and requiring the publication of a new version of a key information document;

(v) in the case of a legal person, administrative pecuniary sanctions of—

(I) up to €10,000,000 or up to 10 per cent of the total annual turnover of the legal person according to the last available accounts approved by the management body, or

(II) up to twice the amount of the profits gained or losses avoided as a result of an infringement where that amount can be determined;

(vi) in the case of a natural person, administrative pecuniary sanctions of—

(I) up to €1,000,000, or

(II) up to twice the amount of the profits gained or losses avoided as a result of an infringement where that amount can be determined.

...

C47

Application of section restricted (22.12.2017) by European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017), reg. 25(1).

Sanctions

25. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, any of the sanctions referred to in paragraph (2) may be imposed by the Bank—

(a) following an inquiry under section 33AO of that Act, or

(b) in accordance with section 33AR or section 33AV of that Act,

for the infringements of Articles 4 and 15 of the SFT Regulation and, for the purposes of these Regulations, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as a reference to the sanctions set out in this Regulation.

...

C48

Application of section restricted (19.12.2017) by European Union (Information Accompanying Transfers of Funds) Regulations 2017 (S.I. No. 608 of 2017), reg. 6(1).

Administrative sanctions

6. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of that Act, sanctions may be imposed by the Bank —

(a) following an inquiry under section 33AO of that Act, or

(b) in accordance with section 33AR or section 33AV of that Act,

for contraventions of the Funds Transfer Regulation and may include any or all of the following:

(i) a public statement which indicates the person responsible for the contravention and the nature of the contravention concerned;

(ii) an order requiring the person responsible for the contravention to cease, and desist from, the conduct concerned;

(iii) withdrawal or suspension of any authorisation granted by the Bank;

(iv) a temporary ban against any member of the institution’s management body or any other natural person, who is held responsible, from exercising management functions in the legal person concerned;

(v) subject to paragraph (2), a direction to pay to the Bank a monetary penalty not exceeding €1,000,000 or twice the amount of the benefit derived from the contravention where that benefit can be determined (including where that sum that exceeds €1,000,000 or the maximum amount specified in paragraph (2)).

...

C49

Application of Part restricted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 4, in effect as per reg. 1(2).

Sanctions

4. Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, sanctions may be imposed by the Bank—

(a) following an inquiry under section 33AO of the Act of 1942, or

(b) in accordance with section 33AR or section 33AV of the Act of 1942

for the infringements listed in Article 63(1) of the CSD Regulation and may include any or all of the following:

(i) a public statement which indicates the person responsible for the infringement and the nature of the infringement concerned, in accordance with Regulation 7;

(ii) an order requiring the person responsible for the infringement to cease, and desist from, the conduct concerned;

(iii) withdrawal of an authorisation granted under Article 16 or 54 of the CSD Regulation, in accordance with Article 20 or 57 of the CSD Regulation;

(iv) a temporary or, for repeated serious infringements, a permanent ban against any member of the institution’s management body or any other natural person, who is held responsible, from exercising management functions in the institution concerned;

(v) administrative pecuniary sanctions of up to twice the amount of the profits gained as a result of an infringement where that amount can be determined;

(vi) in respect of a natural person, administrative pecuniary sanctions of up to €5,000,000;

(vii) in the case of a legal person, administrative pecuniary sanctions of up to €20,000,000 or up to 10% of the total annual turnover of the legal person according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU of the European Parliament and of the Council of 26 June 20132, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant Accounting Directives according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.

C50

Decision under section may be subject to additional sanctions as provided (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), regs. 54-55.

Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings

54. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, sanctions may be imposed by the Bank following an inquiry under section 33AO of the Act of 1942 for the contraventions listed in paragraph (2) and may include any or all of the following:

(a) a public statement that identifies the natural person, institution, financial holding company or mixed-financial holding company responsible, and the nature of the breach concerned;

(b) an order requiring a natural or legal person responsible for the contravention to cease, and desist from, the conduct concerned;

(c) in the case of a body corporate or unincorporated body, administrative pecuniary penalties of up to 10 per cent of the total annual net turnover including the gross income consisting of—

(i) interest receivable and similar income,

(ii) income from shares and other variable or fixed-yield securities, and

(iii) commissions or fees receivable

in accordance with Article 316 of the Capital Requirements Regulation, of the undertaking in the preceding business year;

(d) in the case of a natural person, administrative pecuniary penalties of up to €5,000,000;

(e) administrative pecuniary penalties of up to twice the amount of the benefit derived from the contravention where that benefit can be determined;

(f) suspension of the voting rights of the shareholder or shareholders held responsible for the contraventions referred to in paragraph (2).

(2) The contraventions referred to in paragraph (1) are the following:

(a) carrying out the business of taking deposits or other repayable funds from the public without being an authorised or licensed credit institution, as appropriate, in breach of the Act of 1971,

(b) commencing activities as a credit institution without obtaininga licence or authorisation, as appropriate, in breach of the Act of 1971,

(c) acquiring, directly or indirectly, a qualifying holding in a credit institution or further increasing, directly or indirectly, such a qualifying holding in a credit institution as a result of which the proportion of the voting rights or of the capital held would reach or exceed the prescribed percentages referred to in Regulation 10(2) or so that the credit institution would become its subsidiary—

(i) without notifying the Bank in writing,

(ii) during the assessment period, or

(iii) where the Bank has opposed the acquisition or further increase;

(d) disposing, directly or indirectly, of a qualifying holding in a credit institution or reducing a qualifying holding so that the proportion of the voting rights or of the capital held would fall below the prescribed percentages referred to in Regulation 12 or so that the credit institution would cease to be a subsidiary, without notifying in writing the Bank.

(3) Where the undertaking referred to in paragraph (1)(c) is a subsidiary of a parent undertaking, the relevant gross income, referred to in that paragraph, shall be the gross income resulting from the consolidated account of the ultimate parent undertaking in the preceding business year.

(4) Notwithstanding the definition of regulated financial service provider as provided for in the Act of 1942, a person that engages in conduct listed in paragraph (2) shall be treated as a regulated financial services provider for the purposes of Part IIIC of the Act of 1942.

Other provisions on administrative penalties

55. (1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section 33AQ of the Act of 1942, sanctions may be imposed by the Bank following an inquiry under section 33AO of the Act of 1942 for the contraventions listed in paragraph (3) and may include any or all of the following:

(a) a public statement that identifies the natural person, institution, financial holding company or mixed-financial holding company responsible, and the nature of the breach concerned;

(b) an order requiring the natural or legal person responsible to cease, and desist from, the conduct concerned;

(c) in the case of an institution, withdrawal of the licence or authorisation of the institution in accordance with the enactment under which the licence or authorisation was granted;

(d) subject to Regulation 150, a temporary ban against a member of the institutions management body or any other natural person, who is held responsible, from exercising functions in institutions;

(e) subject to paragraph (2), in the case of a legal person, administrative pecuniary penalties of up to 10 per cent of the total annual net turnover including the gross income consisting of—

(i) interest receivable and similar income,

(ii) income from shares and other variable or fixed-yield securities, and

(iii) commissions or fees receivable,

in accordance with Article 316 of the Capital Requirements Regulation, of the undertaking in the preceding business year;

(f) in the case of a natural person, administrative pecuniary penalties of up to €5,000,000;

(g) administrative pecuniary penalties of up to twice the amount of the profits gained or losses avoided because of the breach where those can be determined.

(2) Where an undertaking referred to in paragraph (1)(e) is a subsidiary of a parent undertaking, the relevant gross income shall be the gross income resulting from the consolidated account of the ultimate parent undertaking in the preceding business year.

(3) The contraventions referred to in paragraph (1) are the following:

(a) an institution has obtained a licence or an authorisation through false statements or any other irregular means;

(b) an institution, on becoming aware of any acquisitions or disposals of holdings in their capital that cause holdings to exceed or fall below one of the prescribed percentages referred to in Regulation 10(2), or 12, fails to inform the Bank of those acquisitions or disposals in breach of Regulation 13;

(c) an institution listed on a regulated market as referred to in the list to be published by ESMA in accordance with Article 47 of Directive 2004/39/EC does not, at least annually, inform the Bank of the names of shareholders and members possessing qualifying holdings and the sizes of such holdings in breach of Regulation 23;

(d) an institution fails to have in place governance arrangements required by the Bank in accordance with Regulations 61 and 62;

(e) an institution fails to report information, or provides incomplete or inaccurate information, on compliance with the obligation to meet own funds requirements set out in Article 92 of the Capital Requirements Regulation to the Bank in breach of Article 99(1) of that Regulation;

(f) an institution fails to report information, or provides incomplete or inaccurate information to the Bank, in relation to the data referred to in Article 101 of the Capital Requirements Regulation;

(g) an institution fails to report information, or provides incomplete or inaccurate information, about a large exposure to the Bank in breach of Article 394(1) of the Capital Requirements Regulation;

(h) an institution fails to report information, or provides incomplete or inaccurate information, on liquidity to the Bank in breach of Article 415(1) and (2) of the Capital Requirements Regulation;

(i) an institution fails to report information, or provides incomplete or inaccurate information, on the leverage ratio to the Bank in breach of Article 430(1) of the Capital Requirements Regulation;

(j) an institution repeatedly or persistently fails to hold liquid assets in breach of Article 412 of the Capital Requirements Regulation;

(k) an institution incurs an exposure in excess of the limits set out in Article 395 of the Capital Requirements Regulation;

(l) an institution is exposed to the credit risk of a securitisation position without satisfying the conditions set out in Article 405 of the Capital Requirements Regulation;

(m) an institution fails to disclose information, or provides incomplete or inaccurate information, in breach of Article 431(1), (2) or (3) or Article 451(1) of the Capital Requirements Regulation;

(n) an institution makes payments to holders of instruments included in the own funds of the institution in breach of Regulation 129 or in cases where Articles 28, 51 or 63 of the Capital Requirements Regulation prohibit such payments to holders of instruments included in own funds;

(o) an institution is found liable for a serious breach of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6 of 2010);

(p) an institution allows persons who fail to comply with Regulation 79 to become, or remain, a member of the management body.

(4) In this Regulation—

“ESMA” means the European Securities and Markets Authority established pursuant to Regulation (EU) No 1095/2010;

“Regulation (EU) No 1095/2010” means Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC19.

Editorial Notes:

E175

Penalties under subss. (4)(b) and (6)(a) provided by European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011), reg. 132A as inserted (21.03.2016) by European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. No. 143 of 2016), reg. 21.

E176

Decision under section may be subject to restitution order as provided (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 54(1)(a), S.I. No. 287 of 2013.