Central Bank Act 1942

F409[Publication by Bank of certain information relating to imposition of administrative sanctions.

33BC

33BC. (1) If on the holding of an inquiry under section 33AO the Bank has found that

(a) a regulated financial service provider is committing or has committed a prescribed contravention, or

(b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention,

it shall publish, subject to subsection (4), in such form and manner as it thinks appropriate, the finding and such (if any) of the particulars specified in subsection (3) as it thinks appropriate.

(2) If the Bank has, in accordance with section 33AR, imposed

(a) a sanction on a regulated financial service provider in respect of the commission of a prescribed contravention, or

(b) a sanction on a person concerned in the management of a financial service provider in respect of the persons participation in the commission by the financial service provider of such a contravention,

it shall publish, subject to subsection (4), in such form and manner as it thinks appropriate, such (if any) of the particulars specified in subsection (3) as it thinks appropriate.

(3) The particulars referred to in subsections (1) and (2) are as follows:

(a) the name of the regulated financial service provider or person concerned on whom a sanction has been imposed;

(b) details of the prescribed contravention in respect of which the sanction has been imposed;

(c) details of the sanction imposed;

(d) the grounds on which the finding is based.

(4) Subsections (1) and (2) do not apply to the finding or particulars specified in subsection (3)

(a) if publication of the finding or particulars involves the disclosure of confidential information the disclosure of which is prohibited by the Rome Treaty, the ESCB Statute or the F410[supervisory EU legal acts] (within the meaning of section 33AK(10)), or

(b) if the Bank determines

(i) that the finding or particulars are of a confidential nature or relate to the commission of an offence against a law of the State, or

(ii) that publication of the finding or particulars would unfairly prejudice a persons reputation.

(5) The Bank shall publish annually, in a summary form, information on its actions under this Part. ]

F411[(6) This section does not apply where Regulation 56 the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014) applies.]

F412[(7) This section does not apply where Regulation 175 of the European Union (Bank Recovery and Resolution) Regulations (S.I. No. 289 of 2015) applies.]

F413[(8) This section does not apply where Regulation 7 of the European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016) applies.]

F414[(9) This section does not apply where Regulation 126 of the European Union (Markets in Financial Instruments) Regulations 2017 applies.]

F415[(10) This section does not apply where Regulation 13 of the European Union (Information Accompanying Transfers of Funds) Regulations 2017 applies.]

F416[(11) This section does not apply where Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 20141 applies.]

F417[(12) This section does not apply where Regulation 6 of the European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017) applies.]

F418[(13) This section does not apply where Regulation 24 of the 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) applies.]

F419[(14) This section shall not apply where Regulation 52 of the European Union (Insurance Distribution) Regulations 2018 applies.]

F420[(15) This section does not apply where Regulation 6 of the European Union (General Framework for Securitisation and Specific Framework for Simple Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018) applies.]

F421[(16) This section shall not apply where Regulation 17 of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021) applies.]

F422[F423[(17)] This section does not apply where section 99B of the Asset Covered Securities Act 2001 applies.]

F424[(18) This section does not apply where Regulation 42 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 20205 applies.]

F425[(19) This section does not apply where Article 69 of Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20195 applies.]

Annotations

Amendments:

F409

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 71, S.I. No. 287 of 2013.

F410

Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 8.

F411

Inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 153(4).

F412

Inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(e), in effect as per reg. 1(2).

F413

Inserted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 12(c), in effect as per reg. 1(2).

F414

Inserted (3.01.2018) by European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), reg. 131(c), in effect as per reg. 1(2)

F415

Inserted (19.12.2017) by European Union (Information Accompanying Transfers of Funds) Regulations 2017 (S.I. No. 608 of 2017), reg. 14(b).

F416

Inserted (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. 8(b), in effect as per reg. 1(2).

F417

Inserted (22.12.2017) by European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017), reg. 31(d).

F418

Inserted (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. 27(d), in effect as per reg. 1(2).

F419

Inserted (1.10.2010) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 54(c), in effect as per reg. 1(2).

F420

Inserted (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. 31(d), in effect as per reg. 1(2).

F421

Inserted (21.09.2021) by European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021), reg. 52(b).

F422

Inserted (8.07.2022) by European Union (Covered Bonds) Regulations 2021 (S.I. No. 576 of 2021), reg. 46, in effect as per reg. 1(2).

F423

Substituted (13.12.2021) by European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021), reg. 11(c)(i).

F424

Inserted (13.12.2021) by European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021), reg. 11(c)(ii).

F425

Inserted (28.08.2022) by European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), reg. 10(c).

Modifications (not altering text):

C52

Publication of information under section restricted in certain circumstances (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 133, in effect as per reg. 1(2).

Publication of information

133. Where the Bank imposes a sanction under Part IIIC of the Act of 1942 in respect of a contravention of these Regulations, it shall not publish information under section 33BC of that Act where such publication would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved.

C53

Application of section restricted (18.09.2016) by European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016), reg. 26(2), in effect as per reg. 1(2).

Administrative sanctions — amendment of Central Bank Act 1942

26. ...

(2) The Bank may publicly disclose any administrative sanction that it imposes under the Central Bank Act 1942 for any contravention of the provisions of these Regulations, other than where it considers that such a disclosure would seriously jeopardise the financial markets or cause disproportionate damage to any of the parties involved.

Editorial Notes:

E183

Previous affecting provision: section 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; substituted as per F-note above.