Central Bank Act 1942

F383[Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged.

33AR

33AR.(1) If, in a case where the F384[Bank] suspects on reasonable grounds that a regulated financial service provider is committing or has committed a prescribed contravention, the financial service provider acknowledges that the financial service provider is committing or has committed the contravention, the F384[Bank] may

(a) with the consent of the financial service provider, dispense with an inquiry and impose on the financial service provider any sanction that it is empowered to impose on regulated financial service providers under section 33AQ, or

(b) hold an inquiry to determine what sanction (if any) should be imposed on the financial service provider in accordance with that section.

(2) If, in a case where the F384[Bank] suspects on reasonable grounds that a person concerned in the management of a regulated financial service provider is committing or has committed a prescribed contravention, the person acknowledges that the person is participating or has participated in the commission of the contravention, the F384[Bank] may

(a) with the persons consent, dispense with an inquiry and impose on that person any sanction that it is empowered to impose on persons concerned in the management of regulated financial service providers under section 33AQ, or

(b) hold an inquiry to determine what sanction (if any) should be imposed on the person in accordance with that section.

(3) At the conclusion of an inquiry under subsection (1)(b), the F384[Bank] shall notify its decision to the financial service provider concerned. The decision must set out in writing the sanctions (if any) imposed under that subsection in respect of the relevant contravention.

(4) At the conclusion of an inquiry held under paragraph (b) of subsection (2), the F384[Bank] shall notify the person concerned of its decision. The decision must set out the sanctions (if any) imposed under that paragraph in respect of the participation.]

Annotations

Amendments:

F383

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.

F384

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

Editorial Notes:

E177

Inquiry under section listed as exception to rule against identity disclosure (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 40(5)(b)(i), S.I. No. 287 of 2013.

E178

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.