Central Bank Act 1971

F62[Refusal of authorisation.

9I

9I.—(1) Where the Bank F63[rejects an application], it shall notify the applicant of the decision and the reasons therefor within 6 months of receipt of the application or, where the application is incomplete, within 6 months of receipt of the complete information required for the decision.

(2) The Bank shall, in any event, F63[take a draft decision to propose to the ECB to grant a licence or reject the application] within 12 months of the receipt of the application.]

F64[(3) A decision under this section to F63[reject an application] is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

F65[(4) A failure by the Bank to notify an applicant within 6 months of receipt of an application or, where an application is incomplete, within 6 months of receipt of the complete information required, in accordance with subsection (1), is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

F66[(5) The Bank may reject an application only if—

(a) there are reasonable grounds for doing so on the basis of the criteria specified in section 9GA(1), or

(b) the information provided by the applicant is incomplete.

(6) The Bank shall not assess an application in terms of the economic needs of the market.]

Annotations

Amendments:

F62

Inserted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 154(1)(e), in effect as per reg. 1(2).

F63

Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 17(a)-(c), in effect as per reg. 1(2).

F64

Inserted (18.09.2014) by European Union (Insurance and Reinsurance Groups and Financial Conglomerates) (Amendment) Regulations 2014 (S.I. No. 416 of 2014), reg. 2(4) and sch. 4 item 1.

F65

Inserted (1.05.2018) by European Union (Capital Requirements) (Amendment) Regulations 2018 (S.I. No. 150 of 2018), reg. 3.

F66

Inserted (29.12.2020) by European Union (Capital Requirements) (Amendment) Regulations 2020 (S.I. No. 710 of 2020), reg. 58(h), in effect as per reg. 1(2).