18.— (1) In this Part—

“Court” means the High Court;

F5["ECB" means the European Central Bank;]

“evidentiary notice” means a notice under section 32;

F6[“controlled function”—

(a) in relation to a regulated financial service provider, means a function prescribed in regulations made under section 20 as a controlled function in relation to a regulated financial service provider, and

(b) in relation to a holding company, means a function prescribed in regulations made under section 20 as a controlled function in relation to a holding company;]

F7["holding company" means any of the following established in the State:

(a) a financial holding company, within the meaning given by point (20) of Article 4(1) of the Capital Requirements Regulation;

(b) a mixed financial holding company, within the meaning given by point (21) of Article 4(1) of the Capital Requirements Regulation;

(c) an insurance holding company, within the meaning given by Regulation 215(1) of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);

(d) an investment holding company, within the meaning of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021);

"prohibition notice" means a notice under section 43;]

F6[“pre-approval controlled function”—

(a) in relation to a regulated financial service provider, shall be construed in accordance with section 22(1), and

(b) in relation to a holding company, shall be construed in accordance with section 22(1A);]

F5["SSM Regulation" means Council Regulation (EU) No. 1024/2013 of 15 October 2013¹³ conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;]

F5["SSM Framework Regulation" means Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014¹⁴ establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities;]

“suspension notice” means a notice under section 26.

(2) F8[…]

(3) F8[…]

F9[19.— In this Chapter, "relevant obligations", in relation to a regulated financial service provider or holding company, means the obligations of the regulated financial service provider or holding company under—

(a) all designated enactments and all designated statutory instruments that apply to it,

(b) all codes, guidelines and notices issued by the Bank that apply to it, and

(c) all other enactments and statutory instruments with which it must comply.]

20.— (1) The Bank may make regulations prescribing functions that are to be controlled functions F10[in relation to regulated financial service providers or in relation to holding companies].

(2) The Bank may prescribe a function under subsection (1) F10[to be a controlled function in relation to a regulated financial service provider] if and only if the function is a function in relation to the provision of a financial service and—

(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a regulated financial service provider,

(b) is related to ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations, or

(c) is likely to involve the person responsible for its performance in the provision of a financial service by a regulated financial service provider in one or more of the following ways:

(i) the giving of advice or assistance to a customer of the regulated financial service provider in the course of providing, or in relation to the provision of, the financial service;

(ii) dealing in or having control over property of a customer of the regulated financial service provider to whom a financial service is provided or to be provided, whether that property is held in the name of the customer or some other person;

(iii) dealing in or with property on behalf of the regulated financial service provider, or providing instructions or directions in relation to such dealing.

F10[(2A) The Bank may prescribe a function under subsection (1) to be a controlled function in relation to a holding company if and only if the function—

(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of the holding company, or

(b) is related to ensuring, controlling or monitoring compliance by the holding company with its relevant obligations.]

(3) F11[A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider and] is carried on by a person who, or a partnership or an entity that, is not a regulated financial service provider remains a controlled function.

(4) F11[A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider or in relation to a holding company] remains a controlled function even if—

(a) it is carried on at an office or location outside the State,

(b) it is carried on at the office or location of another person, whether or not the other person is a regulated financial service provider, F10[or holding company] or

F11[(c) it relates to affairs of a regulated financial service provider or holding company established in the State conducted by the regulated financial service provider or holding company outside the State.]

(5) A function may be prescribed as a controlled function in relation to a specified class or classes of regulated financial service providers F10[or holding companies] or in relation to regulated financial service providers F10[or holding companies] generally.

(6) The Bank shall give to the Minister a copy of any regulations made by it under this section as soon as practicable after the regulations are made and the Minister shall, as soon as may be, cause a copy of the regulations to be laid before each House of the Oireachtas.

F12[21.—(1) A regulated financial service provider shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the regulated financial service provider in accordance with this section, is in force in relation to the person.

(2) A holding company shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the holding company in accordance with this section, is in force in relation to the person.

(3) A certificate may be given for the purposes of subsection (1) or (2) only if—

(a) the regulated financial service provider or holding company giving the certificate is satisfied on reasonable grounds that the person concerned complies with any standard of fitness and probity in a code issued under section 50, and

(b) the person has agreed in writing to comply with any such standard.

(4) A regulated financial service provider or holding company that has given a certificate for the purposes of subsection (1) or (2) shall revoke the certificate if it ceases to be satisfied on reasonable grounds that the person concerned complies with any standard of fitness and probity referred to in subsection (3).

(5) The Bank may take into account standards of fitness and probity referred to in subsection (3) when performing its functions and exercising its powers.

(6) The Bank may make regulations—

(a) as to the giving of certificates for the purposes of subsections (1) and (2), and

(b) as to the making of reports to the Bank by regulated financial service providers or holding companies in connection with their obligations under this section (including, in particular, reports on disciplinary action relevant to compliance with standards of fitness and probity).

(7) Without prejudice to the generality of subsection (6)(a), regulations under subsection (6) may make provision as to—

(a) the form and content of a certificate,

(b) the period of validity of a certificate,

(c) procedures, systems and checks to be adopted by regulated financial service providers or holding companies for the purposes of subsections (3)(a) and (4) or otherwise in connection with the giving or revoking of a certificate, and

(d) the form and content of the agreement required by subsection (3)(b).

(8) The Bank shall give to the Minister a copy of any regulations made by it under subsection (6) as soon as practicable after the regulations are made.]

22.— (1) A function is a pre-approval controlled function F13[in relation to a regulated financial service provider] if—

(a) it is prescribed as such in regulations made pursuant to subsection (2), or

(b) it has been declared by the Bank to be a pre-approval controlled function by written notice pursuant to subsection (8).

F13[(1A) A function is a pre-approval controlled function in relation to a holding company if it is prescribed as such in regulations made pursuant to subsection (2A).]

F14[(2) The Bank may by regulations prescribe a function that is a controlled function in relation to a regulated financial service provider as a pre‑approval controlled function in relation to a regulated financial service provider, if the function is one by which a person may exercise a significant influence on the conduct of a regulated financial service provider’s affairs.]

F13[(2A) The Bank may by regulations prescribe a function that is a controlled function in relation to a holding company as a pre-approval controlled function in relation to a holding company, if the function is one by which a person may exercise a significant influence on the conduct of a holding company’s affairs.

(2B) In prescribing a function as a pre-approval controlled function pursuant to subsection (2) or (2A), the Bank may describe or identify the function by reference to a title commonly used for a person who performs the function.]

F14[(3) Without prejudice to the generality of subsections (2) and (2A), the Bank may prescribe a controlled function as a pre-approval controlled function in relation to a regulated financial service provider, pursuant to subsection (2), or in relation to a holding company, pursuant to subsection (2A), if—

(a) the person who performs the function reports directly to—

(i) a person who holds an office or position mentioned in a subparagraph of subsection (4)(a) in the regulated financial service provider or holding company, or

(ii) in the case of a regulated financial service provider, a person referred to in paragraph (b) or (c) of subsection (4),

and

(b) the Bank is satisfied that the prescription of the function as a pre‑approval controlled function—

(i) is warranted on the grounds of the size or complexity of the regulated financial service provider or holding company or its business, and

(ii) is necessary or prudent in order to verify the compliance by the regulated financial service provider or holding company with its relevant obligations.

(4) For the purposes of subsections (2) and (2A), each of the following shall be taken to exercise a significant influence on the conduct of the affairs of the regulated financial service provider or holding company concerned (in this subsection referred to as "the entity"):

(a) where the entity is a body corporate of a prescribed class, a person who holds, or performs the duties of, any of the following offices or positions in the entity:

(i) the office of director;

(ii) the office of chief executive;

(iii) the office of secretary;

(iv) subject to subsection (3), an office or position the holder of which reports directly to—

(I) a person who holds an office referred to in subparagraph (i), (ii) or (iii) in the entity, or

(II) where the entity is a regulated financial service provider, a person referred to in paragraph (b) or (c);

(b) where the entity is a partnership that is a regulated financial service provider of a prescribed class, each member of the partnership;

(c) where the entity is a natural person that is a regulated financial service provider of a prescribed class, that person.]

(5) For the purposes of subsection (4)(a), the Bank may prescribe bodies corporate of a specified class or may prescribe all bodies corporate to be a class. In prescribing bodies corporate of a particular class, the Bank may define the class by reference to any common characteristic of the class, including in particular the kind of business engaged in or the size of the balance sheets of the bodies corporate.

(6) For the purposes of paragraph (b) or (c) of subsection (4), the Bank may prescribe regulated financial service providers that are partnerships or natural persons, as the case may be, of a specified class or may prescribe all regulated financial service providers that are partnerships or natural persons to be a class. In prescribing regulated financial service providers that are partnerships or natural persons of a particular class, the Bank may define the class by reference to any common characteristic of the class, including in particular the kind of business engaged in or the annual turnover of the partnerships or natural persons concerned.

(7) Regulations made under this section may be made in the same instrument as regulations made under section 20.

(8) The Bank may declare by notice in writing served on a regulated financial service provider that a function performed by, for or on behalf of the regulated financial service provider is a pre-approval controlled function if—

(a) the person who performs the function is concerned in the management of the regulated financial service provider,

(b) the function is not prescribed as a pre-approval controlled function in regulations made pursuant to subsection (2), and

(c) no other person in the regulated financial service provider performs a pre-approval controlled function.

23.—F15[(1) F16[Subject to section 23A, a regulated financial service provider] F17[or holding company] shall not appoint a person to perform a pre-approval controlled function F17[in relation to it] unless the Bank has approved in writing the appointment of the person to perform the function.]

(2) For the purposes of considering whether or not to approve F17[the appointment of] a person under subsection (1), the Bank may request the person, or a specified officer or employee of the regulated financial service provider F17[or holding company] that proposes to appoint the person to perform a F17[pre-approval] controlled function, by notice in writing to do any one or more of the following:

(a) produce a specified document or documents to the Bank;

(b) provide specified information to the Bank;

(c) produce to the Bank documents of a kind described in the notice;

(d) answer a question or questions set out in the notice;

(e) attend before a specified officer or employee of the Bank for interview.

(3) A notice under subsection (2) shall specify a date and time by which, and a place at which, the person shall provide the document or documents or information, provide answers to the question or questions, or attend for interview, as the case may be.

(4) Nothing in subsection (2) or any notice given by the Bank under that subsection requires a person—

(a) to produce to the Bank a document that the person could not have been compelled to produce to a court,

(b) to give the Bank information that the person could not have been compelled to give a court, or

(c) to answer a question (either in writing or at interview) that the person could not have been compelled to answer in a court.

(5) The Bank may refuse to approve the appointment of a person for the purposes of subsection (1) where—

(a) the Bank is of the opinion that the person is not of such fitness and probity as is appropriate to perform the function for which he or she is proposed to be appointed, or

(b) the Bank is unable to decide, on the basis of the information available to it, whether the person is of such fitness and probity.

(6) Without prejudice to the generality of subsection (5), the Bank may refuse to approve the appointment of a person under subsection (1) if—

(a) the person, or an officer or employee of the regulated financial service provider F17[or holding company] concerned, has failed to comply with a request under subsection (2), or

(b) any of the grounds set out in paragraphs F15[(a) to (h)] of section 25(3) apply.

(7) A refusal pursuant to subsection (5) is an appealable decision for the purposes of Part VIIA of the Act of 1942.

F17[(8) Where—

(a) the Bank is considering under subsection (1) whether to approve an appointment,

(b) the appointment will be to perform a pre-approval controlled function in relation to a regulated financial service provider, and

(c) the person proposing to make the appointment is not yet a regulated financial service provider,

subsection (2) applies as if references in that subsection to a regulated financial service provider were references to that person.]

23A.—F19[(1) A significant supervised entity (within the meaning of the SSM Framework Regulation) which is a regulated financial service provider or holding company shall not—

(a) appoint a person to its management body (within the meaning of the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)), or

(b) make any other appointment the approval of which is subject to the exclusive competence of the ECB under Article 4(1)(e) of the SSM Regulation,

unless the entity has been notified in writing by the ECB that it has approved the appointment.]

(2) Where the Bank receives an application from an entity for the purposes of seeking approval from the ECB under subsection (1), it shall send that application to the ECB without delay.

(3) For the purposes of the making of a decision by the ECB as to whether or not to approve F20[the appointment of] a person under subsection (1), the Bank may request the person, or a specified officer or employee of the entity that proposes to appoint the person F21[…], by notice in writing to do any one or more of the following:

(a) produce a specified document or documents to the Bank;

(b) provide specified information to the Bank;

(c) produce to the Bank documents of a kind described in the notice;

(d) answer a question or questions set out in the notice;

(e) attend before a specified officer or employee of the Bank for interview.

(4) A notice under subsection (3) shall specify a date and time by which, and a place at which, the person shall provide the document or documents or information, provide answers to the question or questions, or attend for interview, as the case may be.

(5) Nothing in subsection (3) or any notice given by the Bank under that subsection requires a person—

(a) to produce to the Bank a document that the person could not have been compelled to produce to a court,

(b) to give the Bank information that the person could not have been compelled to give a court, or

(c) to answer a question (either in writing or at interview) that the person could not have been compelled to answer in a court.

(6) An application for approval under subsection (1) shall be determined by the ECB in accordance with relevant European Union law.

(7) F21[…]]

24.— In this Chapter “suspended person” means a person who is the subject of a suspension notice.

25.— (1) If in relation to a person to whom subsection (2) applies, the Head of Financial Regulation is of the opinion that—

(a) there is reason to suspect the person’s fitness and probity to perform the relevant controlled function, and

(b) in the circumstances an investigation is warranted into the person’s fitness and probity,

the Head of Financial Regulation may conduct an investigation, in accordance with this Chapter, in relation to the fitness and probity of the person to perform the controlled function.

(2) This subsection applies to a person—

(a) if the person performs a controlled function in relation to a regulated financial service provider F22[or holding company],

F22[(aa) subject to subsection (2A), if the person has performed a controlled function in relation to a regulated financial service provider or holding company within the period of 6 years immediately preceding the commencement of the investigation referred to in subsection (1),]

(b) if, to the knowledge of the Head of Financial Regulation, a regulated financial service provider F22[or holding company] proposes to appoint the person to carry out a controlled function (other than a pre-approval controlled function) F22[in relation to it], or

(c) if the Head of Financial Regulation has reason to believe that a regulated financial service provider F22[or holding company] is considering the appointment of the person to perform a controlled function (other than a pre-approval controlled function) F22[in relation to it].

F22[(2A) Where the period from the date of commencement of paragraph (aa) of subsection (2) to the beginning of an investigation under subsection (1) is less than 6 years, that paragraph applies as if the reference to the period of 6 years were a reference to that shorter period.]

(3) Without prejudice to the generality of subsection (1), the Head of Financial Regulation may form the opinion referred to in that subsection if there is reason to suspect that—

(a) the person does not have the experience, qualifications or skills necessary to perform properly and effectively the controlled function, F23[…]

(b) the person does not satisfy an applicable standard of fitness and probity in a code issued pursuant to section 50,

F24[(c) the person has committed or participated in serious misconduct in relation to the affairs of a regulated financial service provider or holding company,]

F25[(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,]

(d) the person has directly or indirectly provided information to the Bank, the Governor or the Head of Financial Regulation (whether pursuant to this Part or otherwise) that the person knew or ought to have known was false or misleading,

(e) the person has directly or indirectly provided information that the person knew or ought to have known was false or misleading to another person in order for it to be provided to the Bank, the Governor or the Head of Financial Regulation,

(f) the person has caused or sought to cause information requested by the Head of Financial Regulation by evidentiary notice from a regulated financial service provider F22[or holding company] or a person who is carrying out a controlled function not to be provided by the due date,

(g) the person has failed to comply with an evidentiary notice, or

(h) the person has been convicted of an offence (whether in the State or outside the State) of money laundering or terrorist financing or an offence involving fraud, dishonesty or breach of trust.

25A.— (1) As soon as practicable after a decision is made by the Head of Financial Regulation to conduct an investigation in accordance with this Chapter, the Head of Financial Regulation shall serve on the person to whom the investigation relates notice in writing of the investigation.

(2) A notice under subsection (1) shall include—

(a) a statement of the reasons for holding the opinion referred to in section 25(1)(a),

(b) a copy of such material on which that opinion is based as the Head of Financial Regulation considers appropriate, and

(c) a statement that a response to the contents of the notice will be taken into account if made by the person in writing within the period stated in the notice, which shall be—

(i) 7 days from the date on which the notice is served, or

(ii) such longer period as the Head of Financial Regulation considers necessary to provide an opportunity to respond.

(3) The Head of Financial Regulation shall take such steps as he or she considers reasonable to keep the person to whom an investigation relates informed as to the progress of the investigation.

(4) If an investigation is discontinued, the Head of Financial Regulation shall, as soon as practicable, serve on the person to whom the investigation relates notice in writing which—

(a) states that the investigation has been discontinued, and

(b) gives one or more of the following reasons for the discontinuance:

(i) that the Head of Financial Regulation is no longer of the opinion that there is reason to suspect the person’s fitness and probity to perform the relevant controlled function;

(ii) that the Head of Financial Regulation is no longer of the opinion that any reason to suspect the person’s fitness and probity to perform the relevant controlled function is sufficient to warrant an investigation;

(iii) that the investigation has been discontinued for reasons of resources;

(iv) that the investigation has been discontinued for policy reasons;

(v) that the investigation has been discontinued for reasons of any other description stated in the notice.]

26.— F27[(1) The Head of Financial Regulation may issue a notice (in this Part called a "suspension notice") in relation to a person if—

(a) subject to subsection (1A), the person’s fitness and probity is or has been the subject of an investigation under section 25, or

(b) the Bank or the Governor has imposed a prohibition on the person under section 43 (whether or not there has been any investigation under section 25),

and the Head of Financial Regulation is satisfied that it is necessary in the interests of the proper regulation of a regulated financial service provider or holding company that the person not perform the relevant controlled function, a part of the relevant controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor, as the case may be, is carrying out any function in relation to the person under this Chapter or Chapter 4.]

F28[(1A) In paragraph (a) of subsection (1), the reference to an investigation under section 25 does not include an investigation in the circumstances referred to in paragraph (aa) of section 25(2), unless any other paragraph of section 25(2) also applies.

(1B) Where paragraph (b) of subsection (1) applies, the reference in that subsection to the relevant controlled function, or a part of the relevant controlled function, is a reference to a controlled function, or a part of a controlled function, to which the prohibition applies.]

(2) When considering whether to issue a suspension notice, the Head of Financial Regulation shall have particular regard, where appropriate, to—

(a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(b) the need to protect users of financial services.

(3) Before issuing a suspension notice in the circumstances referred to in section 25(2)(c), the Head of Financial Regulation shall ask the regulated financial service F27[provider or holding company concerned] in writing whether it is actually considering the appointment of the person concerned to perform the relevant controlled function. If the regulated financial service provider F28[or holding company] confirms in writing that it is not considering such an appointment, the Head of Financial Regulation shall not issue the notice unless there is reason to believe that such an appointment will nevertheless be made, or has been made.

(4) A suspension notice—

(a) is required to be in writing,

(b) shall set out the grounds on which the Head of Financial Regulation holds the opinion referred to in F27[section 25(1)(a) or, where subsection (1)(b) of this section applies, details of the prohibition],

(c) shall specify whether the suspended person is suspended from performing—

(i) a particular specified controlled function,

(ii) a specified part of a particular specified controlled function, or

(iii) all controlled functions,

F27[(d) shall require the suspended person and any regulated financial service provider or holding company on which a copy of the notice is served to show cause, in writing, within 5 days after service of the notice, why the suspension notice should not be confirmed, and]

F27[(e) shall set out, for any regulated financial service provider or holding company on which any terms and conditions are imposed under subsection (8), the terms and conditions imposed.]

(5) The Head of Financial Regulation shall serve a copy of a suspension notice on each of the following:

(a) the suspended person;

(b) each regulated financial service provider F28[or holding company] for whom, to the knowledge of the Head of Financial Regulation, the suspended person performs the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires;

(c) any regulated financial service provider F28[or holding company] that—

(i) to the knowledge of the Head of Financial Regulation, proposes to appoint the suspended person to perform the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires, or

(ii) the Head of Financial Regulation believes to be considering appointing the suspended person to perform the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires.

(6) F29[…]

(7) A regulated financial service provider F28[or holding company] on which a suspension notice is served shall immediately—

(a) give a copy of the notice to the suspended person (unless it is impracticable to do so), and

(b) after it has done so, certify in writing to the Head of Financial Regulation that it has done so.

(8) In a suspension notice the Head of Financial Regulation may impose on F27[any regulated financial service provider or holding company on which a copy of the notice is served] any terms and conditions relating to the enforcement of, or compliance with, the notice that the Head of Financial Regulation thinks fit (F27[including any terms and conditions] as to the cessation, restriction or conduct of all or part of F27[its business until it complies with the notice]).

(9) A suspended person, and a regulated financial service provider F28[or holding company] on which a suspension notice is served, may, within the period mentioned in subsection (4)(d), make a written submission to the Head of Financial Regulation F27[as to why the suspension notice should not be confirmed] or any terms or conditions imposed.

(10) Where a person on whom a suspension notice has been served asks the Head of Financial Regulation to decide, before the end of the period provided by section 28 (b) (i), whether or not to confirm the suspension notice, and provides material that the Head of Financial Regulation is satisfied allows him or her to make a proper and fair decision, the Head of Financial Regulation shall make all reasonable efforts to make that decision as soon as reasonably practicable.

27.— (1) A regulated financial service provider F30[or holding company] on whom a suspension notice is served—

(a) shall immediately remove the suspended person concerned from performing—

(i) the particular controlled function concerned,

(ii) the specified part of the controlled function concerned, or

(iii) all controlled functions,

as specified in the notice, or

(b) shall not appoint the suspended person to carry out the controlled function or part, or any controlled function, as specified in the notice,

as the case requires.

(2) A regulated financial service provider F30[or holding company] on whom a suspension notice is served shall comply with any F31[terms and conditions] imposed on the regulated financial service provider by the notice.

(3) A suspended person on whom a suspension notice in relation to him or her is served, or who has been given a copy of such a notice by a regulated financial service provider F30[or holding company] shall cease performing, or (as the case requires) shall not begin to perform—

(a) the particular controlled function concerned,

(b) the specified part of the controlled function concerned, or

(c) all controlled functions,

as specified in the relevant suspension notice.

(4) A suspension notice does not alter the contractual rights of any person to remuneration or benefits. Those rights shall continue to be determined in accordance with the relevant contract.

28.— A suspension notice that has not been confirmed by the Head of Financial Regulation pursuant to section 29—

(a) takes effect on its service on the regulated financial service provider F32[or holding company] for whom the suspended person performs the relevant controlled function, and

(b) ceases to have effect—

(i) at the end of the 10th day after that service, unless within that period it is confirmed in accordance with section 29, or

(ii) if before the end of that day the Head of Financial Regulation revokes the notice, when the notice is revoked.

29.— (1) If the Head of Financial Regulation, having considered any written submissions made pursuant to section 26 within the period mentioned in section 26 (4) (d) by a person on whom, or a regulated financial service provider F33[or holding company] on which, a suspension notice has been served, is F34[satisfied]—

F34[(a) (except where the suspension notice was issued in the circumstances mentioned in section 26(1)(b)) that there is still reason to suspect the person’s fitness and probity to perform the relevant controlled function, and

(b) that it is necessary in the interests of the proper regulation of the regulated financial service provider or holding company that the person not perform the controlled function, the part of the controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4,]

(c) F35[…]

the Head of Financial Regulation may confirm the suspension notice.

(2) To avoid any doubt, the Head of Financial Regulation may confirm a suspension notice at the end of the period mentioned in section 26(4)(d) even if no submission has been made in relation to it by either or both of the suspended person and any regulated financial service provider F33[or holding company] concerned.

(3) If a suspended person makes a submission in relation to a suspension notice after the end of the period mentioned in section 26(4)(d), and the Head of Financial Regulation is satisfied that there was good reason why the submission could not have been made within that period, or that it is necessary to do so in the interests of justice, the Head of Financial Regulation shall—

(a) consider the submission, and

(b) if after doing so he or she is satisfied that F34[the condition in paragraph (a) of subsection (1), where it applies, or paragraph (b) of that subsection] is no longer satisfied, revoke the notice.

F34[(4) A suspension notice that has been confirmed in accordance with subsection (1) has effect until—

(a) the end of the period of 6 months from the date on which the suspension notice would otherwise have ceased to have effect under section 28(b), or

(b) if sooner, the revocation of the notice or, where the suspension notice was issued in the circumstances mentioned in section 26(1)(b), the time when an application under section 45 for confirmation of the prohibition notice has been disposed of.]

(5) The Head of Financial Regulation shall serve a notice of the confirmation of a suspension notice on each person on whom the suspension notice was served.

F33[(5A) A notice served under subsection (5) shall state that the decision to confirm the suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

F34[(6) The Head of Financial Regulation may revoke a suspension notice at any time if he or she considers that it is no longer necessary in the interests of the proper regulation of the regulated financial service provider or holding company concerned that the person not perform the relevant controlled function, the relevant part of a controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4.]

F33[(7) A decision by the Head of Financial Regulation to confirm a suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942, and the Appeals Tribunal shall have particular regard to the need for expedition in hearing an appeal against such a decision.]

30.— If—

(a) a person performs a controlled function or part of a controlled function in contravention of a suspension notice, or

(b) a regulated financial service provider F36[or holding company] permits a suspended person to perform a controlled function or part of a controlled function F36[in relation to it] in contravention of a suspension notice,

the Head of Financial Regulation may apply ex parte to the Court for an order directing the person F37[or the regulated financial service provider or holding company] to comply with the notice.

31.— (1) During the period of validity of a suspension notice that has been confirmed by the Head of Financial Regulation, the Head of Financial Regulation may apply to the Court, on notice to the suspended person and any regulated financial service provider F38[or holding company] on which the notice was served, for an order extending the period of validity of the notice.

(2) If the Court is satisfied, having regard to the reasons for the issue and confirmation of the notice stated by the Head of Financial Regulation, that there are sufficient grounds to extend the period of validity of the notice, the Court may extend the notice for such further period (but not longer than a further F39[6 months]) as the Court orders.

F38[(2A) The making of an order under subsection (2) does not prevent the making of a further order.

(2B) Subject to subsection (2C), orders under subsection (2) shall not in total extend a suspension notice for more than 24 months from the end of the period of 6 months referred to in section 29(4).

(2C) Where a prohibition is imposed on the suspended person under section 43, or where the suspension notice was issued following the imposition of a prohibition under section 43, subsection (2B) does not apply, but orders under subsection (2) shall not extend the suspension notice beyond the time when an application under section 45 for confirmation of the prohibition notice has been disposed of.]

(3) When considering whether to make an order under subsection (2), the Court shall give particular regard to—

(a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(b) the need to protect users of financial services.

32.— (1) The Head of Financial Regulation may serve a notice (in this Part called an “evidentiary notice”) on a person requiring the person—

(a) to appear before the Head of Financial Regulation to give evidence about a matter,

(b) to provide information to the Head of Financial Regulation, or

(c) to produce a document for examination,

if—

(i) the Head of Financial Regulation is investigating the person’s fitness and probity under this Chapter, or

(ii) the Head of Financial Regulation believes on reasonable grounds that the person may be able to give evidence, or to produce a document, that relates to a matter concerning the fitness or probity of a person whose fitness and probity is being investigated under this Chapter.

(2) Without prejudice to the generality of subsection (1), the Head of Financial Regulation may serve a notice under subsection (1) on—

(a) a regulated financial service provider F40[or holding company],

(b) a former regulated financial service provider F40[or former holding company], or

(c) an officer or employee, or former officer or employee, of a regulated financial service provider F40[or holding company] or a former regulated financial service provider F40[or former holding company].

(3) An evidentiary notice shall—

(a) specify the matter to which the evidence relates, or specify or describe the document to be produced or the information to be provided, as the case requires,

(b) in the case of a notice to appear before the Head of Financial Regulation to give evidence—

(i) specify the date, time and place at which the person is required to appear before the Head of Financial Regulation, and

(ii) state whether and to what extent the evidence is to be given orally or on affidavit,

and

(c) in the case of a notice to provide information or produce a document for examination, specify—

(i) the date and time by which, and the place at which, the information is to be provided or the document is to be produced, and

(ii) the officer or employee of the Bank to whom the information is to be provided or the document produced.

(4) The Head of Financial Regulation may take a copy or copies of a document produced pursuant to an evidentiary notice, and may retain any such copy.

(5) Nothing in this section affects any power of the Bank, the Governor or the Head of Financial Regulation to obtain documents or information otherwise than under this section.

33.— (1) A person commits an offence if, having been required to appear before the Head of Financial Regulation in compliance with an evidentiary notice, the person fails to comply with the requirement, and has not been excused, or released from further attendance, by the Head of Financial Regulation.

(2) Subsection (1) does not apply if the person has a reasonable excuse.

34.— (1) The Head of Financial Regulation may hear oral evidence where he or she is satisfied that it is necessary to do so for the proper conduct of an investigation.

(2) The Head of Financial Regulation may permit a person giving oral evidence to be cross-examined.

(3) The Head of Financial Regulation shall determine the procedures for the conduct of proceedings in an investigation, subject to any regulations made by the Bank under section 53 (2).

35.— (1) Except as provided by this section, evidence to be given, or a document to be produced, to the Head of Financial Regulation by a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice shall be given or produced in private.

(2) If a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice requests that the matter or any part of it be dealt with in public, the Head of Financial Regulation shall comply with the request unless—

(a) the matter raises issues that, in the opinion of the Head of Financial Regulation, should be dealt with in private, or

(b) the Head of Financial Regulation considers that it is necessary or desirable to deal with the matter or part of it in private in order to avoid the disclosure of information of the kind referred to in section 33AK(1A) of the Act of 1942.

(3) Subject to subsections (1) and (2), if the Head of Financial Regulation is satisfied that it is desirable in the public interest that the evidence to be given should be given, or the document to be produced should be produced, in public, the Head of Financial Regulation may direct accordingly.

(4) If the evidence is to be given, or the document is to be produced, in private, the Head of Financial Regulation may do either or both of the following:

(a) give directions as to the persons (other than the Head of Financial Regulation or an officer or employee of the Bank) who may be present during the proceeding;

(b) give directions preventing or restricting the publication of the whole or any part of the evidence or of matters contained in the document.

(5) If the evidence is to be given, or the document is to be produced, in private, a person (other than the person required to appear before the Head of Financial Regulation, the Head of Financial Regulation or an officer or employee of the Bank) may be present only if entitled to be present because of a direction given under subsection (4)(a).

(6) A person who contravenes a direction of the Head of Financial Regulation under subsection (4)(b) commits an offence.

36.— (1) A person commits an offence if, having been required to produce a document or provide information to the Head of Financial Regulation in compliance with an evidentiary notice, he or she fails to comply with the requirement and has not been excused by the Head of Financial Regulation.

(2) Subsection (1) does not apply if the person has a reasonable excuse.

(3) It is a reasonable excuse for the purposes of subsection (2) that—

(a) the person does not have the document or information and cannot by any reasonable effort obtain it; or

(b) the person could not be compelled to produce the document in, or provide the information to, a court of law.

(4) Subsection (3) does not limit what is a reasonable excuse for the purposes of subsection (2).

37.— (1) A person appearing before the Head of Financial Regulation in compliance with an evidentiary notice commits an offence if the person—

(a) refuses or fails to give evidence in compliance with the evidentiary notice, or

(b) refuses or fails to answer a question put to the person by the Head of Financial Regulation or in cross-examination with the permission of the Head of Financial Regulation.

(2) Subsection (1) does not apply if the person has a reasonable excuse.

(3) It is a reasonable excuse for the purposes of subsection (2) for a person to refuse or fail to answer a question that the answer might tend to incriminate the person.

(4) Subsection (3) does not limit what is a reasonable excuse for the purposes of subsection (2).

(5) If a person alleges that he or she has a reasonable excuse for refusing or failing to give evidence, or refusing or failing to answer a question, he or she shall provide a written statement setting out details of the excuse to the Head of Financial Regulation.

(6) The Bank may have regard to the contents of a statement under subsection (5) for the purposes of the exercise of its powers and the performance of its functions under the Central Bank Acts 1942 to 2010.

(7) A statement under subsection (5) is not admissible in evidence, against the person who made it, in proceedings in relation to an offence.

38.— Evidence given to the Head of Financial Regulation in accordance with this Chapter, and any report prepared pursuant to section 41 on the basis of such evidence, is absolutely privileged.

39.— (1) A person (other than a person to whom subsection (2) applies) who appears before the Head of Financial Regulation in compliance with an evidentiary notice is entitled to be paid such allowances and travelling or other expenses as the Head of Financial Regulation may reasonably allow.

(2) This subsection applies to—

(a) a person whose fitness and probity is being investigated under this Part,

(b) a regulated financial service provider F41[or holding company] or a former regulated financial service provider F41[or former holding company], and

(c) a person called or put forward by a person referred to in paragraph (a) or (b) to give evidence.

(3) All allowances and expenses payable under subsection (1) are payable by the Bank.

40.— (1) If a person refuses or fails—

(a) to produce a document to the Head of Financial Regulation in accordance with an evidentiary notice,

(b) to provide information to the Head of Financial Regulation,

(c) to attend before the Head of Financial Regulation in accordance with an evidentiary notice, or

(d) to answer a question put to him or her by the Head of Financial Regulation,

the Head of Financial Regulation may certify the refusal or failure to the Court.

(2) The Court may, after hearing any witnesses who may be produced against or on behalf of the person alleged to have so refused or failed and any statement which may be offered in defence, make any order or give any direction it thinks fit.

(3) Without prejudice to the generality of subsection (2), the Court may—

(a) order the person concerned to attend or re-attend before the Head of Financial Regulation, or to produce a particular document, provide particular information or answer a particular question put to him or her by the Head of Financial Regulation, or

(b) order that the person concerned need not produce a particular document, provide particular information or answer a particular question put to him or her by the Head of Financial Regulation.

F42[(4) Where the person concerned claims to be entitled to refuse to produce a document, to provide information, or to answer a question, on the grounds of legal professional privilege, the Court may, without prejudice to the generality of subsection (2), give directions as to the appointment of a person with suitable legal qualifications, possessing the level of experience, and the independence from any interest falling to be determined between the parties concerned, that the Court considers to be appropriate for the purpose of—

(a) examining the material for which the person claims legal professional privilege, and

(b) preparing a report for the Court with a view to assisting or facilitating the Court in deciding what action to take under this section.]

F43[41.— (1) Where the Head of Financial Regulation has completed an investigation under this Chapter, he or she shall, after considering—

(a) the notice under section 25A(1),

(b) any relevant information or evidence gathered or received by the Head of Financial Regulation in the course of the investigation, and

(c) any response made by the person to whom the investigation relates in accordance with a statement referred to in section 25A(2)(c), and any other relevant submission or statement made by the person in the course of the investigation,

as soon as practicable prepare a draft report of the investigation.

(2) The Head of Financial Regulation shall, as soon as practicable after preparing the draft report, serve on the person whose fitness and probity was the subject of the investigation, and any regulated financial service provider or holding company concerned—

(a) a copy of the draft report,

(b) a copy of this section, and

(c) a notice in writing stating that the person, and any regulated financial service provider or holding company concerned, may make submissions in writing to the Head of Financial Regulation on the draft report within the period stated in the notice, which shall be—

(i) 7 days from the date on which the notice is served, or

(ii) such longer period as the Head of Financial Regulation considers necessary to provide an opportunity to respond.

(3) The Head of Financial Regulation shall, as soon as practicable after the end of the period referred to in paragraph (c) of subsection (2), and having considered any submissions made in accordance with that paragraph, make any revisions to the draft report that in the opinion of the Head of Financial Regulation are warranted, and finalise the report.

(4) The Head of Financial Regulation shall not make any recommendation, or express any opinion, in a draft report under subsection (1) or in a final report under subsection (3), as to whether any prohibition (or, if so, what prohibition) should be imposed under section 43 if the Bank or the Governor forms the opinion referred to in subsection (1) of that section.

(5) The Head of Financial Regulation shall, as soon as practicable after the report has been finalised under subsection (3), provide to the Bank and the Governor, and serve on the person whose fitness and probity was the subject of the investigation, and any regulated financial service provider or holding company concerned a copy of—

(a) the final report, and

(b) any submissions made in accordance with paragraph (c) of subsection (2).]

42.— In this Chapter—

F44[“prohibited person” means a person who is the subject of a prohibition imposed under section 43(1).]

F45[…]

43.—F46[(1) If the Bank or the Governor has reasonably formed the opinion that a person is not of such fitness and probity as is appropriate to perform a particular controlled function, a specified part of a controlled function, or any controlled function, the Bank or the Governor, as the case may be, may, subject to subsections (3) and (4), impose on the person a prohibition that, as respects the controlled function, the specified part of a controlled function, or any controlled function—

(a) forbids the person—

(i) to carry out the function or part at all, or

(ii) to carry it out otherwise than in accordance with a specified condition or conditions,

(b) forbids the person—

(i) to carry out the function or part in relation to a specified regulated financial service provider or holding company or specified regulated financial service providers or holding companies,

(ii) to carry it out in relation to a specified class or specified classes of regulated financial service providers or holding companies, or

(iii) to carry it out in relation to any regulated financial service provider or holding company,

and

(c) is imposed indefinitely or for a specified period.]

(2) Without prejudice to the generality of subsection (1), the Bank or the Governor may form the opinion referred to in that subsection if satisfied that—

(a) the person does not have the experience, qualifications or skills necessary to perform properly and effectively the controlled function, the specified part of a controlled function or any controlled function, as the case may be,

(b) the person does not satisfy an applicable standard of fitness and probity in a code issued pursuant to section 50,

F46[(c) the person has committed or participated in serious misconduct in relation to the affairs of a regulated financial service provider or holding company,]

F47[(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38(2) of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,]

(d) the person has directly or indirectly provided information to the Bank, the Governor or the Head of Financial Regulation (whether pursuant to this Part or otherwise) that the person knew or ought to have known was false or misleading,

(e) the person has directly or indirectly provided information that the person knew or ought to have known was false or misleading to another person in order for it to be provided to the Bank, the Governor or the Head of Financial Regulation,

(f) the person has caused or sought to cause information requested by the Head of Financial Regulation by evidentiary notice from a regulated financial service provider F48[or holding company] or a person who is carrying out a controlled function not to be provided by the due date,

(g) the person has failed to comply with an evidentiary notice or a suspension notice, or

(h) the person has been convicted of an offence (whether in the State or outside the State) of money laundering or terrorist financing or an offence involving fraud, dishonesty or breach of trust.

F48[(2A) Any finding of fact made by the Bank or the Governor for the purpose of forming the opinion referred to in subsection (1) shall be made on the balance of probabilities.]

(3) The Bank or the Governor shall not F46[impose a prohibition on a person under subsection (1)] unless—

(a) either—

(i) all of the following requirements have been satisfied:

(I) the Head of Financial Regulation has conducted an investigation into the person’s fitness and probity in accordance with F46[Chapter 3];

(II) section 41 has been complied with in relation to that investigation and the report of it;

(III) the Bank or the Governor, as the case may be, has considered the report and any submissions made F46[in accordance with paragraph (c) of section 41(2)],

or

(ii) there are undisputed facts that in the reasonable opinion of the Bank or the Governor render an investigation unnecessary, and the person F46[, and any person to whom subsection (3A) applies,] have been afforded a reasonable opportunity to make a submission in relation to the matter,

F46[(b) the person and any person to whom subsection (3A) applies—

(i) have access to any material taken into account by the Bank or the Governor for the purpose of ensuring that the proposed decision is consistent and proportionate, having regard to other decisions under subsection (1), and

(ii) have been afforded such a hearing in relation to the proposed decision as is necessary to do justice in the circumstances,

and

(c) the Bank or the Governor, as the case may be, is satisfied that the imposition of the prohibition is necessary in the circumstances.]

F48[(3A) In relation to the imposition of a prohibition on any person, this subsection applies—

(a) where the person is subject to a suspension notice, to any regulated financial service provider or holding company on which the Head of Financial Regulation is required by section 26(5) to serve a copy of the notice,

(b) to any regulated financial service provider or holding company in relation to which, to the knowledge of the Bank or the Governor, as the case may be, the person performs a controlled function to which the prohibition would apply,

(c) to any regulated financial service provider or holding company which, to the knowledge of the Bank or the Governor, as the case may be, proposes to appoint the person to perform in relation to it a controlled function to which the prohibition would apply, and

(d) to any regulated financial service provider or holding company which the Bank or the Governor, as the case may be, has reason to believe is considering the appointment of the person to perform in relation to it a controlled function to which the prohibition would apply.]

(4) When considering whether to F46[impose a prohibition under subsection (1)], the Bank or the Governor, as the case may be, shall have particular regard to—

(a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(b) the need to protect users of financial services.

F48[(4A) A prohibition under subsection (1) shall be imposed by a notice in writing (in this Part referred to as a "prohibition notice").

(4B) Where more than one prohibition is imposed under subsection (1) on the same person, they may be imposed by the same prohibition notice.

(4C) A prohibition notice—

(a) shall be served on the prohibited person, and

(b) may be served on a regulated financial service provider or holding company.

(4D) Subject to section 46, a prohibition notice does not take effect unless confirmed on an application under section 45.]

(5) F49[…]

(6) F49[…]

(7) F49[…]

Subject to section 46, a prohibition notice ceases to have effect at the end of 2 months (or a shorter period specified in the notice) beginning on the day after it is first served as mentioned in paragraph (a) if no application is made to the Court within that period.

(8) A prohibited person shall not perform a controlled function if doing so would require the person to contravene a prohibition notice served on the person.

F46[(9) A regulated financial service provider or holding company shall not permit a prohibited person to perform a controlled function in relation to it if doing so would require the person to contravene a prohibition notice served on it.]

(10) The Bank may publish a prohibition notice if, in the opinion of the Governor, it is necessary to do so in order to achieve the purposes of this Part.

(11) A prohibition notice does not alter the contractual rights of any person to remuneration or benefits. Those rights shall continue to be determined in accordance with the relevant contract.

(12) F49[…]

44.— F50[…]

45.—F51[(1) As soon as practicable after the service of a prohibition notice on the prohibited person, the Bank or the Governor, as the case may be, shall, subject to section 46, make an application to the Court for confirmation of the notice.]

F52[(1A) An application under subsection (1) may be made on an ex parte basis provided that the prohibited person informs the Bank or the Governor, as the case may be, in writing that he or she agrees to the application being made ex parte.]

(2) Without limiting the exercise of the judicial function with respect to a particular case, it shall be the duty of the High Court, in so far as it is practicable, to hear and determine an application under this section within 3 months after the date on which the application is made to it.

(3) If when hearing an application under F51[this section] the Court is satisfied that, for reasons of confidentiality or commercial sensitivity or in order to avoid the disclosure of information of the kind referred to in section 33AK(1A) of the Act of 1942, the hearing of the Court should be held otherwise than in public, the Court may so order.

(4) The Court may, on the hearing of an application under F51[this section], consider evidence not adduced or hear an argument not made to the Bank or the Governor, if the Court is satisfied that—

(a) there are cogent reasons justifying the failure to adduce the evidence or make the argument to the Governor or the Bank, and

(b) it is just and equitable for the Court to consider the evidence or hear the argument, as the case may be.

(5) On an application under this section—

(a) if the Court is satisfied that there is a reasonable basis (as set out in subsection (6)) for the opinion of the Bank or the Governor, as the case may be, that the prohibited person concerned is not of such fitness and probity as is appropriate to perform the relevant controlled function or part of a controlled function, or any controlled function (as the case may be), the Court may make—

(i) an order confirming the relevant prohibition notice,

(ii) if the Court considers that it is necessary in the interests of justice, or for any other good reason, to vary the prohibition notice, an order varying or limiting it (including by imposing a condition or conditions on the prohibited person or a F51[regulated financial service provider or holding company] concerned), and

(iii) any other additional or ancillary order it thinks fit,

and

(b) if the Court is not satisfied as provided for in paragraph (a), the Court may make—

(i) an order setting aside the notice,

(ii) an order remitting the matter to the Bank or the Governor for reconsideration in accordance with any directions by the Court (whether or not the Court also sets aside the notice), or

(iii) any other order it thinks fit.

(6) For the purposes of subsection (5)(a), there is a reasonable basis for an opinion if, taking into account the expertise and specialist knowledge possessed by the Bank or the Governor, as the case requires, the opinion (and the process that led to its formation) was not vitiated by—

F51[(a) a serious and significant error, or a series of errors which, taken together, are serious and significant,]

(b) a mistake of law, or

(c) the evidence, taken as a whole, not supporting the F51[opinion].

(7) When considering whether to make an order under subsection (5), the Court shall have particular regard to—

(a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(b) the need to protect users of financial services.

(8) An order under subsection (5) may be expressed to have effect—

(a) indefinitely, or for a particular period that the Court thinks appropriate, or

(b) until further order of the Court.

(9) A prohibition notice that has been confirmed by the Court (whether or not also varied by the Court) has effect as an order of the Court and may be enforced accordingly.

(10) Section 43 applies to any prohibition notice made by the Bank F52[or the Governor] after reconsideration in accordance with an order referred to in subsection (5)(b)(ii).

(11) The setting aside by the Court of a prohibition notice does not of itself prevent the further exercise of the powers of the Bank, the Governor or the Head of Financial Regulation under this Part.

45A.— (1) An application for an order varying or setting aside a prohibition notice confirmed under section 45 may be made to the Court—

(a) by the Bank or the Governor, as the case may be, or

(b) by the prohibited person.

(2) An application made by the Bank or the Governor under subsection (1) may be made on an ex parte basis provided that the prohibited person informs the Bank or the Governor, as the case may be, in writing that he or she agrees to the application being made ex parte.

(3) If on an application under this section the Court is satisfied that—

(a) since the confirmation of the prohibition notice under section 45, there has been a change in circumstances, and

(b) the change is such that, if an application for confirmation were made at the time of the application under subsection (1), a different decision would be taken in relation to the application for confirmation,

the Court may make an order setting aside or, subject to subsection (4), varying the prohibition notice as it thinks fit.

(4) An order under this section may not vary a prohibition notice in a way that, in the opinion of the Court, would make it more onerous to the prohibited person.

(5) Subsections (2), (3), (7) and (11) of section 45 shall apply for the purposes of an application or the making of an order under this section subject to any necessary modifications.]

F54[46.—(1) Where the Bank or the Governor has issued a prohibition notice, the prohibited person and any person to whom subsection (2) applies may agree in writing with the Bank or the Governor, as the case may be, to comply with the prohibition notice for such period as is agreed.

(2) Where the prohibited person is performing a controlled function at the time of issue of the prohibition notice, this subsection applies to the regulated financial service provider or holding company in relation to which that person is at that time performing the controlled function.

(3) Where a prohibition notice is the subject of an agreement under this section—

(a) the prohibition notice has effect for the period agreed in the agreement,

(b) sections 43(4D) and 45 do not apply (and section 43(8) and (9) apply accordingly), and

(c) if the prohibited person performs a controlled function in contravention of the prohibition notice, or if a person to whom subsection (2) applies who is a party to the agreement permits the prohibited person to perform a controlled function in contravention of the prohibition notice, the Head of Financial Regulation may apply ex parte to the Court for an order directing the person concerned to comply with the notice.

(4) If the Bank or the Governor, as the case may be, considers that there is no further need to continue a prohibition notice that is the subject of an agreement under this section, the Bank or the Governor, as the case may be, may terminate the agreement by written notice to the other parties.

(5) On termination of an agreement under subsection (4) the prohibition notice ceases to have effect.]

47.— The Bank may make use of—

(a) information and evidence gathered by the Head of Financial Regulation in the course of an investigation under Chapter 3,

(b) anything in any submission made to the Head of Financial Regulation pursuant to section 41, and

(c) anything in any document or evidence placed before the Court in the course of proceedings under Chapter 3 or 4,

for the purposes of any statutory function of the Bank (including, in particular, an inquiry pursuant to Part IIIC of the Act of 1942 and the imposition of sanctions as a result of such an inquiry).

48.— (1) A person shall not provide to the Head of Financial Regulation or the Bank, for the purposes of this Part, information that the person knows or ought to know is false or misleading.

(2) A person who is carrying out, or proposes to carry out, a controlled function shall not provide information or a document that the person knows or ought to know is false or misleading to a regulated financial service provider F55[or a holding company] with a view to the information or document being provided to the Head of Financial Regulation or the Bank for the purposes of this Part.

(3) A person shall not give the Head of Financial Regulation or the Bank, for the purposes of this Part, a document (whether in response to an evidentiary notice or otherwise) that the person knows or ought to know is false or misleading or is not what it purports to be.

(4) A person (in this subsection called the “examinee”) who is appearing before the Head of Financial Regulation shall not, in an answer to a question put by the Head of Financial Regulation or another person with the consent of the Head of Financial Regulation, make a statement that the examinee knows or ought to know is false or misleading in a material particular.

(5) A person who contravenes subsection (1), (2), (3) or (4) commits an offence.

49.— A person guilty of an offence under this Part is liable—

(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or

(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years or both.

49A.— For the purposes of the giving or service of notices or other documents under this Part, section 61G of the Act of 1942 applies as if references in that section to the Bank included references to the Governor and the Head of Financial Regulation.]

50.— The Bank may issue a code setting out standards of fitness and probity for the purposes of this Part.

51.— (1) Nothing in this Part affects any other power of the Bank in relation to the fitness and probity of persons who are officers of, or responsible for the management of, financial service providers F57[or holding companies].

(2) The Bank may have regard to a document or information gathered or received otherwise than under this Part for any purpose under this Part.

52.— (1) The Governor may at his or her discretion F58[, subject to subsection (4),] appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function of the Governor under this Part if the Governor considers it necessary or appropriate to do so to ensure that the functions of the Governor under this Part are performed efficiently and effectively.

(2) The Head of Financial Regulation may at his or her discretion F58[, subject to subsection (4),] appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Head of Financial Regulation under this Part if the Head of Financial Regulation considers it necessary or appropriate to do so to ensure that the functions of the Head of Financial Regulation under this Part are performed efficiently and effectively.

F59[(2A) The Bank may at its discretion F58[, subject to subsection (4),] appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.]

(3) Without prejudice to the generality of subsections (1) F60[, (2) and (2A)], the power to appoint a person to perform a function in accordance with F60[any] of those subsections includes the power to appoint the person to do any one or more of the following:

(a) form an opinion required by this Part to be formed by the Governor F60[, the Head of Financial Regulation or the Bank] (as the case may be);

(b) make an application to the Court;

(c) certify a matter to the Court.

F58[(4) The powers conferred by subsections (1), (2) and (2A) shall be exercised so as to secure the following:

(a) that the function of conducting an investigation in accordance with Chapter 3 where a person has formed the opinion referred to in section 25(1), and any function exercisable under that Chapter for or in connection with the conducting of such an investigation, is not performed by the person who forms that opinion;

(b) that any function under section 29(1) to (3) in relation to a suspension notice is not performed by a person who performed a function under section 26 in relation to the notice;

(c) that any function under section 43 in connection with the imposition of a prohibition in circumstances to which subparagraph (i) of subsection (3)(a) of that section applies is not performed by a person involved in the investigation referred to in that subparagraph.

(5) Paragraph (a) of subsection (4) does not prevent the person who forms the opinion referred to in that paragraph from exercising functions, of management, advice or otherwise, that do not affect the independence of the investigation.]

52A.—(1) This section applies to the following functions:

(a) deciding whether to issue a suspension notice;

(b) deciding whether to confirm a suspension notice;

(c) deciding whether to impose a prohibition under section 43.

(2) The Bank shall not rely on any contract of service or contract for services with a person exercising a function to which this section applies in any way that may affect the person’s independence in the exercise of that function.]

53.— (1) The Minister may, in respect of any difficulty that arises in the operation of this Act during the period of 2 years beginning on the date this section comes into operation, make regulations to do anything that appears necessary or expedient for bringing this Act into operation.

(2) The Bank may make regulations setting out procedures to be followed in the exercise of the powers of the Bank, the Governor or the Head of Financial Regulation under this Part.

(3) Regulations made by the Bank under this section may contain such incidental, supplementary and consequential provisions as appear to the Bank to be necessary or expedient for the purposes of the regulations.

(4) Sections 61C and 61D of the Act of 1942 apply to regulations made under this Part.