Central Bank Reform Act 2010

20.

Controlled functions.

20.— (1) The Bank may make regulations prescribing functions that are to be controlled functions.

(2) The Bank may prescribe a function under subsection (1) 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.

(3) A controlled function that 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) A controlled function 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, or

( c) it relates to a business of a regulated financial service provider established in the State conducted by that provider 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 or in relation to regulated financial service providers 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.

Annotations

Editorial Notes:

E9

Power pursuant to subs. (1) exercised (5.10.2020) by Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2020 (S.I. No. 410 of 2020), in effect as per reg. 4.

E10

Power pursuant to subs. (1) exercised (1.07.2018) by Central Bank Reform Act 2010 (Sections 20 and 22 - Credit Unions) (Amendment) Regulations 2018 (S.I. No. 187 of 2018), in effect as per reg. 5.

E11

Power pursuant to subs. (1) exercised (1.01.2016) by Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2015 (S.I. No. 545 of 2015), in effect as per reg. 4.

E12

Power pursuant to subs. (1) exercised (1.08.2015) by Central Bank Reform Act 2010 (Sections 20 and 22 - Credit Unions that are also authorised as Retail Intermediaries) Regulations 2015 (S.I. No. 97 of 2015).

E13

Power pursuant to subs. (1) exercised (31.12.2014) by Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2014 (S.I. No. 394 of 2014).

E14

Power pursuant to subs. (1) exercised (28.05.2013) by Central Bank Reform Act 2010 (Sections 20 and 22 - Credit Unions) Regulations 2013 (S.I. No. 171 of 2013).

E15

Power pursuant to subs. (1) exercised (1.12.2011) by Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (S.I. No. 437 of 2011), in effect as per reg. 13.

E16

Power pursuant to subs. (1) exercised (30.11.2011) by Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2011 (S.I. No. 615 of 2011).