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.