Central Bank Reform Act 2010

31.

Court’s power to extend validity of suspension notices.

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 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 3 months) as the Court orders.

(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.