Central Bank Reform Act 2010

41.

Head of Financial Regulation to prepare report.

41.— (1) After carrying out an investigation under this Chapter, the Head of Financial Regulation shall prepare a report for consideration by the Bank and the Governor.

(2) The Head of Financial Regulation shall serve a copy of a report prepared in accordance with subsection (1) on each of—

( a) the person whose fitness and probity was the subject of the relevant investigation, and

( b) any regulated financial service provider concerned.

(3) A copy of a report may be served in any of the ways that a suspension notice may be served.

(4) A person (including a regulated financial service provider) on whom a copy of a report is served pursuant to subsection (2) may make, within the period specified in accordance with subsection (5), a submission in writing to the Head of Financial Regulation in relation to any matter in the report.

(5) When the Head of Financial Regulation serves a copy of a report on a person (including a regulated financial service provider) pursuant to subsection (2), the Head of Financial Regulation shall inform the person in writing of the person’s right under subsection (4) to make a submission in relation to any matter in the report, and shall specify the period within which the person may do so. The period specified shall be 7 days, or such longer period as the Head of Financial Regulation considers reasonable in all the circumstances.

Annotations

Editorial Notes:

E28

Procedures prescribed regarding conclusion of investigation and delivery of reports under section (24.02.2012) by Central Bank Reform Act 2010 (Procedures Governing the Conduct of Investigations) Regulations 2012 (S.I. No. 56 of 2012), regs. 11 to 13.

E29

Standard of proof prescribed in respect of findings made by Deputy Governor as part of a report under section (24.02.2012) by Central Bank Reform Act 2010 (Procedures Governing the Conduct of Investigations) Regulations 2012 (S.I. No. 56 of 2012), reg. 11.