Central Bank (Supervision and Enforcement) Act 2013
Number 26 of 2013
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013
REVISED
Updated to 1 July 2022
This Revised Act is an administrative consolidation of the Central Bank (Supervision And Enforcement) Act 2013. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including the Birth Information and Tracing Act 2022 (14/2022), enacted 30 June 2022, and all statutory instruments up to and including the Health (Miscellaneous Provisions) Act 2022 (Sections 41 and 48) (Commencement) Order 2022 (S.I. No. 326 of 2022), made 1 July 2022, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 26 of 2013
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013
REVISED
Updated to 1 July 2022
Introduction
This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.
Related legislation
Central Bank Acts 1942 to 2018: this Act is one of a group of Acts included in this collective citation, to be construed together as one (Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018), s. 3(2)). The Acts in this group are:
• Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022)
• Central Bank Act 1942 (22/1942)
• Central Bank Act 1961 (8/1961)
• Central Bank Act 1971 (24/1971)
• Central Bank Act 1989 (16/1989), Part II
• Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85
• Central Bank Act 1998 (2/1998)
• Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)
• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)
• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)
• National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2
• Central Bank Reform Act 2010 (23/2010)
• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)
• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 36, 37, 48(2) and 56(3), Part 5 (in so far as it amends Central Bank Acts 1942 to 2011), and schs. 2 and 3 (in so far as they amend Central Bank Acts 1942 to 2011)
• Central Bank (Supervision and Enforcement) Act 2013 (26/2013) (other than s. 5 in so far as it relates to schs. 3 and 4, and ss. 75 to 78, 80 to 87 and 89 to 94)
• Central Bank Act 2014 (9/2014), s. 1
• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), other than s. 8
• Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018)
Acts previously included in the group but now repealed are:
• Central Bank Act 1964 (3/1964)
Annotations
This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.
An explanation of how to read annotations is available at
www.lawreform.ie/annotations.
Material not updated in this revision
Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.
Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.
A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at
www.irishstatutebook.ie.
Acts which affect or previously affected this revision
• Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022)
• Central Bank (National Claims Information Database) Act 2018 (42/2018)
• Financial Services and Pensions Ombudsman Act 2017 (22/2017)
• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)
• Workplace Relations Act 2015 (16/2015)
• Protected Disclosures Act 2014 (14/2014)
• Central Bank Act 2014 (9/2014)
• Credit Reporting Act 2013 (45/2013)
• Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010)
All Acts up to and including Birth Information and Tracing Act 2022 (14/2022), enacted 30 June 2022, were considered in the preparation of this revision.
Statutory instruments which affect or previously affected this revision
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Minimum Competency) (Amendment) Regulations 2022 (S.I. No. 234 of 2022)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 (S.I. No. 126 of 2022)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) (Amendment) Regulations 2022 (S.I. No. 45 of 2022)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2021 (S.I. No. 666 of 2021)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 (S.I. No. 184 of 2021)
• European Union (Capital Requirements)(Amendment) Regulations 2020 (S.I. No. 710 of 2020)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Licensed Moneylenders) Regulations 2020 (S.I. No. 196 of 2020)
• Central Bank (Supervision And Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2019 (S.I. No. 369 of 2019)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (S.I. No. 230 of 2019)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2018 (S.I. No. 18 of 2018)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Investment Firms) Regulations 2017 (S.I. No. 604 of 2017)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2017 (S.I. No. 559 of 2017)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017 (S.I. No. 391 of 2017)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017 (S.I. No. 344 of 2017)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. No. 60 of 2017)(revoked)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) (Amendment) Regulations 2016 (S.I. No. 568 of 2016)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. No. 307 of 2016)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016 (S.I. No. 280 of 2016)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Undertakings National Specific Templates Reporting Arrangements) Regulations 2016 (S.I. No. 159 of 2016)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations for Fund Service Providers (Amendment) Regulations 2016 (S.I. No. 87 of 2016)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (S.I. No. 585 of 2015)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (S.I. No. 420 of 2015)
• European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers (S.I. No. 105 of 2015)(revoked)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Client Asset Regulations 2015 (S.I. No. 104 of 2015)(revoked)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Housing Loan Requirements) Regulations 2015 (S.I. No. 47 of 2015)
• Protected Disclosures Act 2014 (Section 7(2)) Order 2014 (S.I. No. 339 of 2014)
• European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)
• Central Bank (Supervision and Enforcement) Act 2013 (Section 72) (Commencement) Order 2013 (S.I. No. 321 of 2013)
• Central Bank (Supervision and Enforcement) Act 2013 (Commencement) Order 2013 (S.I. No. 287 of 2013)
All statutory instruments up to and including Health (Miscellaneous Provisions) Act 2022 (Sections 41 and 48) (Commencement) Order 2022 (S.I. No. 326 of 2022), made 1 July 2022, were considered in the preparation of this revision.
Number 26 of 2013
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013
REVISED
Updated to 1 July 2022
ARRANGEMENT OF SECTIONS
Preliminary
Section
1. Short title, collective citation and construction.
6. Savings and transitional provisions.
Provision of Report to Bank
8. Persons to whom this Part applies.
9. Giving of notice to reviewee to provide a report.
10. Matters to which Bank shall have regard before giving notice under section 9.
15. Duty of reviewee to ensure performance of reviewer’s functions.
16. Reviewer to provide explanation to the Bank.
17. Bank not bound by report nor liable for it.
18. Offence of providing false information to a reviewer.
19. Bank may apply to High Court for an order.
20. Guidelines for reviewees and reviewers.
Information, etc.
Introductory
21. Persons to whom this Part applies.
Bank’s power to gather information, etc.
22. Power of Bank to require information, records, plans, etc.
Authorised officers
24. Appointment of authorised officers.
26. Power of authorised officer to enter premises.
27. Powers of authorised officer.
28. Warrant required to enter premises.
29. Authorised officer may attend meetings.
Supplementary
31. Failure to comply with a requirement.
33. Privileged legal material.
Auditor Assurance
35. Amendment of Central Bank Act 1997.
36. Amendment of section 27G of Central Bank Act 1997.
Protection for Persons Reporting Breaches
39. Guidelines for persons referred to in section 38(2)(a).
40. Protection from civil liability of persons who have made a protected disclosure.
41. Protection of employees from penalisation for making a protected disclosure.
42. Tortious liability of person for victimisation.
Customer Protection
43. Bank’s power to direct redress for customers.
Bank’s Power to Give Directions
45. Bank’s power to give directions.
46. Prior approval of High Court for certain proceedings.
47. Bank may apply to High Court for orders enforcing directions.
47A. Financial holding companies and mixed financial holding companies.
Bank’s Power to Make Regulations
48. Bank’s power to make regulations.
49. Consultation before making regulations.
50. Matters to which Bank to have regard when making regulations.
51. Supplementary provisions relating to regulations.
Enforcement
52. High Court enforcement orders on application by Bank.
56. Copies of documents for juries.
57. Convicted person liable for costs and expenses of investigation and proceedings.
Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc.
59. Amendment of section 28 of Central Bank Act 1997.
60. Amendment of section 31 of Central Bank Act 1997.
61. Amendment of section 31A of Central Bank Act 1997.
62. Amendment of section 32A of Central Bank Act 1997.
63. Amendment of section 33A of Central Bank Act 1997.
64. Transitional provision for existing debt management firms.
65. Amendment of section 36 of Central Bank Act 1997.
66. Amendment of section 36A of Central Bank Act 1997.
Amendments to Part IIIC of Act of 1942
67. Amendment of section 33AO of Act of 1942.
68. Amendment of section 33AQ of Act of 1942.
69. Amendment of section 33AV of Act of 1942.
70. Amendment of section 33BA of Act of 1942.
71. Amendment of section 33BC of Act of 1942.
Other Amendments to Financial Services Legislation
72. Ombudsman’s report to include information about complaints.
73 . Third country branches.
74. Amendment of section 76 of Central Bank Act 1989.
75. Amendment of section 43 of Investment Intermediaries Act 1995.
76. Amendment of section 30 of Consumer Credit Act 1995.
77. Amendment of section 45 of Consumer Credit Act 1995.
78. Amendment of section 149 of Consumer Credit Act 1995.
79. Amendment of section 27 of Central Bank Act 1997.
80. Amendments of Investor Compensation Act 1998.
81. Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009.
82. Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.
Miscellaneous
83. Amendment of section 1 of Insurance Act 1964.
84. Amendment of section 6 of Insurance Act 1964.
85. Amendment of section 4 of Landlord and Tenant Act (Ground Rents) (No. 2) Act 1978.
86. Amendment of section 4 of Landlord and Tenant (Amendment) Act 1980.
87. Amendment of section 3 of Companies (Amendment) Act 1990.
88. Disclosure to Bank of tax information about qualifying companies and FVCs.
89. Amendment of section 11 of Electronic Commerce Act 2000.
90. Amendment of Planning and Development Act 2000.
91. Amendment of section 56 of Personal Injuries Assessment Board Act 2003.
92. Amendment of Credit Institutions (Financial Support) Act 2008.
93. Amendment of section 38 of Credit Institutions (Stabilisation) Act 2010.
94. Amendment of section 6 of Irish Bank Resolution Corporation Act 2013.
Repeals and Revocations
Repeals
Revocations
Amendments of Central Bank Acts
Amendments of Central Bank Act 1942
Amendments of Central Bank Act 1971
Amendment of Central Bank Act 1997
Amendments of Central Bank Reform Act 2010
Amendments of Central Bank and Credit Institutions (Resolution) Act 2011
Amendments of Certain other Acts
Amendments of Investment Intermediaries Act 1995
Amendments of Credit Union Act 1997
Amendments of Investor Compensation Act 1998
Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009
Amendments of Certain Statutory Instruments
Amendments of European Communities (Markets in Financial Instruments) Regulations 2007
Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007
Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007
Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011
Redress for Contravention of section 41 (1)
Acts Referred to
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2001, No. 47 |
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42 & 43. Vict., c. 11 |
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1988, No. 27 |
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1989, No. 17 |
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1942, No. 22 |
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1971, No. 24 |
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1989, No. 16 |
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1997, No. 8 |
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Central Bank Acts 1942 to 2012 |
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2011, No. 27 |
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2010, No. 23 |
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2009, No. 6 |
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1963, No. 33 |
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1990, No. 33 |
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1990, No. 27 |
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1995, No. 24 |
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2007, No. 19 |
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2008, No. 18 |
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2010, No. 36 |
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1997, No. 15 |
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Credit Union and Co-operation with Overseas Regulators Act 2012 |
2012, No. 40 |
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2005, No. 2 |
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3 & 4 Vict., c. 105 |
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2001, No. 32 |
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2000, No. 27 |
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1993, No. 25 |
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2009, No. 13 |
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1992, No. 27 |
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1983, No. 29 |
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1964, No. 18 |
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1989, No. 3 |
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Investment Funds, Companies and Miscellaneous Provisions Act 2005 |
2005, No. 12 |
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1995, No. 11 |
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1994, No. 24 |
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1998, No. 37 |
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2013, No. 2 |
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1980, No. 10 |
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1967, No. 3 |
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1978, No. 16 |
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2003, No. 46 |
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2012, No. 44 |
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14 & 15. Vict., c. 93 |
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2000, No. 30 |
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1984, No. 21 |
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2003, No. 29 |
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1965, No. 27 |
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1997, No. 39 |
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1989, No. 21 |
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2003, No. 2 |
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1977, No. 10 |
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Unfair Dismissals Acts 1977 to 2007 |
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1990, No. 37 |
Number 26 of 2013
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013
REVISED
Updated to 1 July 2022
AN ACT TO FURTHER PROVIDE FOR THE REGULATION AND SUPERVISION OF FINANCIAL SERVICE PROVIDERS AND FINANCIAL SERVICES; TO FURTHER PROVIDE FOR THE ENFORCEMENT OF FINANCIAL SERVICES LEGISLATION; TO PROVIDE FOR THE PROTECTION OF PERSONS REPORTING BREACHES; FOR THOSE AND OTHER PURPOSES TO PROVIDE FOR AMENDMENTS TO, AND TO FURTHER AMEND AND EXTEND, THE CENTRAL BANK ACTS 1942 TO 2012 AND CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS, AND TO PROVIDE FOR RELATED MATTERS.
[11th July, 2013]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Functions of Central Bank under Act extended by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010), s. 106D, as inserted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 25, S.I. No. 188 of 2021.
[Scope of Bank’s supervision - performance of certain functions
106D. (1) The functions conferred on the Bank under—
(a) Parts II, IIIC, VIIA, VIIIA and IX of the Act of 1942,
(b) Parts 3 and 4 of the Central Bank Reform Act 2010 , and
(c) Parts 2, 3, 7 and 9 of the Central Bank (Supervision and Enforcement) Act 2013,
shall, in addition to being performable for the purposes to which those provisions relate, be performable for the purposes of ensuring compliance with the Fourth Money Laundering Directive, the Fifth Money Laundering Directive and the Recommendations of FATF.
…]
C2
Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).
Effect of special management.
119. ...
(2) The special management of the institution under resolution has effect notwithstanding anything in—
(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,
(b) any other rule of law or equity,
(c) any code of practice made under an enactment,
...