Central Bank (Supervision and Enforcement) Act 2013
Number 26 of 2013
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013
REVISED
Updated to 1 October 2024
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 Criminal Justice (Amendment) Act 2024 (31/2024), enacted 4 October 2024, and all statutory instruments up to and including the Planning and Development Act 2000 (Section 181(2)(a)) (No. 4) Order 2024 (S.I. No. 507 of 2024), made 1 October 2024, 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 October 2024
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. (Repealed)
Voluntary disclosure of privileged legal material
34A. Voluntary disclosure of privileged legal material.
34B. Determination by court as to whether legal professional privilege applies.
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.
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 October 2024
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,
...