59.— Section 28 of the Central Bank Act 1997 is amended—

(a) by substituting the following for the definition of “authorisation”—

“ ‘authorisation’ means an authorisation of a person to carry on a regulated business and, if an authorisation is amended in accordance with section 34, means the authorisation as amended;”,

(b) by inserting the following definitions—

“ ‘consumer’ means—

(a) an individual acting otherwise than in the course of business, or

(b) a micro enterprise within the meaning given by Commission Recommendation 2003/361/EC of 6 May 2003 ³ concerning the definition of micro, small and medium sized enterprises;

‘debt management firm’ means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person;

‘debt management services’ means—

(a) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts,

(b) negotiating with a person’s creditors for the discharge of the person’s debts (in whole or in part), or

(c) any similar activity associated with the discharge of debts;

‘excepted person’ means—

(a) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009,

(b) the Money Advice and Budgeting Service,

(c) any licensed bank, building society, credit union or friendly society,

(d) a barrister, solicitor or accountant who provides debt management services only in an incidental manner and is subject to regulation by a professional body,

(e) a person who is a party to the Protocol for Independent Advice to Borrowers Availing of Long Term Mortgage Forbearance made on 2 August 2012 (as amended from time to time) and provides advice in accordance with that Protocol,

(f) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such,

(g) personal representatives (within the meaning of section 3 of the Succession Act 1965),

(h) trustees of a trust, other than a trust which is established to provide debt management services,

(i) the Bank,

(j) An Post,

(k) the National Asset Management Agency,

(l) the National Treasury Management Agency,

(m) the National Consumer Agency, and

(n) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government;

‘qualifying shareholder’, in relation to another person, means a person with a direct or indirect holding in the other person—

(a) that represents 10 per cent or more of the capital of, or the voting rights in, the other person, or

(b) that makes it possible to exercise a significant influence over the management of the other person;

‘remuneration’, in relation to debt management services, means any commission or other payment, whether paid directly or indirectly, in respect of the debt management services and includes a payment made in respect of the provision of services other than debt management services as a result of which debt management services are provided otherwise than for payment;”,

(c) by substituting the following for the definition of “money transmission service”—

“ ‘money transmission service’ means a service that involves transmitting money by any means, other than a service—

(a) that is a payment service to which the European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009) apply,

(b) that is provided to customers on a basis that is ancillary to any other services apart from debt management services,

(c) that is provided by—

(i) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009,

(ii) the Money Advice and Budgeting Service,

(iii) any licensed bank, building society, credit union or friendly society,

(iv) a barrister, solicitor or accountant who provides money transmission services only in an incidental manner and is subject to regulation by a professional body,

(v) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such,

(vi) personal representatives (within the meaning of section 3 of the Succession Act 1965),

(vii) trustees of a trust, other than a trust which is established to provide money transmission services,

(viii) the Bank,

(ix) An Post,

(x) the National Asset Management Agency,

(xi) the National Treasury Management Agency,

(xii) the National Consumer Agency, and

(xiii) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government.”,

and

(d) in the definition of “regulated business” by substituting “, a retail credit firm or a debt management firm” for “or a retail credit firm”.