Central Bank (Supervision and Enforcement) Act 2013

68.

Amendment of section 33AQ of Act of 1942.

68.— Section 33AQ of the Act of 1942 is amended—

( a) in subsection (3) by inserting the following after paragraph ( c):

“( ca) suspension of its authorisation, in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate;

( cb) revocation of its authorisation;”,

( b) by substituting the following for subsection (4):

“(4) For the purpose of subsection (3)( c), the prescribed amount is—

( a) if the financial service provider is a body corporate or an unincorporated body, the greater of—

(i) €10,000,000, and

(ii) an amount equal to 10 per cent of the turnover of the body for its last complete financial year before the finding is made,

( b) if the financial service provider is a natural person, €1,000,000, or

( c) if the regulations prescribe some other amount for paragraph ( a) or ( b), that other amount.”,

( c) in subsection (6), by substituting the following for paragraph ( a):

“( a) €1,000,000, or”,

and

( d) by inserting the following subsection:

“(9) In this section ‘authorisation’ means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration.”.