Central Bank Act 1997

F12[ Interpretation (Part IV).

24

24.—(1) In this Part—

‘affiliate’, in relation to an auditor, means a firm or body corporate specified by subsection (2) as being an affiliate of the auditor;

‘company’ has the same meaning as in section 2 (1) of the Companies Act 1963;

F13[‘financial holding company’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014);]

‘firm’ has the same meaning as in section 4 of the Partnership Act 1890;

‘guideline’ means a guideline issued under section 27A or, if such a guideline is amended, means the guideline as amended;

F13[‘mixed financial holding company’ has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014;]

‘public authority’ means a body (whether corporate or incorporate) established or constituted by or under an Act that performs one or more public functions;

‘relevant obligations’, in relation to a regulated financial service provider, means the service provider's obligations under—

(a) all designated enactments and all designated statutory instruments that apply to it, and

(b) all codes, guidelines and notices issued by the Bank that apply to it, and

(c) all other enactments and statutory instruments with which it must comply;

‘work’, in relation to an auditor, includes all work of an accounting, financial or advisory nature that an auditor does for a financial service provider as well as work involved in auditing the financial service provider's accounts.

(2) For the purposes of this Part, each of the following is an affiliate of an auditor in a financial year:

(a) in the case of an auditor that is a firm—

(i) any other firm that, at any time during the financial year, was under the same ownership and control as the auditor,

(ii) any body corporate in which the auditor, any firm mentioned in subparagraph (i) or (iv) or any body corporate mentioned in subparagraph (iii) or (iv) was, at any time in the financial year, entitled to exercise or control the exercise of 20 per cent or more of the voting rights at a general meeting,

(iii) any body corporate that was, at any time in the financial year, in the same group as a body corporate mentioned in subparagraph (ii),

(iv) any other firm, or body corporate, that because of the use of a common name or corporate identity or the sharing of common professional services could reasonably be considered to be associated with the auditor,

(b) in the case of an auditor who is a natural person—

(i) any partnership in which the auditor was, at any time in the financial year, a partner,

(ii) any body corporate in which the auditor, any partnership mentioned in subparagraph (i) or any body corporate mentioned in subparagraph (iii) was, at any time in the financial year, entitled to exercise or control the exercise of 20 per cent or more of the voting rights at a general meeting,

(iii) any body corporate that was, at any time in the financial year, in the same group as a body corporate mentioned in subparagraph (ii).

(3) For the purposes of this Part, a director of a regulated financial service provider that is a body corporate is taken to be concerned in the management of the financial service provider even though the director is not involved in its day to day management.]

F13[(4) In this Part—

(a) a reference to a financial service provider shall include a reference to a financial holding company or a mixed financial holding company,

(b) a reference to a regulated financial service provider shall include a reference to a financial holding company or a mixed financial holding company, and

(c) a reference to a person concerned in the management of a financial service provider shall include a reference to a person concerned in the management of a financial holding company or a mixed financial holding company.]

Annotations:

Amendments:

F12

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 26, S.I. No. 455 of 2004, art. 2 and sch. part 1(a).

F13

Inserted (29.12.2020) by European Union (Capital Requirements) (Amendment) Regulations 2020 (S.I. No. 710 of 2020), reg. 60(a), (b), in effect as per reg. 1(2).

Editorial Notes:

E8

Previous affecting provision: section repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 part 23 item 3, S.I. No. 160 of 2003; substituted as per F-note above.

E9

Previous affecting provision: section substituted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 17, S.I. No. 338 of 2002; repealed as per E-note above.