Central Bank Act 1997

F66[Person prohibited from carrying on regulated business without authorisation.

29

29.—(1) A person shall not carry on a regulated business unless the person is the holder of an authorisation.

(2) A person who contravenes subsection (1) commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €100,000.

(3) A person who, after being convicted of an offence under subsection (2), continues to contravene subsection (1) commits a further offence on each day or part of a day during which the contravention continues and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(4) This section does not have effect in relation to a person who carries on a money transmission business until 6 months after the commencement of section 27 of the Central Bank and Financial Services Authority of Ireland Act 2004.]

F67[(5) For the purposes of this Act—

(a) the National Asset Management Agency and a NAMA group entity (within the meaning of the National Asset Management Agency Act 2009) shall not be treated as carrying on a regulated business as a credit servicing firm,

(b) an excepted person shall not be treated as carrying on a regulated business as a debt management firm,

(c) a person referred to in paragraphs (a) to (g) of the definition of "retail credit firm" in section 28(1) shall not be treated as carrying on a regulated business as a retail credit firm, and

(d) a securitisation special purpose entity referred to in section 28(2A) or (2B) shall not be treated as carrying on a regulated business as a retail credit firm.]

Annotations:

Amendments:

F65

Substituted (1.02.2008) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 19(d), S.I. No. 782 of 2007.

F66

Substituted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 27, S.I. No. 455 of 2004, art. 2 and sch. part 3(b), subject to transitional provisions in sch. 5.

F67

Inserted (16.05.2022) by Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022), s. 3, S.I. No. 229 of 2022.

Editorial Notes:

E36

A fine of €2,000 translates into a class C fine, not exceeding €2,500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 6(3) and table ref. no. 1, S.I. No. 662 of 2010.

E37

A fine of €200 translates into a class E fine, not exceeding €500, as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 8(3) and table ref. no. 1, S.I. No. 662 of 2010.

E38

Previous affecting provision: chapter heading inserted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 27, S.I. No. 455 of 2004, art. 2 and sch. part 3(b), subject to transitional provisions in sch. 5; substituted as per F-note above.