Central Bank Reform Act 2010

23

Appointment of persons to perform pre-approval controlled functions.

23.—F15[(1) F16[Subject to section 23A, a regulated financial service provider] F17[or holding company] shall not appoint a person to perform a pre-approval controlled function F17[in relation to it] unless the Bank has approved in writing the appointment of the person to perform the function.]

(2) For the purposes of considering whether or not to approve F17[the appointment of] a person under subsection (1), the Bank may request the person, or a specified officer or employee of the regulated financial service provider F17[or holding company] that proposes to appoint the person to perform a F17[pre-approval] controlled function, by notice in writing to do any one or more of the following:

(a) produce a specified document or documents to the Bank;

(b) provide specified information to the Bank;

(c) produce to the Bank documents of a kind described in the notice;

(d) answer a question or questions set out in the notice;

(e) attend before a specified officer or employee of the Bank for interview.

(3) A notice under subsection (2) shall specify a date and time by which, and a place at which, the person shall provide the document or documents or information, provide answers to the question or questions, or attend for interview, as the case may be.

(4) Nothing in subsection (2) or any notice given by the Bank under that subsection requires a person—

(a) to produce to the Bank a document that the person could not have been compelled to produce to a court,

(b) to give the Bank information that the person could not have been compelled to give a court, or

(c) to answer a question (either in writing or at interview) that the person could not have been compelled to answer in a court.

(5) The Bank may refuse to approve the appointment of a person for the purposes of subsection (1) where—

(a) the Bank is of the opinion that the person is not of such fitness and probity as is appropriate to perform the function for which he or she is proposed to be appointed, or

(b) the Bank is unable to decide, on the basis of the information available to it, whether the person is of such fitness and probity.

(6) Without prejudice to the generality of subsection (5), the Bank may refuse to approve the appointment of a person under subsection (1) if—

(a) the person, or an officer or employee of the regulated financial service provider F17[or holding company] concerned, has failed to comply with a request under subsection (2), or

(b) any of the grounds set out in paragraphs F15[(a) to (h)] of section 25(3) apply.

(7) A refusal pursuant to subsection (5) is an appealable decision for the purposes of Part VIIA of the Act of 1942.

F17[(8) Where—

(a) the Bank is considering under subsection (1) whether to approve an appointment,

(b) the appointment will be to perform a pre-approval controlled function in relation to a regulated financial service provider, and

(c) the person proposing to make the appointment is not yet a regulated financial service provider,

subsection (2) applies as if references in that subsection to a regulated financial service provider were references to that person.]

Annotations

Amendments:

F15

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(1) and sch. 2 part 4 item 2, S.I. No. 287 of 2013.

F16

Substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 37.

F17

Inserted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 12(a)(i), (ii), (b)(i), (ii), (iii), (c), (d), S.I. No. 176 of 2023.

Editorial Notes:

E34

Standard of proof prescribed for circumstances where the Bank makes any finding preliminary to making a decision or arriving at an opinion under section (24.02.2012) by Central Bank Reform Act 2010 (Procedures Governing the Conduct of Investigations) Regulations 2012 (S.I. No. 56 of 2012), reg. 11.