Central Bank Act 1997

31. F75[Grant and refusal of applications for authorisation.

31.—(1) Except as provided bysubsection (2), the Bank shall grant an application for an authorisation that complies withsection 30.

(2) The Bank may refuse an application for an authorisation that complies with section 30 only if it is of the opinion that—

(a) to grant the application would be inconsistent with the effective enforcement of any law of the State the purpose of which is to prevent or inhibit money laundering or terrorism, or

(b) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to properly fulfil the obligations imposed on holders of authorisations by or under this PartF76[or any other designated enactment and or any designated statutory instrument], or

(c) information given to the Bank by or on behalf of the applicant in connection with the application is materially false or misleading.

(3) If the Bank proposes to refuse an application, it shall serve on the applicant a notice in writing—

(a) specifying the grounds on which it is proposed to refuse the application, and

(b) informing the applicant that the applicant may, within 21 days after the giving of the notice, make written representations to the Bank showing why the application should be granted.

(4) Not later than 21 days after being given a notice undersubsection (3), the applicant may make written representations to the Bank showing why the application should be granted.

(5) The Bank may refuse an application only after having considered any representations made by the applicant in accordance withsubsection (4).

(6) If the Bank refuses an application, it shall immediately give to the applicant written notice of the refusal. The notice must include a statement setting out the reasons for the refusal.

(7) On granting an application for an authorisation, the Bank shall—

F77[(a) record the appropriate particulars of the applicant in the register of persons authorised to carry on any regulated business, and]

(b) issue the applicant with an authorisation authorising the applicant to carry on the regulated business to which the application relates.]

31A. F78[Provisions supplementary to section 31 applicable to retail credit and home reversion firms.

31A.— For the purposes of section31(2)(b), in order to obtain and retain authorisation, aF79[person proposing to carry on, or carrying on, regulated business]shall satisfy the Bank—

(a) that, where applicable,F79[its memorandum and articles of association]will enable it to operate in accordance with this Act, and any condition or requirement that the Bank may impose,

(b) as to the probity and competence ofF79[the person or (where it is a firm) of each of]the firm’s directors and managers,

(c) as to the suitability ofF79[the person or (where it is a firm) of each of]the firm’s qualifying shareholders or partners,

(d) as to the organisational structure and management skills of theF79[person]and that adequate levels of staff and expertise will be employed to carry out its activities,

(e) that theF79[person]has and will follow procedures that will enable the Bank to be supplied with all information necessary for the performance of the Bank’s supervisory functions and to enable the public to be supplied with information that the Bank specifies,

(f) that the organisation of theF79[person’s]business structure is such that it, and any of its associated or related undertakings, (so far as appropriate and practicable) are capable of being supervised adequately by the Bank, and

(g) as to the conduct of theF79[person’s]business, financial resources and any other matters that the Bank considers necessary in the interests of the proper and orderly regulation and supervision ofF79[regulated business]or in the interests of the protection of customers or potential customers.]

32. F80[Effect and term of authorisation.

32.—(1) An authorisation authorises the holder to carry on a regulated business subject to and in accordance with the conditions of the authorisation.

(2) An authorisation remains in force until revoked under this Part.]

32A. F81[Additional provisions applicable to retail credit and home reversion firms.

32A.— (1) An authorisation granted by the Bank undersection 31to aF82[person]may specify classes of services, and additional services, thatF82[the person]may provide.

(2) An authorisation granted by the Bank undersection 31of this Act to a retail credit firm may include an authorisation to act as a home reversion firm.

(3) The Bank may amend—

(a) the classes ofF83[…]services that may be provided in accordance withsubsections (1)or(2), or

(b) the designation or classification ofF82[persons]or services.

(4) For the purposes ofsubsections (1)to(3), the Bank may use such designation or classification ofF82[persons]or services as the Bank considers appropriate to describe the services provided.

(5) At any time before granting or refusing an authorisation to aF82[person], the Bank may—

(a) request such further information from theF82[person], or

(b) instruct an authorised officerF84[appointed underF85[Part 3 of the Central Bank (Supervision and Enforcement) Act 2013]]to make such inquiries, or carry out such investigations,

as it considers necessary for the purpose of properly evaluating an application. Any such inquiries or investigations shall be carried out in accordance with this Act.

(6) In the case of aF82[person]authorised in another EEA Country, the Bank—

(a) shall have regard to any requirements imposed onF82[the person]by an authority of that country that appears to the Bank to exercise a regulatory or supervisory role similar to that of the Bank in relation toF82[the person], and

(b) may exchange with that authority information relevant to the carrying out of the Bank’s functions under this Act or the functions of that authority under the laws of that country.]

33. F86[Bank may impose conditions when granting an application for an authorisation.

33.—(1) In granting an application for an authorisation, the Bank may impose on the applicant such conditions as it considers necessary for the proper and orderly regulation of the applicant's business and, in particular, for preventing the business from being used to launder money or to finance terrorism.

(2) If the Bank grants an application subject to conditions, it shall specify those conditions in the authorisation granted to the applicant or in one or more documents annexed to that authorisation.]

33A.— (1) Without limitingsection 33, the Bank may do all or any of the following in respect ofF88[a person authorised to carry on a regulated business]:

(a) makeF88[the person’s]authorisation subject to such conditions or requirements, or both, as it considers appropriate, relating to—

(i) the proper and orderly regulation and supervision ofF88[persons authorised to carry on regulated business], and

(ii) the protection of their customers or potential customers;

(b) impose conditions or requirements, or both, relating to the affairs or activities in an associated undertaking or a related undertaking;

(c) require the display onF88[any relevant document]of a notice in a form provided or prescribed by the Bank of any information relevant toF88[the document];

(d) at any time, impose conditions or requirements, or both, on an authorisedF88[person]and either amend or revoke any condition or requirement imposed under this paragraph or underparagraph (a),(b)or(c).

(2) A condition or requirement referred to insubsection (1)may be imposed in relation to any or all of the following:

(a) an authorisedF88[person];

(b) all authorisedF88[persons];

(c) a class or classes of authorisedF88[persons];

(d) a specified period of time or times;

(e) an associated undertaking or related undertaking;

(f) such matters relating to the proper and orderly regulation and supervision of authorisedF88[persons], and the protection of their customers or potential customers, as the Bank considers appropriate.

(3) Without limitingsubsections (1)and(2), the Bank may impose conditions or requirements on an authorisedF88[person], or a class of authorisedF88[persons]concerning—

(a) the level of training, qualifications or professional competence of managers, officers or employees,

(b) the provision of information to the Bank or to a person specified by the Bank, and

(c) the application of a prescribed code of practice relating to—

(i) regulated financial service providers within the meaning of the Central Bank Act 1942, or

(ii) a class of regulated financial service providers whose business appears to be comparable to that of an authorisedF88[person]or a class of authorisedF88[persons].]

F89[(4) The Bank may also impose on persons authorised to carry on a money transmission business a condition or requirement to raise and maintain such capital or other financial resources as may be specified by the Bank.

(5) The Bank may also impose on a debt management firmF90[or credit servicing firm]a condition or requirement to effect a policy of professional indemnity insurance—

(a) in such form,

(b) providing indemnification up to such sum and in respect of such matters, and

(c) valid for such minimum period,

as the Bank may specify from time to time.]

34. F91[Bank may amend authorisation.

34.—The Bank may from time to time amend an authorisation—

(a) by varying any of its conditions, or

(b) by replacing or revoking an existing condition, or

(c) by adding a new condition,

but only after giving to that holder a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to, the Bank in relation to the proposed amendment.]

34C. F92[Transitional provisions.

34C.— (1) Despitesection 29, a person carrying on the business of a retail credit firm, or a home reversion firm, immediately before the commencement of Part 2 of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 is taken to be authorised as a regulated business until the Bank has granted or refused authorisation to the person, provided the person applies to the Bank undersection 30for authorisation no later than 3 months after that commencement.

(2) If a person is taken to be authorised as a regulated business undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of a regulated business;

(b) direct that person not to carry on the business of a retail credit firm, or the business of a home reversion firm, for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.]

34D. F93[Transitional provision for existing debt management firms.

34D.— (1) Notwithstandingsection 29, a person carrying on the business of a debt management firm immediately before the commencement of Part 10 of the Central Bank (Supervision and Enforcement) Act 2013 is taken to be authorised to carry on the business of a debt management firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank undersection 30for authorisation no later than 3 months after that commencement.

(2) If a person is taken to be authorised to carry on the business of a debt management firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of debt management firms;

(b) direct that person not to carry on the business of a debt management firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

34E. F94[Transitional provision for existing retail credit firms

34E.(1) Notwithstandingsection 29, a person carrying on the business of a retail credit firm who did not require authorisation immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is taken to be authorised to carry on the business of a retail credit firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank undersection 30for authorisation no later than 3 months after that coming into operation.

(2) If a person is taken to be authorised to carry on the business of a retail credit firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of retail credit firms;

(b) direct that person not to carry on the business of a retail credit firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

34EA. F95[Further transitional provision for existing retail credit firms

34EA.(1) Notwithstandingsection 29, a person carrying on the business of a retail credit firm who did not require authorisation immediately before the coming into operation of section 2 (a)(vii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 is taken to be authorised to carry on the business of a retail credit firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank undersection 30for authorisation no later than 3 months after that coming into operation.

(2) If a person is taken to be authorised to carry on the business of a retail credit firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of retail credit firms;

(b) direct that person not to carry on the business of a retail credit firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

34F.(1) Notwithstandingsection 29, a person (other than a regulated financial service provider taken to be authorised to carry on the business of a credit servicing firm by virtue ofsection 28(3)) carrying on the business of a credit servicing firm immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is taken to be authorised to carry on the business of a credit servicing firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank undersection 30for authorisation no later than 3 months after that coming into operation.

(2) If a person is taken to be authorised to carry on the business of a credit servicing firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of credit servicing firms;

(b) direct that person not to carry on the business of a credit servicing firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

34FA.(1) Notwithstandingsection 29, a person (other than a regulated financial service provider taken to be authorised to carry on the business of a credit servicing firm by virtue ofsection 28(3)or a person taken to be carrying on the business of a credit servicing firm by virtue ofsection 28(4)) carrying on the business of a credit servicing firm, in so far as that business relates toF98[credit servicing within the meaning ofsubparagraph (i),(ii)(III)(I)or(ii)(III)(J), as the case may be, ofparagraph (a)of the definition of "credit servicing"]insection 28(1)(in this subsection referred to as "the specified matters"), immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018, is taken to be authorised to carry on the business of a credit servicing firm, in so far as that business relates to the specified matters, after such coming into operation until the Bank has granted or refused authorisation to the person, provided that—

(a) the person applies to the Bank undersection 30for authorisation no later than 3 months after that coming into operation, and

(b) a credit servicing firm undertakes, on behalf of that person, credit servicingF98[within the meaning ofclauses (I),(II)and(III)(A)to(H)ofsubparagraph (ii)andsubparagraph (iii)ofparagraph (a)of the definition of "credit servicing"]insection 28(1).

(2) If a person is taken to be authorised to carry on the business of a credit servicing firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of credit servicing firms;

(b) direct that person not to carry on the business of a credit servicing firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

34FB. F99[Transitional provision for existing credit servicing firms: further supplementary provision

34FB.(1) Notwithstandingsection 29, where a person (other than a person taken to be authorised to carry on the business of a credit servicing firm by virtue ofsection 28(3),(3A),(4)or(5)) carrying on the business of a credit servicing firm, in so far as that business relates to—

(a) specified credit matters, or

(b) specified hire matters,

immediately before the coming into operation of section 2 (a)(iii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, applies to the Bank undersection 30for authorisation no later than 3 months after that coming into operation, that person is taken to be authorised to carry on the business of a credit servicing firm, in so far as that business relates to specified credit matters or specified hire matters, as the case may be, after such coming into operation until the Bank has granted or refused authorisation to the person.

(2) If a person is taken to be authorised to carry on the business of a credit servicing firm undersubsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of credit servicing firms;

(b) direct that person not to carry on the business of a credit servicing firm for such period (not exceeding 3 months) as is specified in the direction.

(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.

(4) In this section—

"specified credit matters" means credit servicing within the meaning ofparagraph (a)of the definition of "credit servicing" insubsection (1)ofsection 28relating to classes of credit included within the definition of "credit" in that subsection which were not included in that definition immediately before the coming into operation of section 2 (a)(ii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022;

"specified hire matters" means credit servicing within the meaning ofparagraph (b)of the definition of "credit servicing" insection 28(1).]

34G. F100[Obligation on credit servicing firm and holder of legal title to credit

34G.(1) A credit servicing firm shall not, on its own behalf or on behalf of, or on the instructions of, a personF101[who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase agreement], take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action.

(2) A personF101[who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase agreement]shall not instruct a credit servicing firm to take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action.

(3) A person who contravenessubsection (2)commits an offence and is liable—

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

(b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both.]

35. F102[Offence to fail to comply with certain conditions and requirements.

35.—(1) The holder of an authorisation shall comply with—

(a) the requirements imposed on holders of authorisations by this Part, and

(b) the conditions (if any) of the authorisation, and

(c) the requirements (if any) imposed by regulations in force under this Part.

(2) A person who fails to comply withsubsection (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 €75,000.]

36. F103[Revocation of authorisation by Bank on application of holder.

36.—The Bank shall revoke an authorisation on the application of the holder of the authorisation, but only if satisfied that the holder of the authorisation has fully complied with the provisions of this PartF104[and such of the other designated enactments and designated statutory instruments as apply]and the conditions of the authorisation.]

36A. F105[Revocation of authorisation by Bank otherwise than on application of holder.

36A.—(1) The Bank may revoke an authorisation on being satisfied on reasonable grounds that—

(a) the holder of the authorisation has not begun to carry on a regulated business within 12 months after the date on which the authorisation was granted, or

(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months, or

(c) the authorisation was obtained by means of a false or misleading representation, or

(d) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of this PartF106[or any other designated enactment or designated statutory instrument], a condition of the authorisation or a requirement imposed by or under this PartF106[or any other designated enactment or designated statutory instrument], or

(e) if the holder of the authorisation is a natural person, the holder is adjudicated bankrupt, or

(f) if the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890, or

(g) if the holder of the authorisation is a body corporate, the winding-up of the body has commenced, or

(h) the holder of the authorisation is so structured, or business of the holder is so organised, that the holder is no longer capable of being regulated to the satisfaction of the Bank, or

(i) the circumstances under which the authorisation was granted have changed to the extent that an application for authorisation would be refused had the application been made in the changed circumstances, or

(j) the holder of the authorisation suspends payments due to creditors, or is unable to meet any other obligations to creditors of the holder, or

(k) if the holder of the authorisation is a branch or subsidiary of a body corporate that has its head office in another country that is an EEA country, the authority of that other country that performs functions similar to those of the Bank under this Part has terminated the authority of that body to carry on a regulated business in that other country, or

(l) the holder of the authorisation, or officer of that holder, is convicted of—

(i) an offence against this Part or against any other designated enactment or designated statutory instrument, or

(ii) an offence involving fraud, dishonesty, breach of trust, money laundering or financingF107[terrorism, or]

F106[(m) the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to hold the authorisation, or

(n) any officer or qualifying shareholder of the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to be such an officer or shareholder, or

(o) it is necessary in the interests of the proper and orderly regulation and supervision of the regulated business concerned.]

(2) If the Bank proposes to revoke an authorisation, it shall serve on the holder of the authorisation a notice in writing informing the holder of the Bank's intention to revoke the authorisation. The notice must—

(a) specify the grounds on which it is proposed to revoke the authorisation, and

(b) inform the holder of the authorisation that the holder may, within 21 days after service of the notice, make written representations to the Bank showing why the authorisation should not be revoked.

(3) Not later than 21 days after a notice is served on the holder of an authorisation in accordance withsubsection (2), the holder may make written representations to the Bank showing why the authorisation should not be revoked.

(4) The Bank may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance withsubsection (3).

(5) As soon as practicable after revoking an authorisation under this section, the Bank shall give written notice of the revocation to the person who was the holder of the authorisation. The notice must include a statement of the reasons for revoking the authorisation.

(6) Revocation of an authorisation under this section takes effect on and from the date of the notice of revocation or, if a later date is specified in the notice, on and from that date, irrespective of whether an appeal against the revocation is made under Part VIIA of the Central Bank Act 1942.]

36B. F108[Bank may direct holder of authorisation to suspend business.

36B.—(1) If the Bank reasonably believes that there may be grounds for revoking an authorisation undersection 36A, it may give to the holder of the authorisation a direction in writing prohibiting it from carrying on a regulated business otherwise than in accordance with conditions specified by the Bank.

(2) A direction given under this section—

(a) must include a statement of the Bank's reasons for giving the direction and specify the conditions with which the holder of the authorisation must comply, and

(b) remains in force for such period (not exceeding 6 months) as is specified in the direction.

(3) A direction takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the holder of the authorisation appeals against the direction.

(4) The holder of an authorisation shall comply with a direction given under this section and the conditions (if any) contained in the direction.

(5) The Bank may, by notice in writing given to the holder of the authorisation concerned, amend or revoke a direction given under this section.

(6) Without limitingsubsection (5), the Bank may from time to time, by notice in writing given to the holder of the authorisation concerned, extend the period during which a direction remains in force by a further period not exceeding 6 months.

(7) A direction given under this section ceases to have effect—

(a) at the end of the period specified in the direction, or if the period is extended under subsection (6), at the end of the extended period, or

(b) on the revocation of the holder's authorisation under this Part, whichever first occurs.

(8) A person who contravenes a direction given under this section, or fails to comply with a condition of the direction, 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 €75,000.]

36C. F109[Bank to publish notice of revocation or suspension.

36C.—As soon as practicable after revoking an authorisation undersection 36or36A, or giving a direction undersection 36B, the Bank shall publish in a publication of its choice a notice giving particulars of the revocation or direction.]

36D. F110[Bank to keep register of persons authorised to carry on regulated businesses.

36D.—(1) The Bank is required to establish and keep a register of persons authorised to carry on regulated businesses.

(2) The register must contain the name and the address of the principal place of business of each person authorised to carry on a regulated business and such other information as the Bank determines.

(3) The register may be in book form, electronic form or such other form as the Bank determines from time to time. If the register is kept in an electronic form that is not visually readable, it must be capable of being reproduced in a visually readable form.

(4) The Bank is to keep the register at its head office or at such other place as it specifies by notice published in Iris Oifigiúil.

(5) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of the Bank.

(6) A member of the public is entitled to obtain a copy of the register or of an entry in a register on payment of a fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection.]

36E. F111[Bank to publish list of persons authorised to carry on regulated businesses.

36E.—The Bank shall, not less frequently than once during every period of 12 months after the commencement of this section, publish in a publication of its choice a list of persons authorised to carry on regulated businesses. If regulations in force under this Part so require, the list must contain such other particulars as are prescribed by those regulations.]

36EA. F112[Collection and publication of information on relevant agreements

36EA.(1) The Minister may request the Bank, in writing, to collect and publish information which the Bank may collect and publish pursuant to section 5A(1)(g) of the Act of 1942 relating to—

(a) credit agreements,

(b) consumer-hire agreements, and

(c) hire-purchase agreements.

(2) The Minister may request the Bank to—

(a) obtain, in accordance with section 65 of the Act of 1942, information relating to hire-purchase agreements, and

(b) subject tosubsection (6), publish that information.

(3) The Bank shall comply with a request from the Minister undersubsection (1)or(2).

(4) A request undersubsection (1)or(2)shall specify—

(a) the information which is required to be collected, obtained or published, as the case may be, and

(b) the manner in which the information is to be published.

(5) A request undersubsection (1)or(2)may be for the collecting, obtaining or publication of information on—

(a) a once-off basis, or

(b) on an ongoing basis, at a frequency specified in the request.

(6) The Minister shall not request the publication of personal data undersubsection (2)(b).

(7) In this section, "personal data" has the same meaning as it has in Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016^1.]

36F. F113[Holders of authorisations to keep certain records.

36F.—(1) The holder of an authorisation shall—

(a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, and

(b) notify the Bank in writing of the address of the office or offices where those records are kept. Different kinds of records may be specified under this subsection for different kinds of authorisations.

(2) The requirement imposed bysubsection (1)is additional to any other requirement imposed by law with respect to the keeping of records by the holder of an authorisation.

(3) The holder of an authorisation shall keep the records referred to insubsection (1)for such period as the Bank notifies in writing to that holder.

(4) The holder of an authorisation may keep documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.]

36G. F114[Appointment of inspectors.

36G.—F115[…]]

36H. F116[Powers of inspectors with respect to holders of authorisations.

36H.—F117[…]]

36I. F118[Offence to obstruct inspectors in the exercise of their powers.

36I.—F119[…]]

36J. F120[Court may make enforcement orders.

36J.—(1) If a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve—

(a) contravening a provision of this Part, or

(b) attempting to contravene such a provision, or

(c) aiding, abetting, counselling or procuring a person to contravene such a provision, or

(d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene such a provision, or

(e) being in any way, directly or indirectly, knowingly concerned in, or a party to, the contravention by a person of such a provision, or

(f) conspiring with others to contravene such a provision,

the Court may make an order restraining the person from engaging in the conduct. The Court may include in the order a requirement that the person do a specified act.

(2) If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of this Part, the Court may make an order requiring the person to do that act.

(3) An order under this section may be made only on the application of the Bank or some other person whose interests have been, are or would be affected by the conduct or by the refusal or failure to do the act concerned.

(4) The Court may hear an application for an order under this section only if it is satisfied that the person in relation to whom the order is sought has been served with a copy of the application at least 7 days before the hearing.

(5) An order under this section may be made on such terms as the Court thinks appropriate.

(6) The Court may grant an interim order pending the determination of an application under this section.

(7) If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order.

(8) The Court may discharge or vary an order made under this section.

(9) The power of the Court to make an order restraining a person from engaging in conduct may be exercised—

(a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct, and

(b) whether or not the person has previously engaged in that kind of conduct, and

(c) whether or not there is an imminent danger of substantial damage to any other person if the person engages in that kind of conduct.

(10) The power of the Court to grant an injunction requiring a person to do an act may be exercised—

(a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act, and

(b) whether or not the person has previously refused or failed to do that act, and

(c) whether or not there is an imminent danger of substantial damage to any other person if the person refuses or fails to do that act.

(11) Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.]

36K. F121[Offences by persons concerned in management of bodies corporate.

36K.—(1) If a body corporate commits an offence under this Part, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that—

(a) the body committed the offence without the person's knowledge, or

(b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence.

(2) A person may be charged with having committed an offence under this section even if the body corporate concerned is not charged with having committed an offence under this Part in relation to the same matter.

(3) A person who is convicted of an offence under this section is—

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €50,000 or to imprisonment for a term not exceeding 12 months, or both.]

36L. F122[Decisions of Bank under this Part to be appealable decisions for purposes of Part VIIA of Central Bank Act 1942.

36L.—The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942 :

(a) the refusal of an application made undersection 30;

(b) the imposition of conditions on the granting of an authorisation (not being conditions prescribed by regulations in force under this Part);

(c) the amendment of an authorisation undersection 34;

(d) the revocation of an authorisation undersection 36A;

(e) the giving of a direction undersection 36B.]

36M. F123[Bank may make regulations for purposes of this Part.

36M.—(1) The Bank may make regulations, not inconsistent with this Part, for or with respect to any matter that by this Part is required or permitted to be prescribed, or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Part.

(2) A regulation under section 33J or 33K of the Central Bank Act 1942 may require holders of authorisations to pay a levy or fee for the purposes of this Part, or both a levy and fee.

(3) If a regulation under section 33J or 33K of the Central Bank Act 1942 imposes a requirement to pay a levy or fee to the Bank and the holder of an authorisation fails to pay the fee within the period, or by the date, specified in the regulation, the Bank may, by proceedings brought in a court of competent jurisdiction, recover the amount of the levy or fee from the holder as a debt due to the Bank.

(4) A provision of a regulation under this section may—

(a) apply generally or be limited in its application by reference to specified exceptions or factors, or

(b) apply differently according to different factors of a specified kind, or

(c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person or body,

or may do any combination of those things.]

36N. F124[Performance and exercise of Bank's functions and powers to be consistent with performance of certain responsibilities of Governor.

36N.—The Bank shall perform and exercise the functions and powers imposed or conferred on it by this Part in a manner consistent with the performance by the Governor of the responsibilities imposed on the Governor by section 19A of the Central Bank Act 1942.]

PART VI Amendments to Investment Intermediaries Act, 1995

37. Amendment of section 4 of Investment Intermediaries Act, 1995.

38. Amendment of section 8 of Investment Intermediaries Act, 1995.

(a)by the deletion after “The Bank” of “ and the Minister for Enterprise and Employment ”,

(b)by the substitution of “ authority ” for “authorities”.

39. Amendment of section 10 of Investment Intermediaries Act, 1995.

40. Amendment of section 20 of Investment Intermediaries Act, 1995.

41. Amendment of section 22 of Investment Intermediaries Act, 1995.

(a)by the deletion in subsection (5) of “ the Minister for Enterprise and Employment or ”,

(b)by the substitution in subsection (5) of “ the Governor ” for “that Minister or that Governor”,

(c)by the deletion in subsection (6) (a) of “ Minister for Enterprise and Employment or the ”, and

(d)by the deletion in subsection (6) (a) of “ said Minister or ”.

42. Amendment of section 25 of Investment Intermediaries Act, 1995.

43. Amendment of section 26 of Investment Intermediaries Act, 1995.

44. Amendment of section 27 of Investment Intermediaries Act, 1995.

45. Amendment of section 28 of Investment Intermediaries Act, 1995.

(a)by the deletion of “ the instruments referred to in section 4 (2) (a) to (c) or ” and the substitution of “ units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments, ”

(b)by the substitution of “ by the supervisory authority ” for “by the Minister for Enterprise and Employment”.

46. Amendment of section 29 of Investment Intermediaries Act, 1995.

47. Amendment of section 31 of Investment Intermediaries Act, 1995.

(a)by the substitution in subsection (3) of “ the supervisory authority ” for “the Minister for Enterprise and Employment”,

(b)by the substitution in subsection (3) of “ the supervisory authority ” for “that Minister”, and

(c)by the substitution in subsection (4) of “ The supervisory authority ” for “The Minister for Enterprise and Employment”.

48. Amendment of section 64 of Investment Intermediaries Act, 1995.

49. Amendment of section 78 of Investment Intermediaries Act, 1995.

PART VII Miscellaneous

50. Amendment of section 24 of Act of 1942.

51. Amendment of section 28 of Act of 1942.

52. Amendment of section 16 of Act of 1989.

(a)by the substitution of the following for paragraph (e) of subsection (2)—

(b)by the insertion after subsection (2) (o) of the following paragraphs:

and

(c)by the insertion after subsection (6) of the following subsection:

53. Application of section 47 of Act of 1989.

(a)to every financial institution to which Chapter VII of Part II of the Act of 1989 relates,

(b)to every exchange to which Chapter VIII of Part II of the Act of 1989 relates and every member of that exchange, and

(c)to every person authorised by the Bank to carry on money broking business,

as if each such institution, exchange, member or person so authorised were the holder of a licence for the purposes of the Central Bank Acts F126[…].

54. Amendment of section 48 of Act of 1989.

55. Amendment of section 75 of Act of 1989.

56. Amendment of section 76 of Act of 1989.

57. Amendment of section 90 of Act of 1989.

58. Amendment of section 91 of Act of 1989.

59. Amendment of section 92 of Act of 1989.

60. Amendment of section 3(2) of Consumer Credit Act, 1995.

61. Amendment of Part II, Chapter VII of Act of 1989.

62. Amendment of section 104 of Act of 1989.

63. Amendment of section 139 of Act of 1989.

64. Amendment of section 3 of Bretton Woods Agreements Act, 1957.

and that subsection, as so amended, is set out in the Table to this section.

TABLE

(7)The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Fund and the Bank.

65. Amendment of section 3 of International Finance Corporation Act, 1958.

and that subsection, as so amended, is set out in the Table to this section.

TABLE

(6)The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Corporation.

66. Amendment of section 3 of International Development Association Act, 1960.

and that subsection, as so amended, is set out in the Table to this section.

TABLE

(7)The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Association.

67. Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988.

and that subsection, as so amended, is set out in the Table to this section.

TABLE

(5)The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Agency.

68. Amendment of section 3 of European Bank for Reconstruction and Development Act, 1991.

and that subsection, as so amended, is set out in the Table to this section.

TABLE

(5)The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Bank.

69. Amendment of Part II, Chapter II of Act of 1989.

70. Amendment of Act of 1971.

(a)by the deletion of subsection (1) (as amended by the European Communities (Deposit Guarantee Schemes) Regulations, 1995 (S.I. No. 168 of 1995)) of section 7 and the substitution therefor of the following subsection:

(b)by the substitution in section 2 (as amended by section 29 of the Act of 1989) for the definition of “ banking business ” of the following definition:

(c)by the insertion in section 2 of the following subsection:

(d)by the substitution of the following paragraph for paragraph (a) of section 8 (2) (as amended by section 31 of the Act of 1989):

(e)by the substitution of the following section for section 27 (as amended by section 43 of the Act of 1989 and the Regulations of 1992) of the Act of 1971:

71. Amendment of section 11 of Act of 1971.

(a)by the insertion of the following subparagraph after subparagraph (b) in subsection (1)—

(b)by the insertion of the following subsection after subsection (5)—

“(6)In this section, “control”, “fellow subsidiary”, “parent undertaking” and “subsidiary undertaking” have the meanings they have in the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992), and “associated undertaking” has the meaning it has in the European Communities (Companies: Group Accounts) Regulations, 1992 (S.I. No. 201 of 1992).”.

72. Amendment of section 48 of Act of 1971.

73. Amendment of section 51 of Act of 1971.

(2)This section shall be deemed to have come into operation on the 1st day of September, 1971.

74. Injunction to prevent an unauthorised person acting as a credit institution.

75. Powers of inspection.

76. Search and seizure.

77. Examination by Comptroller and Auditor General.

(a)whether and to what extent the resources of the Bank or any subsidiary of the Bank—

(i)have been used, and

(ii)if acquired or disposed of by the Bank or any subsidiary of the Bank, have been so acquired or disposed of, economically and efficiently,

and

(b)whether any such disposal has been effected upon the most favourable terms available.

(2)Without prejudice to the generality of subsection (1), the systems, procedures and practices employed by the Bank or any subsidiary of the Bank to evaluate the effectiveness of its operations may be examined by the Comptroller and Auditor General.

(3)The Comptroller and Auditor General may, if he or she considers it appropriate to do so, prepare a special report in writing in relation to an examination carried out by him or her under this section or any general matters arising in relation to any such examination and shall submit a copy of the report to the Minister and shall, as soon as may be, submit a copy to the Bank.

(4)The Minister shall cause a copy of a report submitted under subsection (3) to be laid before Dáil Éireann not later than three months after the date of submission to him or her.

(5)The Comptroller and Auditor General may, with the consent of the Minister, require the Bank or any subsidiary of the Bank to pay to the Comptroller and Auditor General a fee of an amount calculated on such basis as he or she may determine after consultation with the Minister in respect of an examination under this section in relation to the Bank or any subsidiary of the Bank carried out by him or her pursuant to this Act or any other enactment.

(6)A fee under this section may be recovered by the Comptroller and Auditor General as a simple contract debt in any court of competent jurisdiction.

(7)A fee paid under this section shall be paid into or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister.

(8)The Public Offices Fees Act, 1879, shall not apply in relation to a fee paid under this section.

(9)The expenses incurred by the Comptroller and Auditor General in the administration of this section shall, to such extent as may be sanctioned by the Minister, be paid out of moneys provided by the Oireachtas.

(10)The Comptroller and Auditor General or an officer of the Comptroller and Auditor General being a person referred to in section 16 (2) of the Comptroller and Auditor General (Amendment) Act, 1993, for the purpose of obtaining any information that is required for the performance of his or her functions, on production, in the case of the officer, of his or her authorisation, if so requested—

(a)shall have access to and may take or at his or her request, shall be given such copies of or such extracts from such books, documents and records of the Bank or any subsidiary of the Bank as he or she may reasonably require,

(b)shall have access to and may take or at his or her request, shall be given such copies of or such extracts from any data or data material of the Bank or any subsidiary of the Bank as he or she may reasonably require and may extract information from any such data,

(c)may obtain from any officer, servant or employee of the Bank or any subsidiary of the Bank such information within his or her knowledge or control as he or she may reasonably require, including information in relation to the contents of any such books, documents or records as aforesaid, or in relation to the data aforesaid or the sources from which they are obtained or the data material aforesaid or any information extracted from such data.

(11)An officer of the Comptroller and Auditor General or person referred to in section 16 (2) of the Comptroller and Auditor General (Amendment) Act, 1993, exercising powers conferred on him or her under this section shall be authorised in writing by the Comptroller and Auditor General to exercise the powers conferred on him or her under this section for the purposes of this section.

F131[(12)In this section—

‘automated data’ means information that—

(a) is being processed by means of equipment operating automatically in response to instructions given for that purpose, or

(b) is recorded with the intention that it should be processed by means of such equipment;

‘data’ means automated data and manual data;

‘data equipment’ means equipment for processing data;

‘data material’ means any document or other material used in connection with, or produced by data equipment;

‘manual data’ means information that is recorded as part of a relevant filing system or with the intention that it should form part of a relevant filing system;

‘relevant filing system’ means any set of information relating to individuals to the extent that, although the information is not processed by means of equipment operating automatically in response to instructions given for that purpose, the set is structured, either by reference to individuals or by reference to criteria relating to individuals, in such a way that specific information relating to a particular individual is readily accessible.]

(13)The provisions of section 16 of the Comptroller and Auditor General (Amendment) Act, 1993, shall apply in respect of the functions of the Comptroller and Auditor General under this section.

78. Amendment of Building Societies Act, 1989.

“101A.— (1)This section shall apply where a conversion scheme specifies rights of members of the society entitling them to shares in the successor company, to acquire shares in the successor company in priority to other subscribers or to any distribution of the funds of the society.

(2)Notwithstanding any other provision of this Act, where—

(a)a member held shares in the society for the whole of the specified period,

(b)any shares held by that member were jointly held for the whole or part of the specified period,

(c)that member is named second in the records of the society for the whole or part of the period the shares were jointly held, and

(d)no person who has priority, in accordance with sub section (3), over the member referred to in paragraph (a) held shares in the society throughout the specified period,

the shares jointly held shall be regarded as having been held alone by the member referred to in paragraph (a).

(3)The following persons shall be regarded, for the purposes of subsection (2), as having priority over the member referred to in paragraph (a) of that subsection, namely—

(a)where that member was the representative joint holder of the shares for part of the period the shares were jointly held, any person who was the representative joint holder for a later part of that period,

(b)where that member was not the representative joint holder of the shares for any part of the period the shares were jointly held—

(i)any person who was the representative joint holder of the shares for the whole or part of the period, and

(ii)if, in relation to the shares jointly held, that member is named second in the records of the society for part only of the period the shares are so held, any person who was joint holder of the shares and who was named second in the records of the society for a later part of that period.

(4)Where a member dies during the specified period at a time when the name of that member appears in the records of the society as a joint holder of shares, this section shall have effect in relation to any later time as if the member had never been so named.

(5)In this section—

“conversion scheme” means a conversion scheme where the conversion date falls after the passing of this Act;

“specified period” means the period beginning two years before the end of the day on which notice is given to members of the conversion resolution and ending on the day on which the conversion resolution is passed.”.

79. Information to be supplied by mortgage lenders.

80. Amendment of Trustee (Authorised Investments) Act, 1958.

(a)by the substitution of the following section for section 2:

and

(b)by the substitution of the following section for section 5:

81. Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.

(a)in Regulation 3 (1), by the substitution in the definition of “relevant beneficial owner” of “10 per cent.” for “20 percent.”,

and

(b)in Regulation 16 (1), by the insertion of the following after paragraph (1) (i):

82. References to company in ICC Bank Act, 1992.

83. Amendment of Stock Transfer Act, 1963.

(a)in section 2, by the substitution—

(i)in paragraphs (d) and (e) (inserted by the Stock Transfer (Forms) Regulations, 1991 (S.I. No. 77 of 1991)) of subsection (1), and

(ii)in subsection (5) (inserted by those Regulations),

for “Gilts Settlement Office”, in each place where it occurs, of “Central Bank of Ireland Securities Settlements Office”, and

(b)in section 5, by the insertion of the following subsection after subsection (4) (inserted by the Companies (Amendment) Act, 1977):

84. Representative offices.

(2)Every representative office to which subsection (1) relates shall comply with each and every term or condition specified by the Bank under that subsection in the interests of the proper and orderly regulation of banking.

(3)Where the Bank is satisfied that the terms or conditions specified by the Bank under subsection (1) are not being complied with, it may direct the representative office to close and the office shall comply with any such direction within such period as may be specified by the Bank.

(4)A representative office shall transact no banking business in the State other than the provision of advice and information on the services provided from outside the State by the credit institution concerned.

(5)Notwithstanding anything contained in the Central Bank Acts F133[…], a representative office may use in its name or title the words “bank”, “banker” or “banking” or any variant or derivative thereof, subject to such terms or conditions as may be specified by the Bank.

(6)In this section “representative office” includes a place of business not being a branch within the meaning of the Regulations of 1992.

(7) (a)A representative office to whom a direction is given under subsection (3) may apply in a summary manner to the Court for, and the Court may grant, an order setting aside the direction.

(b)The Bank may apply in a summary manner to the Court to have a direction by it under this section confirmed by the Court.

85. Amendment of Decimal Currency Act, 1969.