Central Bank Act , 1942

F379[(1A) Where, under a provision of a designated enactment other thansection 24of theCentral Bank (Supervision and Enforcement) Act 2013, or under a designated statutory instrument, the Bank has power to appoint authorised officers with powers exercisable in relation to a prescribed contravention, references in this Part to an authorised officer include, in relation to that prescribed contravention, references to an authorised officer so appointed.]

F379[(1B) For the purposes of this Part, a person is concerned in the management of a body corporate or other entity if the person is in any way involved in directing, managing or administering the affairs of the body or other entity.]

F358[(2) "prescribed contravention", in respect of the CSD Regulation, means an infringement listed in Article 63(1) of the CSD Regulation.]

F377[(3) In this Part "prescribed contravention" means, in respect of the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), a contravention of any of the provisions listed in Regulation 119(5), (6) and (7) of those Regulations.]

F365[(4) In this Part“prescribed contravention”means, in respect of the SFT Regulation, an infringement of Articles 4, 13, 14 or 15 of that Regulation.]

F380[(5) In this Part, "prescribed contravention" means, in respect of the Benchmarks Regulation, a contravention of Article 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 21, 23, 24, 25, 26, 27, 28, 28a(1), 29 or 34 of that Regulation.]

33ANA. Application of Part to credit unions.

33ANA.— F381[…]

33ANB. Application of Part to credit unions pursuant to Payment Services Directive.

33ANB.—F382[…]

33ANC. F383[Application of Part under Capital Requirements Directive.

33ANC.—(1) This Part applies in relation to—

(a) the commission or suspected commission by a financial holding company, mixed-financial holding company or mixed-activity holding company of a contravention of—

(i) a provision of the Capital Requirements Regulations or the Capital Requirements Regulation,

(ii) any direction given to a financial holding company, mixed-financial holding company or mixed-activity holding company under a provision of the Regulations referred to in subparagraph (i),

(iii) any requirement imposed on a financial holding company, mixed-financial holding company or mixed-activity holding company under a provision of the Regulations referred to in subparagraph (i) or under any direction given to a financial holding company, mixed-financial holding company or mixed-activity holding company underF384[a provision of those Regulations,]

(iv) any obligation imposed on a financial holding company, mixed-financial holding company or mixed-activity holding company by this Part or imposed by the Bank pursuant to a power exercisedF384[under this Part, or]

F385[(v) any obligation imposed on a financial holding company or a mixed financial holding company by Part IV of the Central Bank Act 1997 or Part 2, 3 or 7 of the Central Bank (Supervision and Enforcement) Act 2013,]

and

(b)F386[participation by a person, while concerned]in the management of a financial holding company, mixed-financial holding company or mixed-activity holding company, in the commission by the financial holding company, mixed-financial holding company or mixed-activity holding company of such a contravention.

(2) For the purposes of subsection (1)—

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a financial holding company, mixed-financial holding company or mixed-activity holding company,

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a financial holding company, mixed-financial holding company or mixed-activity holding company, of a provision, direction, requirement or obligation referred to in subsection (1), and

F386[(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a financial holding company, mixed-financial holding company or mixed‑activity holding company.]

F387[(2A) References in subsections (1) and (2) to a financial holding company, mixed financial holding company or mixed-activity holding company do not include references to a regulated financial service provider which is such a company.]

(3)F388[…]

(4) In this section—

(a) "Capital Requirements Regulations" means European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014);

(b)F388[…]

(c) "financial holding company" has the meaning assigned to it in point (20) of Article 4(1) of the Capital Requirements Regulation;

(d) "mixed-financial holding company" has the meaning assigned to it in point (21) of Article 4(1) of the Capital Requirements Regulation;

(e) "mixed-activity holding company" has the meaning assigned to it in point (22) of Article 4(1) of the Capital Requirements Regulation.]

33AND. F389[Application of Part for SSM and SSM Framework Regulations.

33AND.—This Part is subject to the provisions of the SSM Regulation and the SSM Framework Regulation.]

33ANE. F390[Application of Part under Bank Recovery and Resolution Directive.

33ANE.—(1) For the purposes of this section, "designated entity"F391[shall not include any regulated financial service provider but, subject to that,]shall include the following:

(a) a financial holding company;

(b) a mixed financial holding company;

(c) a mixed-activity holding company;

(d) a parent financial holding company in a Member State;

(e) a parent mixed financial holding company in a Member State;

(f) a parent undertaking of an institution;

(g) a Union branch;

(h) a Union parent financial holding company;

F392[(i) a Union parent mixed financial holding company;]

F393[(j) a financial institution.]

(2) This Part applies in relation to—

(a) the commission or suspected commission by a designated entity of a contravention of—

(i) a provision of the Bank Recovery and Resolution Regulations,

(ii) any direction given to a designated entity under a provision of the Regulations referred to in subparagraph (i),

(iii) any requirement imposed on a designated entity under a provision of the Regulations referred to in subparagraph (i) or under any direction given to a designated entity under a provision of those Regulations, or

(iv) any obligation imposed on a designated entity by this Part or imposed by the Bank pursuant to a power exercised under this Part,

and

F394[(b) participation by a person, while concerned in the management of a designated entity, in the commission by the designated entity of such a contravention.]

(3) For the purposes of this section—

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a designated entity,

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a designated entity of a provision, direction, requirement or obligation referred to in subsection (2), and

F394[(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a designated entity.]

(4)F395[…]

(5) In this section—

(a) "Bank Recovery and Resolution Regulations" means the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015);

(b) "financial holding company",F393["financial institution",]"mixed financial holding company", "mixed-activity holding company", "parent financial holding company in a Member State", "parent mixed financial holding company in a Member State", "parent undertaking", "Union branch", "Union parent financial holding company" and "Union parent mixed financial holding company" have the meanings assigned to them, respectively, in the Bank Recovery and Resolution Regulations.]

33ANF. F396[Application of Part to insurance holding companies and mixed financial holding companies

33ANF.—(1) This Part applies in relation to—

(a) the commission or suspected commission by an insurance holding company or mixed financial holding company of a contravention of—

(i) a provision of Part 17 of the European Union (Insurance and Reinsurance) Regulations 2015 or any other provision of those Regulations as applied to the insurance holding company or mixed financial holding company by that Part,

(ii) any direction given to an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i) or any direction given under financial services legislation to the insurance holding company or mixed financial holding company pursuant to a provision referred to in subparagraph (i),

(iii) any requirement imposed on an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i), under any direction given to an insurance holding company or mixed financial holding company under a provision referred to in subparagraph (i), or under any direction given under financial services legislation to the insurance holding company or mixed financial holding company pursuant to a provision referred to in subparagraph (i), or

(iv) any obligation imposed on an insurance holding company or mixed financial holding company by this Part or imposed by the Bank pursuant to a power exercised under this Part,F397[…]

(b)F398[participation by a person, while concerned]in the management of an insurance holding company or mixed financial holding company, in the commission of such aF399[contravention, and]

F400[(c) the commission or suspected commission by an administrator or liquidator of a contravention of —

(i) a provision of Regulation 299A of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015),

(ii) any requirement imposed by the Bank under —

(I) Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 (No. 26 of 2013),

(II) this Part, or

(III) the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015),

(iii) any obligation imposed on an administrator or liquidator by this Part or imposed by the Bank pursuant to a power exercised under this Part.]

F399[(2) For the purpose of subsection (1) —

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to an investment holding company, a mixed financial holding company, a mixed activity holding company or a parent undertaking,

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by an investment holding company, a mixed financial holding company, a mixed activity holding company or a parent undertaking, of a provision, direction, requirement or obligation referred to in subsection (1), and

(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of an investment holding company, a mixed financial holding company, a mixed activity holding company or a parent undertaking.]

F401[(2A) References in subsections (1) and (2) to an insurance holding company or mixed financial holding company do not include references to a regulated financial service provider which is such a company.]

(3)F402[…]

F399[(4) In this section, "administrator", "insurance holding company", "liquidator" and "mixed financial holding company" have the meaning assigned to them, respectively, in the European Union (Insurance and Reinsurance) Regulations 2015.]]

33ANFA. F403[Application of Part under PEPP Regulation

33ANFA.—(1) This Part applies in relation to the commission or suspected commission by a relevant person of a contravention of —

(a) a relevant provision,

(b) any direction given to a relevant person under a relevant provision or Regulation 4 of the Regulations of 2022,

(c) any direction given under financial services legislation to a relevant person pursuant to a relevant provision,

(d) any requirement imposed on a relevant person under—

(i) a relevant provision,

(ii) any direction given to a relevant person under a relevant provision or Regulation 4 of the Regulations of 2022, or

(iii) any direction given under financial services legislation to a relevant person pursuant to a relevant provision, or

(e) any obligation imposed on a relevant person by this Part or imposed by the Bank pursuant to a power exercised under this Part.

(2) For the purposes of this section—

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a relevant person,

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a relevant person, of a relevant provision.

(3) Nothing in this section limits the application of this Part in relation to matters other than those referred to in subsection (1).

(4) In this section—

(a) "PEPP Regulation" means Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 2019^4

(b) "Regulations of 2022" means the European Union (Pan-European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022);

(c) "relevant person" means an undertaking referred to in point (c) of Article 6(1) of the PEPP Regulation;

(d) "relevant provision" means a provision of the PEPP Regulation.]

33ANG. F404[Application of Part under Investment Firms Directive

33ANG.—(1) This Part applies in relation to—

(a) the commission or suspected commission by an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking]of a contravention of—

(i) a relevant provision,

(ii) any direction given to an investment holding company, a mixed financial holding company orF405[a mixed activity holding company or a parent undertaking]under a relevant provision,

(iii) any direction given under financial services legislation to the investment holding company, mixed financial holding company or mixed activity holding company pursuant to a relevant provision,

(iv) any requirement imposed on an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking]under—

(I) a relevant provision,

(II) any direction given to an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking]under a relevant provision, or

(III) any direction given under financial services legislation to the investment holding company, mixed financial holding company or mixed activity holding company pursuant to a relevant provision,

or

(v) any obligation imposed on an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking]by this Part or imposed by the Bank pursuant to a power exercised under this Part,

and

(b)F406[participation by a person, while concerned]in the management of an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking], in the commission of such a contravention.

(2) For the purpose of subsection (1)—

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to an investment holding company, a mixed financial holding company orF405[a mixed activity holding company or a parent undertaking],

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking], of a provision, direction, requirement or obligation referred to in subsection (1), and

F406[(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of an investment holding company, a mixed-financial holding companyF405[a mixed activity holding company or a parent undertaking].]

F407[(2A) References in subsections (1) and (2) to an investment holding company, a mixed financial holding companyF405[a mixed activity holding company or a parent undertaking]do not include references to a regulated financial service provider which is such a company.]

(3)F408[…]

(4) In this section—

"investment holding company" has the same meaning as it has in the Regulations of 2021;

"mixed financial holding company" has the same meaning as it has in the Regulations of 2021;

"mixed activity holding company" has the same meaning as it has in the Regulations of 2021;

F409["parent undertaking" has the same meaning as it has in the Regulations of 2021;]

"Regulations of 2021" means theEuropean Union (Investment Firms) Regulations 2021;

F410["relevant provisions" means a provision of Regulation 40A and Regulations 42 to 50 of the Regulations of 2021.]]

33ANH.—(1) This Part applies in relation to—

(a) the commission or suspected commission by a financial holding company, mixed financial holding company, insurance holding company or investment holding company of a contravention of—

(i) a provision ofPart 3of theCentral Bank Reform Act 2010,

(ii) a direction given to the company concerned underPart 3of theCentral Bank Reform Act 2010,

(iii) any requirement imposed on the company concerned under a provision ofPart 3of theCentral Bank Reform Act 2010, or

(iv) any obligation imposed on the company concerned by this Part or imposed by the Bank pursuant to a power exercised under this Part,

and

(b) participation by a person, while concerned in the management of a financial holding company, mixed financial holding company, insurance holding company or investment holding company, in the commission by the company concerned of such a contravention.

(2) For the purposes of subsection (1)—

(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a financial holding company, mixed financial holding company, insurance holding company or investment holding company,

(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a financial holding company, mixed financial holding company, insurance holding company or investment holding company, of a provision, direction, requirement or obligation referred to in subsection (1), and

(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a financial holding company, mixed financial holding company, insurance holding company or investment holding company.

(3) References in subsections (1) and (2) to a financial holding company, mixed financial holding company, insurance holding company or investment holding company do not include references to a regulated financial service provider which is such a company.

(4) In this section—

"financial holding company" and "mixed financial holding company" have the same meaning as in section 33ANC;

"insurance holding company" has the same meaning as in section 33ANF;

"investment holding company" has the same meaning as in section 33ANG.]

33ANI.—In this Chapter—

"investigation" means an investigation referred to in section 33ANJ(1);

"responsible authorised officer" means the authorised officer responsible for an investigation.]

33ANJ.—(1) As soon as practicable after a decision is made by the Bank to investigate—

(a) whether a person is committing or has committed one or more prescribed contraventions, or

(b) whether a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of one or more prescribed contraventions,

the responsible authorised officer shall give the person notice in writing of the investigation.

(2) The responsible authorised officer shall give the person to whom an investigation relates an amended notice in writing of the investigation as soon as practicable after any of the following events:

(a) there is a change in the investigation of the commission of or participation in a prescribed contravention such that a statement included under subsection (3)(a) is no longer accurate;

(b) the investigation is extended to include investigation of the commission of or participation in another prescribed contravention;

(c) investigation of the commission of or participation in a prescribed contravention is discontinued, while continuing in relation to another prescribed contravention.

(3) A notice under subsection (1) or (2) shall include—

(a) a statement identifying each prescribed contravention, and the conduct of the person concerned, to which the investigation for the time being relates,

(b) a copy of such material relating to the matters referred to in paragraph (a) as the responsible authorised officer considers appropriate, and

(c) a statement that a response to the contents of the notice will be taken into account if made by the person in writing within the period stated in the notice or such longer period as the responsible authorised officer may allow.

(4) The responsible authorised officer shall take such steps as he or she considers reasonable to keep the person to whom an investigation relates informed as to the progress of the investigation.

(5) If an investigation is discontinued in respect of all prescribed contraventions, the responsible authorised officer shall as soon as practicable give the person to whom the investigation relates notice in writing which—

(a) states that the investigation has been discontinued, and

(b) gives one or more of the following reasons for the discontinuance:

(i) that the Bank no longer has reasonable grounds to suspect the person’s commission of or participation in a prescribed contravention, so far as included in the investigation immediately before the discontinuance;

(ii) that the matters included in the investigation immediately before the discontinuance have been resolved;

(iii) that the investigation has been discontinued for reasons of resources;

(iv) that the investigation has been discontinued for policy reasons;

(v) that the investigation has been discontinued for reasons of any other description stated in the notice.

(6) If investigation of the commission of or participation in a prescribed contravention is discontinued while continuing in relation to another prescribed contravention, the responsible authorised officer and the Bank are not required to give a reason for the discontinuance.]

33ANK. F415[Investigation report

33ANK.—(1) When an investigation is completed, the responsible authorised officer shall, after considering—

(a) the notice given under section 33ANJ(1) and any notice given under section 33ANJ(2),

(b) any relevant information or evidence gathered or received in the course of the investigation, and

(c) any response made by the person to whom the investigation relates in accordance with a statement referred to in paragraph (c) of section 33ANJ(3), and any other relevant submission or statement made by the person in the course of the investigation,

as soon as practicable prepare a draft report of the investigation.

(2) The responsible authorised officer shall, as soon as practicable after preparing the draft report, give the person to whom the investigation relates—

(a) a copy of the draft report,

(b) a copy of this section, and

(c) a notice in writing stating that the person may make submissions in writing to the responsible authorised officer on the draft report within the period stated in the notice, which shall be—

(i) 7 days from the date on which the notice is served, or

(ii) such longer period as the authorised officer considers necessary to give the person an opportunity to respond.

(3) The responsible authorised officer shall, as soon as practicable after the end of the period referred to in subsection (2)(c), and having considered any submissions made in accordance with that paragraph, make any revisions to the draft report that in the opinion of the authorised officer are warranted, and finalise the report.

(4) The responsible authorised officer shall not make any recommendation, or express any opinion, in a draft report under subsection (1) or in a final report under subsection (3), as to—

(a) whether any sanction (or, if so, what sanction) should be imposed under section 33AQ(3) if the Bank makes a finding that the person is committing or has committed a prescribed contravention, or

(b) whether any sanction (or, if so, what sanction) should be imposed under section 33AQ(5) if the Bank makes a finding that the person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention.

(5) The responsible authorised officer shall, as soon as practicable after the report has been finalised under subsection (3), provide to the Bank and to the person to whom the investigation relates—

(a) a copy of the final report, and

(b) a copy of any submissions made in accordance with subsection (2)(c).

(6) A draft report and final report under this section shall include any material that in the opinion of the responsible authorised officer is relevant to the consideration of the report by the Bank under section 33AO(1) or (2) or 33AR(2) or (4).

(7) A person who receives a copy of a final report or any submissions under subsection (5) shall not, subject to section 33AK, disclose the existence of or the content of the report or the submissions unless authorised to do so by the Bank in writing or required to do so by law.

(8) Nothing in subsection (7) prevents a person from disclosing the existence of or the content of a report or submissions to his or her legal representative.

(9) A person who without reasonable excuse contravenes subsection (7) commits an offence and is liable on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months or both.]

33ANL.—(1) Where confidential information is provided to a person for the purposes of an investigation, or under or for the purposes of subsections (1) to (3) of section 33ANK, that person shall not, subject to section 33AK, disclose that information unless authorised to do so by the Bank in writing or required to do so by law.

(2) Nothing in subsection (1) prevents a person from disclosing information to his or her legal representative.

(3) In this section, "confidential information" includes information given to a person for the purposes of an investigation, or under or for the purposes of subsections (1) to (3) of section 33ANK, where—

(a) the person has been notified by the responsible authorised officer that the information is confidential, or

(b) the information is of a class or description in relation to which the person has been notified by the responsible authorised officer that information of that class or description is confidential.]

F419[33AO.(1) Whenever the Bank, after considering the final report of an investigation, and any submissions, provided to it under section 33ANK(5), suspects on reasonable grounds that the person to whom the investigation related is committing or has committed a prescribed contravention, it may hold an inquiry to determine whether or not the person is committing or has committed the contravention.

(2) Whenever the Bank, after considering the final report of an investigation, and any submissions, provided to it under section 33ANK(5), suspects on reasonable grounds that the person to whom the investigation related is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of a prescribed contravention, it may hold an inquiry to determine whether or not the person is participating or has participated in the contravention while performing a relevant controlled function.

(3) Without prejudice to the exercise of the Bank’s powers under subsection (2), an inquiry referred to in that subsection may form part of an inquiry held under this section in relation to the suspected commission of a prescribed contravention by the person or by the regulated financial service provider.]]

33AP. F420[F421[Bank] to give notice to regulated financial service provider with respect to inquiry.

F422[33AP.(1) Before holding an inquiry under section 33AO, the Bank shall give notice in writing of the proposed inquiry to the person concerned.

(2) The notice under subsection (1) must specify the grounds on which the Bank’s suspicions are based.

(3) In the notice under subsection (1) or by a separate notice or notices the Bank shall also—

(a) specify a date, time and place at which the Bank will hold the inquiry, and

(b) either invite the person concerned to attend the inquiry or invite the person concerned to make written submissions about the matter to which the inquiry relates.

(4) A person concerned, whether or not invited to attend the inquiry, may, before the date of the inquiry, lodge with the Bank any written submissions that the person wishes the Bank to take into account when considering the matter to which the inquiry relates.

(5) The Bank may adjourn an inquiry from time to time and from place to place, but if it does so it shall ensure that the person concerned is notified of the date, time and place at which the inquiry is to be resumed.

(6) The Bank may proceed with an inquiry in the absence of the person concerned so long as that person has been given an opportunity to attend the inquiry or to lodge any written submissions in accordance with subsection (4).]]

33AQ. F423[What decisions F424[Bank] can make at conclusion of inquiry held under section 33AO.

33AQ.—F425[(1) At the conclusion of an inquiry held under section 33AO to determine whether or not a person is committing or has committed a prescribed contravention, the Bank shall make a finding as to whether, on the balance of probabilities, the person is committing or has committed the contravention.]

F425[(2) At the conclusion of an inquiry held under section 33AO to determine whether or not a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of a prescribed contravention, the Bank shall make a finding as to whether, on the balance of probabilities, the person is so participating, or has so participated, in the commission by the regulated financial service provider of the contravention.]

F426[(2A) For the purposes of making a finding under subsection (1) or (2) the Bank shall have regard to all relevant matters, including—

(a) the final report, and any submissions, provided under section 33ANK(5), and

(b) any evidence adduced or submissions made during the inquiry.]

(3) If theF424[Bank]makes a finding that aF427[person]is committing or has committed a prescribed contravention, it may impose on theF427[the person]one or more of the following sanctions:

(a) a caution or reprimand;

(b)F428[in the case of a regulated financial service provider,]a direction to refund or withhold all or part of an amount of money charged or paid, or to be charged or paid, for the provision of a financial service by the financial service provider;

(c) a direction to pay to theF424[Bank]a monetary penalty not exceeding the prescribed amount;

F429[(ca)F430[in the case of aF428[regulated]financial service provider not authorised by the ECB under the SSM Regulation, 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;]

F429[(cb)F430[in the case of aF428[regulated]financial service provider not authorised by the ECB under the SSM Regulation, revocation of its authorisation];]

F431[(cc) in the case of aF428[regulated]financial service provider authorised by the ECB under the SSM Regulation, the submission of a proposal to the ECB to suspend its authorisation, in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate;

(cd) in the case of aF428[regulated]financial service provider authorised by the ECB under the SSM Regulation, the submission of a proposal to the ECB to withdraw its authorisation;]

F432[(d) in the case of a natural person, a direction disqualifying the person, for such period as the Bank considers appropriate, from performing, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction—

(i) any controlled function,

(ii) a particular controlled function, or

(iii) a specified part of a controlled function or functions;]

F433[(da) in the case of a natural person, a direction imposing such conditions as the Bank considers appropriate on the performance by the person, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction, of—

(i) any controlled function,

(ii) such controlled function or functions as may be specified in the direction, or

(iii) such part or parts of a controlled function or functions as may be specified in the direction;]

(e) if theF434[person]is found to be still committing the contravention, a direction ordering the financial service provider to cease committing the contravention;

(f) a direction to pay to theF424[Bank]all or a specified part of the costs incurred by that Authority in holding the inquiry and in investigating the matter to which the inquiry relates.

F435[(4) For the purpose of subsection (3)(c), the prescribed amount is—

(a)F434[in the case of]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)F434[in the case of]a natural person,€1,000,000, or

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

(5) If theF424[Bank]makes a finding that a personF436[…]is participating or has participated in the commissionF437[by a regulated financial service provider]of a prescribed contravention, it may impose on the person one or more of the following sanctions:

(a) a caution or reprimand;

(b) a direction to pay to theF424[Bank]a monetary penalty not exceeding the prescribed amount;

F437[(c) a direction disqualifying the person, for such period as the Bank considers appropriate, from performing, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction—

(i) any controlled function,

(ii) such controlled function or functions as may be specified in the direction, or

(iii) such part or parts of a controlled function or functions as may be specified in the direction;]

F438[(ca) a direction imposing such conditions as the Bank considers appropriate on the performance by the person, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction, of—

(i) any controlled function,

(ii) such controlled function or functions as may be specified in the direction, or

(iii) such part or parts of a controlled function or functions as may be specified in the direction;]

(d) if the person is found to be still participating in the commission of the contravention, a direction ordering the person to cease participating in the commission of the contravention;

(e) a direction to pay to theF424[Bank]all or a specified part of the costs incurred byF439[the Bank]in holding the inquiry and in investigating the matter to which the inquiry relates.

(6) For the purpose of subsection (5)(b), the prescribed amount is—

F440[(a)€1,000,000, or]

(b) if the regulations prescribe some other amount of money for paragraph (a), that other amount.

(7) At the conclusion of an inquiryF441[held under section 33AO to determine whether or not a person is committing or has committed a prescribed contravention,]theF424[Bank]shall notify its decision to theF441[the person]. The decision must set out in writing—

(a) its finding as to whether or not theF441[the person]is committing or has committed the prescribed contravention to which the inquiry relates, and

(b) the grounds on which its finding is based, and

(c) if theF424[Bank]finds that the contravention is being or has been committed, the sanctions (ifany) imposed under this section in respect of the contravention.

(8) At the conclusion of an inquiryF442[held under section 33AO to determine whether or not a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of a prescribed contravention,]theF424[Bank]shall notify the person of its decision. The decision must set out—

(a) its finding as to whether or not the person is participating or has participatedF443[, while performing a relevant controlled function,]in the commission of the prescribed contravention to which the inquiry relates, and

(b) the grounds on which the finding is based, and

(c) if theF424[Bank]finds that the person is participating or has participated in the contraventionF443[while performing a relevant controlled function], the sanctions (if any) imposed under this section in respect of the participation.]

F443[(8A) A notification under subsection (7) or (8) must also state that the person may, under Part VIIA, appeal against the finding, and any decision to impose a sanction, in accordance with section 33AW.]

F444[(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.]

33AR. F445[Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged.

F446[33AR.—(1) Subsection (2) applies if—

(a) the Bank—

(i) after considering the final report of an investigation, and any submissions, provided to it under section 33ANK(5), or

(ii) where there are undisputed facts that in the reasonable opinion of the Bank render an investigation unnecessary,

suspects on reasonable grounds that a person is committing or has committed a prescribed contravention, and

(b) the person acknowledges the commission of the contravention.

(2) Where this subsection applies, the Bank may—

(a) with the person’s consent, dispense with an inquiry and impose on the person any sanction that it is empowered to impose under section 33AQ(3), or

(b) hold an inquiry to determine what (if any) such sanction should be imposed on the person.

(3) Subsection (4) applies if—

(a) the Bank—

(i) after considering the final report of an investigation, and any submissions provided to it under section 33ANK(5), or

(ii) where there are undisputed facts that in the reasonable opinion of the Bank render an investigation unnecessary,

suspects on reasonable grounds that a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention, and

(b) the person acknowledges participation in the contravention.

(4) Where this subsection applies, the Bank may—

(a) with the person’s consent, dispense with an inquiry and impose on that person any sanction that it is empowered to impose under section 33AQ(5), or

(b) hold an inquiry to determine what (if any) such sanction should be imposed on the person.

(5) The imposition of a sanction under subsection (2)(a) or (4)(a) does not take effect unless confirmed by the High Court under section 33AWA.

(6) The imposition of a sanction under subsection (2)(b) or (4)(b) is subject to section 33AW(4).

(7) Section 33AP, except subsection (2), applies to an inquiry under subsection (2)(b) or (4)(b) of this section as it applies to an inquiry under section 33AO.

(8) At the conclusion of an inquiry held under subsection (2)(b) or (4)(b) the Bank shall notify the person concerned of its decision, which shall set out the sanctions (if any) imposed under that paragraph.

(9) A notification under subsection (8) must also state that the person may, under Part VIIA, appeal against the finding, and any decision to impose a sanction, in accordance with section 33AW.]]

33ARA.—(1) In determining under section 33AQ or 33AR whether to impose a sanction on a natural person, what sanction to impose on a natural person, or the level of any monetary penalty to be imposed on a natural person, the Bank shall have regard, together with any other relevant considerations, to any of the following that appear to it to be relevant:

(a) any consideration affecting the seriousness of the prescribed contravention concerned, including—

(i) the person’s seniority and level of responsibility, and the nature of any role performed by the person, at the time of the person’s commission of or participation in the prescribed contravention,

(ii) the extent to which the person’s conduct in committing or participating in the prescribed contravention departs from any standard to which the person is subject,

(iii) whether the person’s conduct was intentional, negligent, or dishonest,

(iv) whether the person’s conduct involved or facilitated the commission of an offence, and the nature and seriousness of any such offence,

(v) the duration of the period over which the person committed or participated in the prescribed contravention,

(vi) whether the sanction relates to more than one prescribed contravention, or to the repeated commission of or participation in a prescribed contravention, and

(vii) any benefit gained or loss avoided, by means of the prescribed contravention, by the person or a regulated financial service provider or any other person,

(b) the effect of the prescribed contravention, including—

(i) whether it has affected or may affect the orderliness of the financial markets, including public confidence in those markets,

(ii) any loss or detriment it has caused or may cause to a regulated financial service provider, or to customers, consumers, other market users or third parties, and

(iii) whether any loss or detriment has affected or may affect vulnerable persons,

(c) the conduct of the person during and after the person’s commission of or participation in the prescribed contravention, including—

(i) how quickly, effectively and completely the person brought the prescribed contravention to the attention of a regulated financial service provider, the Bank or any other relevant regulatory authority, agency or criminal investigative body, and

(ii) the degree of cooperation by the person with the Bank or any other relevant regulatory authority, agency or criminal investigative body provided during an investigation of the contravention,

(d) the previous record of the person, including—

(i) whether or not the Bank has previously imposed a sanction on the person or the Bank or the Governor has issued a prohibition notice to the person undersection 43of theCentral Bank Reform Act 2010, and

(ii) whether or not the person has previously been convicted of an offence relevant to the performance of a controlled function,

(e) any consideration relating to pending or possible criminal proceedings, including whether such proceedings may be prejudiced by the imposition of a sanction, and

(f) any matter relevant to the financial position of the person.

(2) In determining under section 33AQ or 33AR whether to impose a sanction, what sanction to impose, or the level of any monetary penalty, in the case of a contravention ofsection 53Cof theCentral Bank Reform Act 2010, the Bank shall have regard to the importance of promoting a culture of compliance with the common conduct standards and additional conduct standards (within the meaning ofPart 3Aof that Act).]

33AS. F448[Limitations on imposing monetary penalties.

33AS.—(1) If theF449[Bank]decides to impose a monetary penalty on a regulated financial service provider under section 33AQ or 33AR, it may not impose an amount that would be likely to cause the financial service provider to cease business.

(2) If theF449[Bank]decides to impose a monetary penalty onF450[a natural person]under section 33AQ or 33AR, it may not impose an amount that would be likely to cause the person to be adjudicated bankrupart

F450[(3) If conduct engaged in by a person constitutes—

(a) two or more prescribed contraventions by that person,

(b) participation by that person in two or more prescribed contraventions by a regulated financial service provider, or

(c) one or more prescribed contraventions by that person and participation by that person in one or more prescribed contraventions by a regulated financial service provider,

an inquiry may be held under section 33AO or 33AR in relation to one or more of the contraventions, but only one monetary penalty may be imposed on that person under section 33AQ or 33AR in respect of the same conduct.]]

33AT. F451[Financial service provider etc. not to be liable to be penalised twice for same contravention.

33AT.—(1) If theF452[Bank]imposes a monetary penaltyF453[on a person]in accordance with section 33AQ or 33AR and the prescribed contravention in respect of which the sanction is imposed is an offence under a law of the State, theF454[person]is not liable to be prosecuted or punished for the offence under that law.

(2) TheF452[Bank]may not impose a monetary penalty on aF454[person], in accordance with section 33AQ or 33AR, if—

(a) theF455[…]person has been charged with having committed an offence under a law of the State and has either been found guilty or not guilty of having committed the offence, and

(b) the offence involves a prescribed contravention.]

33AU. F456[Person not to be concerned in management of regulated financial service provider while disqualified.

F457[33AU.—A regulated financial service provider shall ensure that a person is not permitted to perform a controlled function in relation to the financial service provider in circumstances, or in a manner, that would contravene a direction which is imposed under section 33AQ or 33AR by virtue of subsection (3)(d) or (da) or (5)(c) or (ca) of section 33AQ.]]

33AV. F458[Power of F459[Bank] to resolve suspected contraventions, etc.

33AV.—F460[(1) If the Bank suspects on reasonable grounds that—

(a) a person is committing or has committed a prescribed contravention, or

(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,

it may, except where the person acknowledges the commission of or participation in the prescribed contravention, enter into an agreement under this section in writing with the person to resolve the matter.]

(2) Such an agreement is to be on such terms as are specified in the agreement and is binding on theF459[Bank]andF461[the person]concerned. Those terms may include terms under whichF461[the person]accepts the imposition of sanctions of the kind referred to in section 33AQ.

(3) TheF459[Bank]may enter into an agreement under this section—

(a) without having held an inquiry into the matter under section 33AOF462[…], or

(b) after beginning (but not after completing) such an inquiry.

F463[(3A) Subject to subsection (4), whereF464[the person]with whom the Bank has entered into an agreement under this section fails to comply with any of the terms of the agreement, the Bank may apply to the High Court for an order under subsection (3B).]

F463[(3B) If satisfied on application to it under subsection (3A) thatF464[the person]concerned has failed to comply with any of the terms of the agreement under this section, the High Court may make an order requiringF464[the person]to comply with those terms or that term, as the case may be.]

(4) TheF459[Bank]may, by proceedings brought in a court of competent jurisdiction, recover as a debt due to the Bank the amount of any amount agreed to be paid under an agreement entered into under this section.]

33AW. F465[When decisions of the F466[Bank] under this Part take effect.

F467[33AW.—(1) In this section—

(a) an "inquiry decision" means any of the following:

(i) a finding made by the Bank under section 33AQ(1) or (2);

(ii) a decision of the Bank imposing a sanction under section 33AQ;

(iii) a decision of the Bank imposing a sanction under section 33AR(2)(b) or (4)(b),

and

(b) an "appeal decision" means a decision of the Appeals Tribunal affirming or varying, or made in substitution for, an inquiry decision.

(2) An inquiry decision is an appealable decision for the purposes of Part VIIA.

(3) An appeal under Part VIIA against an inquiry decision may be made only on one or more of the following grounds:

(a) any ground that could, but for section 33BF, be relied on in an application seeking judicial review of the inquiry decision;

(b) so far as it is not within paragraph (a), the ground that any sanction imposed is not proportionate.

(4) An inquiry decision and an appeal decision do not take effect unless confirmed by the High Court on an application under this section.

(5) Where—

(a) a person who is the subject of an inquiry decision does not, under Part VIIA, appeal against that decision within the period required by that Part,

(b) an appeal under Part VIIA against an inquiry decision is withdrawn, or

(c) the Appeals Tribunal makes an appeal decision,

the Bank shall, as soon as practicable, make an application to the High Court for confirmation of the inquiry decision or appeal decision, as the case may be.

(6) On an application under subsection (5), the High Court shall confirm the decision unless it is satisfied, on the basis of the evidence that was before the Bank or the Appeals Tribunal when making the decision—

(a) that the Bank or the Appeals Tribunal made an error of law which is—

(i) manifest from the record of the decision, and

(ii) fundamental so as to deprive the decision of its basis,

or

(b) that any sanction imposed is manifestly disproportionate.

(7) Where, on an application under subsection (5), the High Court does not confirm the decision, the Court may—

(a) substitute for the decision any appropriate decision that the Bank or the Appeals Tribunal, as the case may be, could have lawfully made in relation to the matter, or

(b) set aside the decision and remit the matter for reconsideration by the Bank or the Appeals Tribunal, as the case may be, together with any recommendation or direction of the Court as to what aspects of the matter should be reconsidered.

(8) An application under subsection (5) may be made on an ex parte basis provided that the person who is the subject of the decision informs the Bank in writing that the person agrees to the application being made ex parte.

(9) A decision confirmed by the High Court under this section, and a decision of the High Court made under subsection (7)(a) in substitution for a decision—

(a) takes effect on the day on which the Court’s decision is given or such later date as the Court may specify in its decision, and

(b) has effect as an order of the Court and may be enforced accordingly.]]

33AWA.—(1) Where the Bank by consent imposes a sanction under section 33AR(2)(a) or (4)(a), the Bank shall, as soon as practicable, make an application to the High Court for confirmation of the imposition of the sanction.

(2) On an application under this section the High Court shall confirm the imposition of the sanction unless it is satisfied that the sanction imposed is manifestly disproportionate.

(3) Where on an application under this section the High Court does not confirm the sanction, the Court shall remit the matter for reconsideration by the parties, together with any recommendation of the Court as to what aspects of the matter should be reconsidered.

(4) An application under subsection (1) may be made on an ex parte basis provided that the person on whom the sanction is imposed informs the Bank in writing that the person agrees to the application being made ex parte.

(5) The imposition of a sanction confirmed by the High Court under this section—

(a) takes effect on the day on which the Court’s decision is given or such later date as the Court may specify in its decision, and

(b) has effect as an order of the Court and may be enforced accordingly.]

33AX. F469[Decision of F470[Bank] to be appealable.

33AX.—F471[…]]

33AXA.In this Chapter—

"inquiry members" has the meaning given by section 33BE(7);

"person presiding" in relation to an inquiry means the inquiry member appointed to chair the inquiry.]

33AY. F477[Proceedings at inquiries.

33AY.—(1) TheF474[Bank]shall conduct an inquiry with as little formality and technicality, and with as much expedition, as a proper consideration of the matters before it will allow.

(2) At an inquiry, theF474[Bank]shall observe the rules of procedural fairness, butF475[(without prejudice to section 33BAA)]is not bound by the rules of evidence.

F475[(2A) At an inquiry the functions of the Bank include the making of submissions, leading of evidence and examination of witnesses on behalf of the Bank and any other function required for conducting the inquiry.]

F476[(3) Subject to section 33BE, the Bank may be assisted by a legal practitioner for the purpose of performing any of the functions referred to in subsection (2A).]

(4) A financial service provider or other person who has, in accordance with section 33AP, been invited to attend an inquiry or a part of it is entitled to be represented at the inquiry or part by a legal practitioner or, with the leave of theF474[Bank], by any other person.]

33AZ. F478[Inquiry normally to be held in public.

33AZ.—(1) Except as provided by subsection (2), theF479[Bank]shall hold its inquiries in public.

(2) TheF479[Bank]and theF480[…]person to whom an inquiry relates may agree that the inquiry should be held in private, but even if they do not agree,F481[the Bank]may nevertheless decide to hold an inquiry in private if it is satisfied that—

(a) evidence may be given, or a matter may arise, during the inquiry that is of a confidential nature or relates to the commission, or to the alleged or suspected commission, of an offence against a law of the State, or

(b) a person’s reputation would be unfairly prejudiced unlessF481[the Bank]exercises its powers under this section.

(3) TheF479[Bank]may at any time vary or revoke a decision made under subsection (2).]

F482[(4) Subject to section 33AZA, the Bank may, where it is satisfied that in doing so a person’s reputation would not be unfairly prejudiced, publish a record of any procedural matter relating to an inquiry or a transcript of all or any part of the proceedings of an inquiry, whether with or without any information which would enable the persons taking part in the proceedings, or any one or more than one of them, to be identified, as it thinks appropriate.]

33AZA. F483[Power to order information about proceedings not to be disclosed

33AZA.—(1) Subject to subsections (2) and (3), where the person presiding at an inquiry is satisfied that there are reasonable grounds for doing so, that person may direct that specified information relating to specified proceedings before the inquiry, so far as it is held in public, shall not be disclosed.

(2) A direction under subsection (1) does not prohibit the disclosure of information in such form as to prevent particulars relating to the identity of the following persons from being ascertained from the information:

(a) a person to whom the inquiry relates;

(b) in the case of an inquiry held under section 33AO(2) or section 33AR(4)(b), the regulated financial service provider concerned;

(c) a person taking part in the specified proceedings;

(d) any other specified person.

(3) In subsections (1) and (2), "specified", in relation to a direction under subsection (1), means specified in the direction.

(4) Nothing in this section or a direction under subsection (1) shall be construed as prohibiting the disclosure of any information pursuant to a court order.

(5) A person who contravenes a direction under subsection (1) shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months or both.]

33AZB. F484[Power to order information about proceedings not to be disclosed

33AZB.(1) Where confidential information is provided to a person for the purposes of an inquiry, that person shall not, subject to section 33AK, disclose that information unless authorised to do so by the Bank in writing or required to do so by law.

(2) A person who contravenes subsection (1) shall be guilty of an offence and is liable on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months or both.

(3) Nothing in subsection (1) prevents a person who is the subject of an inquiry, or who is required to attend before an inquiry, from disclosing information to his or her legal representative.

(4) In this section "confidential information" includes information given to a person for the purposes of an inquiry where—

(a) the person has been notified by the person presiding at the inquiry that the information is confidential, or

(b) the information is of a class or description in relation to which the person has been notified by the person presiding at the inquiry that information of that class or description is confidential.]

33BA. F485[Power to summon witnesses and take evidence.

33BA.—(1) At an inquiry, theF486[Bank]may, in writing—

(a) summons a person to appear before the inquiry to give evidence, to produce specified documents, or to do both, and

(b) require the person to attend from day to day unless excused, or released from further attendance, byF487[the Bank].

(2) The person presiding at an inquiry may require evidence to be given on oath, and may for that purpose—

(a) require a witness at the inquiry to take an oath, and

(b) administer an oath to the witness.

(3) The oath to be taken by a person for the purposes of this section is an oath that the evidence the person will give will be true.

(4) The person presiding at an inquiry—

(a) may require a witness at the inquiry to answer a question put to the witness, and

(b) may require a person appearing at the inquiry in accordance with a summons issued under this sectionto produce a document specified in the summons.

(5) The person presiding at an inquiry may allow a witness at the inquiry to give evidence by tendering a written statement, which, if the person presiding so requires, must be verified by oath.]

F488[(6) Without limiting subsections (1) to (4), the Bank has the same powers that a judge of the High Court has when hearing civil proceedings that are before that Court with respect to the examination of witnesses (including witnesses who are outside the State).

(7) A person who is summoned to appear before the Bank under this section is entitled to the same rights and privileges as a witness appearing in civil proceedings before the High Court.

(8) An answer to a question put to a person in response to a requirement under subsection (4)(a) or information provided by a person in response to a requirement under subsection (4)(b) is not admissible as evidence against the person in criminal proceedings, other than proceedings for perjury, if the information was provided on oath.

(9) A person who—

(a) obstructs the Bank in the exercise of a power conferred by this Part,

(b) without reasonable excuse, fails to comply with a requirement or request made by the Bank under this Part,

(c) in purported compliance with such a requirement or request, gives information that the person knows to be false or misleading, or

(d) refuses to comply with a summons to attend before, or to be examined on oath by, the Bank,

commits an offence and is liable—

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

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

F489[(10) The Bank may apply to the High Court for an order referred to insubsection (11)in respect of any person who, at an inquiry—

(a) behaves in a manner referred to in paragraphs (a) to (d) of subsection (9),

(b) without reasonable excuse, fails to comply or refuses to comply with a requirement or request made by the person presiding at the inquiry,

(c) threatens or insults any person presiding at the inquiry or any witness or other person summoned or authorised to attend before the inquiry,

(d) interrupts the proceedings of the inquiry,

(e) discloses, or authorises the disclosure of, evidence given before the inquiry or any of the contents of a document produced at a hearing that the person presiding at an inquiry has directed not to be published,

(f) discloses, or authorises the disclosure of, evidence given before the inquiry at a hearing held in private or any of the contents of a document produced at a hearing held in private (except to a member of staff of that inquiry or as permitted by that inquiry), or

(g) does any other thing that, if the inquiry were a court of law having power to commit for contempt, would be contempt of that court.]

F489[(11) Where the Bank makes an application under subsection (10), the High Court may, if satisfied that there was no reasonable excuse for the act or omission concerned, make an order requiring the person concerned—

(a) to comply with any request or requirement under this Act, and

(b) not to repeat the conduct the subject of the application,

and if the person fails to comply with such order, may deal with the matter as if it were a contempt of that Court.]

33BAA.—(1) Subject to this section, information contained in a document shall be admissible in an inquiry under this Part, on or after the submission date, as evidence of any fact in the document of which direct oral evidence would be admissible.

(2) Subsection (1) applies only if the information—

(a) was compiled in the ordinary course of a business,

(b) was supplied by a person (whether or not the person who compiled it, and whether or not identifiable) who had, or may reasonably be supposed to have had, personal knowledge of the matters dealt with, and

(c) in the case of information in non-legible form that has been reproduced in permanent legible form, was reproduced in the course of the normal operation of the reproduction system concerned.

(3) Information contained in a document is not admissible in evidence by virtue of subsection (1) unless the participant proposing to give it in evidence serves on each of the other participants a notice in writing which—

(a) states the intention of the participant giving the notice to give the information in evidence by virtue of subsection (1),

(b) specifies as the submission date a date not less than 21 days after the date on which the notice is served, and#

(c) is accompanied by a copy of the document.

(4) If a participant on whom a notice has been served under subsection (3) serves on each of the other participants, not later than 7 days before the submission date, a notice in writing objecting to the admission in evidence of the whole or any specified part of the information concerned, the person presiding at the inquiry shall determine the matter.

(5) In making a determination under subsection (4), the person presiding at the inquiry shall consider whether in the interests of justice all or any part of the information ought not to be admitted in evidence having regard to all the circumstances, including—

(a) whether or not, having regard to the contents and source of the information and the circumstances in which it was compiled, it is a reasonable inference that the information is reliable,

(b) whether or not, having regard to the nature and source of the document containing the information and to any other circumstances that appear to the person presiding at the inquiry to be relevant, it is a reasonable inference that the document is authentic, and

(c) any risk that its admission or exclusion will result in unfairness to any participant, having regard in particular to whether it is likely to be possible to controvert the information where the person who supplied it does not attend to give oral evidence in the proceedings.

(6) In estimating the weight, if any, to be attached to information given in evidence by virtue of this section, regard shall be had to all the circumstances from which any inference can reasonably be drawn as to its accuracy or otherwise.

(7) Subsection (1) applies to information compiled in the ordinary course of a business—

(a) notwithstanding that the business may have ceased to exist, and

(b) in the case of a business carried on outside the State, notwithstanding that any director, manager or other similar officer who may act on behalf of the business is not compellable to give evidence in a court in the State.

(8) Subsection (1) applies where the document is a copy, if the copy is authenticated in such manner as the person presiding at the inquiry may approve.

(9) Where information is admissible in evidence by virtue of this section but is expressed in terms that are not intelligible to the average person without explanation, an explanation of the information shall also be admissible in evidence if either—

(a) it is given orally by a person who is competent to do so, or

(b) it is contained in a document and the document purports to be signed by such a person.

(10) Nothing in this section prevents information contained in a document from being admitted in evidence with leave of the person presiding at the inquiry.

(11) In this section—

"participant" means the Bank or a person to whom the inquiry relates;

"submission date" means the date specified in accordance with subsection (3)(b).]

33BB. F491[F492[Bank] may refer to Court question of law arising at inquiry.

33BB.—(1) TheF492[Bank]may, on its own initiative or at the request of theF493[…]person concerned, refer toF494[the High Court]for decision a question of law arising at an inquiry.

(2) If a question has been referred under subsection (1), theF492[Bank]may not, in relation to a matter to which the inquiry relates—

(a) give a decision to which the question is relevant while the reference is pending, or

(b) proceed in a manner, or make a decision, that is inconsistent withF494[the High Court]’s opinion on the question.

(3) If a question is referred under subsection (1)—

(a) theF492[Bank]shall send toF494[the High Court]all documents beforeF495[the Bank]that are relevant to the matter in question, and

(b) at the end of the proceeding inF494[the High Court]in relation to the reference,F494[the High Court]shall cause the documents to be returned toF495[the Bank].]

33BC. F496[Publication by Bank of certain information relating to imposition of administrative sanctions.

33BC.—F497[(1) If, under section 33AQ(1) or (2), the Bank has found that—

(a) a person is committing or has committed a prescribed contravention, or

(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,

it shall, subject to subsection (4), after complying with section 33AQ(7) or (8), as the case may be, publish in such form and manner as it thinks appropriate the finding and such (if any) of the particulars specified in subsection (3) as it thinks appropriate.]

F497[(2) If the Bank has imposed a sanction under section 33AQ(3) or (5) or 33AR, it shall, subject to subsection (4), after complying with section 33AQ(7) or (8) or 33AR(8), as the case may be, publish in such form and manner as it thinks appropriate, such (if any) of the particulars specified in subsection (3) as it thinks appropriate.]

F497[(3) The particulars referred to in subsections (1) and (2) are:

(a) the name of the person to whom the finding relates or on whom the sanction is imposed;

(b) the grounds on which the finding is based;

(c) details of the prescribed contravention in respect of which the sanction has been imposed;

(d) details of the sanction imposed.]

F498[(3A) If the Bank has entered into an agreement with a person under section 33AV, it may publish, subject to subsection (4), in such form and manner as it thinks appropriate, such (if any) of the following particulars as it thinks appropriate:

(a) the name of the person;

(b) details of the prescribed contravention which the Bank suspects is being or has been committed or participated in;

(c) details of any sanction whose imposition is accepted under the agreement.]

F499[(4) Subsections (1), (2) and (3A) do not apply to a finding or particulars—

(a) if publication of the finding or particulars involves a disclosure of confidential information which the Rome Treaty, the ESCB Statute or any of the supervisory EU legal acts (within the meaning of section 33AK) prohibits or requires to be prohibited, or]

(b) if the Bank determines—

(i) that the finding or particulars are of a confidential nature or relate to the commission of an offence against a law of the State, or

(ii) that publication of the finding or particulars would unfairly prejudice a person’s reputation.

(5) The Bank shall publish annually, in a summary form, information on its actions under this Part.]

F500[(6) This section does not apply where Regulation 56 the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014) applies.]

F501[(7) This section does not apply where Regulation 175 of the European Union (Bank Recovery and Resolution) Regulations (S.I. No. 289 of 2015) applies.]

F502[(8) This section does not apply where Regulation 7 of the European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016) applies.]

F503[(9) This section does not apply where Regulation 126 of the European Union (Markets in Financial Instruments) Regulations 2017 applies.]

F504[(10) This section does not apply where Regulation 13 of the European Union (Information Accompanying Transfers of Funds) Regulations 2025 (S.I. No. 310 of 2025) applies.]

F505[(11) This section does not apply where Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014^1applies.]

F506[(12) This section does not apply where Regulation 6 of the European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017) applies.]

F507[(13) This section does not apply where Regulation 24 of the European Union (Indices used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 (S.I. No. 644 of 2017) applies.]

F508[(14) This section shall not apply where Regulation 52 of the European Union (Insurance Distribution) Regulations 2018 applies.]

F509[(15) This section does not apply where Regulation 6 of the European Union (General Framework for Securitisation and Specific Framework for Simple Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018) applies.]

F510[(16) This section shall not apply where Regulation 17 of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021) applies.]

F511[F512[(17)]This section does not apply where section 99B of the Asset Covered Securities Act 2001 applies.]

F513[(18) This section does not apply where Regulation 42 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020^5applies.]

F514[(19) This section does not apply where Article 69 of Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 2019^5applies.]

F515[(20) This section does not apply where Regulation 10 of the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022) applies.]

F516[(21) This section does not apply where Article 114 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 2023^12applies.]

F517[(22) This section does not apply where Article 54 of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022^6applies.]

F518[(23) This section does not apply where Article 52 of Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 applies.]

33BD. F519[F520[Bank] may make guidelines with respect to the conduct of proceedings under this Part.

33BD.—(1) TheF520[Bank]may prescribe guidelines with respect to the conduct of inquiries under this Part, and may for that purpose, incorporate by reference any procedure prescribed by Rules of the Superior Courts as in force at a specified time or as in force from time to time.

F521[(1A) Without prejudice to the generality of subsection (1), the Bank may prescribe guidelines with respect to the determination of appropriate sanctions and the level of any monetary penalty to be imposed under this Part.]

(2) TheF520[Bank]may at any time amend or revoke guidelines prescribed under this section.

(3) Guidelines prescribed under this section, and any amendment to, or revocation of, those guidelines, must be in writing and be published in a manner determined by theF520[Bank].]

33BE. F522[Performance and exercise of regulatory functions.

33BE.—(1) Such officers and employees of the Bank and such suitably qualified persons as the Bank designates from time to time pursuant to subsection (2) are responsible for performing and exercising the functions and powers of the Bank under this Part.

(2) Without prejudice to the generality of subsection (1), the Bank may for the purposes of that subsection designate a person who is not an officer or employee of the Bank. A person so designated is an agent of the Bank for performing and exercising the functions and powers of the Bank under this Part or the part of those functions and powers for which the Bank designated him or her.]

F523[(3) In relation to an inquiry that the Bank holds or considers holding, the following functions or powers are restricted for the purposes of subsections (4) and (6):

(a) functions or powers under section 33AO(1) or (2) of deciding whether to hold the inquiry;

(b) functions or powers of the person presiding at the inquiry;

(c) functions or powers under subsection (1), (2), (3) or (5) of section 33AQ;

(d) functions or powers under subsection (2)(b) or (4)(b) of section 33AR of determining whether to impose a sanction or what sanction to impose.]

F523[(4) Functions or powers which are restricted under subsection (3) in relation to an inquiry that the Bank holds or considers holding shall not be performed or exercised by—

(a) where subsection (1) or (2) of section 33AO applies, a person involved in carrying out the investigation referred to in that subsection,

(b) where subsection (2)(b) or (4)(b) of section 33AR applies, a person involved in carrying out the investigation referred to in that section, or

(c) a person exercising the Bank’s power to decide to carry out the investigation referred to in paragraph (a) or (b).]

F523[(5) A person performing or exercising functions or powers under section 33AO(1) or (2) of deciding whether to hold an inquiry shall not be involved in making submissions, leading evidence or examining witnesses on behalf of the Bank at the inquiry.]

F523[(6) Functions or powers which are restricted under any of paragraphs (b) to (d) of subsection (3) in relation to an inquiry shall not be performed or exercised by a person involved in making submissions, leading evidence or examining witnesses on behalf of the Bank at the inquiry.]

F523[(7) Subject to subsections (4) and (6), the persons responsible for performing and exercising the functions of the Bank to preside at an inquiry and make findings under subsection (1), (2), (3) or (5) of section 33AQ or determinations under subsection (2)(b) or (4)(b) of section 33AR at the conclusion of the inquiry (referred to in this Chapter as "inquiry members") shall be appointed by the Bank from a panel established by the Minister under section 33BI.]

F523[(8) A person exercising the Bank’s power to decide to carry out an investigation referred to in section 33ANJ(1) shall not be involved in carrying out the investigation.]

F523[(9) Subsection (8) does not prevent the person referred to in that subsection from exercising functions, of management, advice or otherwise, that do not affect the independence of the investigation.]

33BF. F524[Limitation of period within which judicial review may be sought.

F525[33BF.—(1) Leave shall not be granted for judicial review of any of the following:

(a) a finding made by the Bank under section 33AQ(1) or (2);

(b) a decision of the Bank imposing a sanction under section 33AQ;

(c) a decision of the Bank imposing a sanction under section 33AR(2)(b) or (4)(b).

(2) An application for leave to apply for judicial review of any other decision of the Bank under this Part must be made—

(a) within 2 months after the date on which notice of the decision was first notified to the person concerned, or

(b) if the High Court makes an order extending that period, within that extended period.]]

33BG.For the purposes of the law of defamation, the following proceedings, reports and communications shall be absolutely privileged:

(a) proceedings of an investigation referred to in section 33ANJ(1), or an inquiry under this Part, including any statement or submission made by or on behalf of any person in the proceedings;

(b) communications of an authorised officer or an inquiry member, within the meaning of Chapter 3, in relation to proceedings referred to in paragraph (a);

(c) an investigation report, whether in draft or final form, prepared under section 33ANK.]

33BH.Section 61G, and any provision of the regulations made in accordance with subsection (3) of that section, apply for the purposes of this Part, unless otherwise provided, as if references to the Bank included references to an authorised officer.]

PART IIID Panel for purposes of certain decisions]

33BI. F529[Panel for purposes of certain decisions

33BI.—(1) The Minister may establish a panel from which appointments may be made by the Bank—

(a) for the purposes of any provision of this Act, or any other enactment, requiring appointments to be made from a panel established under this section, or

(b) (in accordance with any agreement between the Minister and the Bank) for any other purpose involving the conduct of an inquiry, or the taking of a decision, on behalf of the Bank, the Governor or the Head of Financial Regulation.

(2) The members of a panel established under this section shall be appointed by the Minister following a process conducted by the Bank after consulting the Minister.

(3) The Minister shall not appoint a person to a panel established under this section unless the Minister, after consulting the Bank, is satisfied that the person has the skill, experience and knowledge necessary for the proper, effective and efficient performance of the functions that the person may be appointed by the Bank to perform in accordance with subsection (1).

(4) Appointment as a member of a panel established under this section shall be for a period specified by the Minister and on such other terms as the Minister considers appropriate.

(5) The expiry of a person’s term of appointment as a member of a panel established under this section does not affect the person’s capacity to complete any function that the person has been appointed by the Bank to perform in accordance with subsection (1).

(6) The Bank shall ensure the independence of any member of a panel established under this section in the performance of any function that the person is appointed by the Bank to perform in accordance with subsection (1).

(7) The Bank shall not, in reliance on a contract of service or contract for services with a member of a panel established under this section, act in any way that may affect the person’s independence in the exercise of a function that the person is appointed by the Bank to perform in accordance with subsection (1).]

PART IV. Extinction of Consolidated Bank Notes.

34. Definitions in respect of this Part of this Act.

34.—(1)In this Part of this Act the word “half-year” means a period of six months ending on the 31st day of March or the 30th day of September, and the expression “Associated Bank” means one of the eight banks named in the second column of the F530[Schedule 4] to this Act and does not apply to any other bank.

(2)References in this Part of this Act to consolidated bank notes outstanding with an Associated Bank shall be construed as referring to and including all consolidated bank notes which, at the time to which the reference relates, have been issued by the Commission or by the Bank to that Associated Bank and have not been accepted by either the Commission or the Bank for retirement.

35. Restrictions on amount of consolidated bank notes outstanding.

35.—(1)The maximum amount of consolidated bank notes which may be outstanding with any particular Associated Bank mentioned in the second column of F531[Schedule 4]—

(a)on any day during the period commencing on the day after the date of the passing of this Act and ending on the 31st day of December, 1944, shall not exceed the amount stated in the third column of F531[Schedule 4] opposite the name of such Associated Bank in the second column of that Schedule;

(b)on any day during the triennial period ending on the 31st day of December, 1947, shall not exceed the amount stated in the fourth column of F531[Schedule 4] opposite the name of such Associated Bank in the second column of that Schedule;

(c)on any day during the triennial period ending on the 31st day of December, 1950, shall not exceed the amount stated in the fifth column of F531[Schedule 4] opposite the name of such Associated Bank in the second column of that Schedule;

(d)on any day during the triennial period ending on the 31st day of December, 1953, shall not exceed the amount stated in the sixth column of F531[Schedule 4] opposite the name of such Associated Bank in the second column of that Schedule.

(2)The Commission shall before the appointed day and the Bank shall on and after that day each take such steps, by restriction of issue or otherwise, as it thinks fit towards ensuring that the amount of consolidated bank notes outstanding with an Associated Bank on any day during a period mentioned in the foregoing sub-section of this section does not exceed the maximum amount indicated in that sub-section in respect of such Associated Bank for such period.

(3)No consolidated bank notes shall be issued by the Bank to any Associated Bank after the 31st day of December, 1953.

(4)It shall not be lawful for any Associated Bank to pay out any consolidated bank notes in respect of which it is the responsible bank after the 31st day of December, 1953, and if any Associated Bank shall pay out any consolidated bank note in contravention of this sub-section, such Associated Bank shall be liable to pay to the Bank a sum equal to one-tenth of the amount of such note.

(5)Sub-section (3) of section 58 of the Currency Act shall cease to have effect as on and from the 1st day of January, 1954, and every regulation made and direction given under that sub-section which is in force immediately before that day shall similarly cease to have effect.

(6)No consolidated bank notes shall be issued by the Commission or by the Bank to any bank which is not one of the eight banks named in the second column of F531[Schedule 4] to this Act.

(7)Whenever any amalgamation, partition, transfer, or other change occurs amongst the eight banks mentioned in the second column of F531[Schedule 4], it shall be lawful for the Board, with the consent of the Minister, to make such (if any) adjustment of all or any of the amounts stated in the third, fourth, fifth, and sixth columns respectively of F531[Schedule 4] as shall, in the opinion of the Board, be requisite or desirable in consequence of such amalgamation, partition, transfer, or other change.

36. Payment in respect of consolidated bank notes outstanding after cesser of issue.

36.—(1)Every Associated Bank shall, after the 31st day of December, 1953, and before the 1st day of January, 1957, pay to the Bank such sum as shall be equal to the amount (if any) of consolidated bank notes outstanding with such Associated Bank on the date of such payment.

(2)Every sum paid by an Associated Bank to the Bank in accordance with sub-section (1) of this section shall be placed by the Bank to the credit of the currency reserve.

(3)Upon payment by an Associated Bank to the Bank in accordance with sub-section (1) of this section of the sum required by that sub-section to be so paid by such Associated Bank, the following provisions shall have effect in respect of such Associated Bank, that is to say:—

(a)such Associated Bank shall cease to be liable to pay the amount of any consolidated bank note outstanding with such Associated Bank on the date of such payment or to pay any payment on consolidated bank notes in respect of any period subsequent to the date of such payment to the Bank;

(b)the Bank shall surrender to such Associated Bank all securities which, on the date of such payment to the Bank, are held by the Bank from such Associated Bank in respect of consolidated bank notes;

(c)all consolidated bank notes outstanding with such Associated Bank on the said date shall be payable by the Bank on presentation at its principal office in Dublin and shall be so payable out of the currency reserve.

37. Payments by Associated Banks on consolidated bank notes.

37.—(1)Every Associated Bank shall pay to the Commission or to the Bank (as the case may require), in respect of every half-year ending after the date of the passing of this Act, the following sums, that is to say:—

(a)in respect of the half-year (if any) which is partly before and on and partly after the date of the passing of this Act or which commences on that date—

(i)for the portion of such half-year which ends on or consists of the date of the passing of this Act, a sum calculated in accordance with sub-section (1) (except paragraph (e) thereof) of section 65 of the Currency Act, and