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Central Bank and Financial Services Authority of Ireland Act 2004

Type Act

Publication 2004-07-05

Last updated 2017-07-26

State In force superseded text

Text As published

Source Irish Statute Book

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articles 35

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

1 amending act · 2017-07-26, Financial Services and Pensions Ombudsman Act 2017

Act to amend the Central Bank Act 1942 for the purposes of providing for the establishment and functions of the regulatory authority sanctions panel, establishing the financial services ombudsman's bureau and prescribing the functions and powers of that ombudsman, providing for the establishment of consultative panels to advise the Irish Financial Services Regulatory Authority on certain matters; to amend the Central Bank Act 1997 for the purposes of making further provision for auditing the accounts of financial service providers and providing for the regulation of money transmission businesses; and to make miscellaneous amendments to certain other acts and statutory instruments relating to the provision of financial services

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AN ACT TO AMEND THE CENTRAL BANK ACT 1942 FOR THE PURPOSES OF ESTABLISHING THE FINANCIAL SERVICES OMBUDSMAN'S BUREAU AND PRESCRIBING THE FUNCTIONS AND POWERS OF THAT OMBUDSMAN, PROVIDING FOR THE ESTABLISHMENT OF CONSULTATIVE PANELS TO ADVISE THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY ON CERTAIN MATTERS; TO AMEND THE CENTRAL BANK ACT 1997 FOR THE PURPOSES OF MAKING FURTHER PROVISION FOR AUDITING THE ACCOUNTS OF FINANCIAL SERVICE PROVIDERS AND PROVIDING FOR THE REGULATION OF MONEY TRANSMISSION BUSINESSES; AND TO MAKE MISCELLANEOUS AMENDMENTS TO CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS RELATING TO THE PROVISION OF FINANCIAL SERVICES.

[5th July, 2004.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART 1 Preliminary

1 Short title and commencement.

1.—(1) This Act may be cited as the Central Bank and Financial Services Authority of Ireland Act 2004.

(2) This Act comes into operation on such day or days as may be fixed by an order or orders made by the Minister for Finance, either generally or with reference to any particular purpose or provision. Different days may be fixed for different purposes and different provisions.

PART 2 Amendment of Central Bank Act 1942

2 Amendment of section 2 of Central Bank Act 1942 (Interpretation).

2.—Section 2 of the Central Bank Act 1942 (as substituted by section 3 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended—

(a) by inserting the following definition after the definition of “Appeals Tribunal” in subsection (1):

“ ‘associated entity’ in relation to a financial service provider, means—

(a) a holding company of the financial service provider, or

(b) a subsidiary company of the financial service provider, or

(c) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or

(d) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either—

(i) the allotted share capital, or

(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,

or

(e) a partnership or joint venture in which the financial service provider has a financial interest;”;

(b) by inserting the following definition after the definition of “Currency Act 1927” in subsection (1):

“ ‘Deputy Financial Services Ombudsman’ means the person holding office under section 57BL;”;

“ ‘EEA country’ means a country that is a member of the European Economic Area;”;

(d) by inserting the following definitions after the definition of “financial services” in subsection (1):

“ ‘Financial Services Ombudsman’ means the person holding office under section 57BJ or acting as Financial Services Ombudsman under section 57BM;

‘financial service provider’ means a person who carries on a business of providing one or more financial services;”;

(e) by inserting the following definition after the definition of “Governor” in subsection (1):

“ ‘holding company’ means a company that has one or more subsidiary companies;”;

(f) by inserting the following after the definition of “power” in subsection (1):

“ ‘publication’, in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website;”;

(g) by inserting the following definition after the definition of “record” in subsection (1):

“ ‘regulated financial service provider’ means—

(a) a financial service provider whose business is subject to regulation by the Bank or the Regulatory Authority under this Act or under a designated enactment or a designated statutory instrument, or

(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank or the Regulatory Authority under this Act or under a designated enactment or designated statutory instrument, or

(c) in relation to Part VIIB only, any other financial service provider of a class specified in the regulations for the purposes of this paragraph;”;

(h) in the definition of “Rome Treaty” in subsection (1), by substituting “1992;” for “1992.”;

(i) by inserting the following definitions after the definition of “Rome Treaty” in subsection (1):

“ ‘subsidiary company’ has the meaning given by section 2A;

‘voting rights’ means—

(a) in relation to a company that has a share capital, the rights conferred on shareholders by virtue of their shares, or

(b) in relation to a company that does not have a share capital, the rights conferred on members,

to vote at general meetings of the company on all, or substantially all, matters.”;

(j) by inserting the following subsections after subsection (3):

“(4) For the purposes of this Act, a person is concerned in the management of a body corporate, or a firm, that is a regulated financial service provider if the person is in any way involved in directing, managing or administering the affairs of the body or firm.

(5) In this Act, a reference to the directors of a company, in relation to a company that does not have a board of directors, is a reference to the persons responsible for directing the operations of the company.”.

3 Insertion of new section 2A into Central Bank Act 1942.

3.—The Central Bank Act 1942 is amended by inserting the following section after section 2:


“Definition of ‘subsidiary company’.	2A.—(1) For the purposes of this Act, a company is a subsidiary of another company if (but only if)— (a) that other company— (i) holds a majority of the shareholders' or members' voting rights in the first-mentioned company, or (ii) is a shareholder or member of that company and controls the composition of its board of directors, or (iii) is a shareholder or member of that company and controls alone, in accordance with an agreement with other shareholders or members, a majority of the shareholders' or members' voting rights, or (b) that other company has the right to exercise a dominant influence over the first-mentioned company— (i) because of provisions contained in its memorandum or articles, or (ii) because of a control contract, or (c) that other company has a participating interest in the first-mentioned company and— (i) that other company actually exercises a dominant influence over the first-mentioned company, or (ii) that other company and the first-mentioned company are managed on a unified basis, or (d) the undertaking is a subsidiary of a company that is that other's subsidiary company. (2) In determining whether one company controls the composition of the board of directors of another company for the purposes of subsection (1)(a)(ii), section 155(2) of the Companies Act 1963 applies to companies that are subject to this Act in the same way as it applies to companies that are subject to that section. (3) The following provisions apply for the purposes of paragraph (a) of subsection (1)(a): (a) any shares held, or power exercisable— (i) by a person as a nominee of that other company referred to in that paragraph, or (ii) by, or by a nominee for, a subsidiary company of that other company (not being the subsidiary company whose shares or board of directors are involved), are to be treated as held or exercisable by that other company; (b) despite paragraph (a)— (i) any shares held or power exercisable by that other company, or a subsidiary company of that other company, on behalf of a person or company that is neither that other company nor a subsidiary company of that other company is to be treated as not held or exercisable by that other company, (ii) any shares held, or power exercisable, by that other company or by its nominee or subsidiary company are to be treated as not held or exercisable by that other company if they are held as security, but only if the power is, or the rights attaching to the shares are, exercised in accordance with instructions received from the person providing the security; (c) any shares held or power exercisable by that other company or its nominee or subsidiary company are to be treated as not held or exercisable by that other company if the ordinary business of that other company or its subsidiary company includes lending money and those shares are held as security, but only if the power is, or the rights attaching to the shares are, exercised in the interest of the person who is providing the security. (4) For the purposes of subsection (1)(a)(i) and (iii), the total of the voting rights of the shareholders or members in the subsidiary undertaking are to be reduced by the following: (a) the voting rights attached to shares held by the subsidiary company in itself; and (b) the voting rights attached to shares held in the subsidiary company by any of its subsidiary companies; and (c) the voting rights attached to shares held by a person acting in his own name but on behalf of the subsidiary company or one of its subsidiary companies. (5) For the purposes of subsection (1)(b), a company is not to be treated as having the right to exercise a dominant influence over another company unless it has a right to give directions with respect to the operating and financial policies of that other company and the directors of that other company are obliged to comply with those directions. (6) In subsection (1)(b), ‘control contract’ means a contract in writing conferring a right that— (a) is of a kind authorised by the memorandum or articles of the company in relation to which the right is exercisable, and (b) is permitted by the law under which that company is established. (7) Subsection (5) does not limit the construction of the expression ‘actually exercises a dominant influence’ in subsection (1)(c).”.

“Definition of ‘subsidiary company’.

2A.—(1) For the purposes of this Act, a company is a subsidiary of another company if (but only if)— (a) that other company— (i) holds a majority of the shareholders' or members' voting rights in the first-mentioned company, or (ii) is a shareholder or member of that company and controls the composition of its board of directors, or (iii) is a shareholder or member of that company and controls alone, in accordance with an agreement with other shareholders or members, a majority of the shareholders' or members' voting rights, or (b) that other company has the right to exercise a dominant influence over the first-mentioned company— (i) because of provisions contained in its memorandum or articles, or (ii) because of a control contract, or (c) that other company has a participating interest in the first-mentioned company and— (i) that other company actually exercises a dominant influence over the first-mentioned company, or (ii) that other company and the first-mentioned company are managed on a unified basis, or (d) the undertaking is a subsidiary of a company that is that other's subsidiary company. (2) In determining whether one company controls the composition of the board of directors of another company for the purposes of subsection (1)(a)(ii), section 155(2) of the Companies Act 1963 applies to companies that are subject to this Act in the same way as it applies to companies that are subject to that section. (3) The following provisions apply for the purposes of paragraph (a) of subsection (1)(a): (a) any shares held, or power exercisable— (i) by a person as a nominee of that other company referred to in that paragraph, or (ii) by, or by a nominee for, a subsidiary company of that other company (not being the subsidiary company whose shares or board of directors are involved), are to be treated as held or exercisable by that other company; (b) despite paragraph (a)— (i) any shares held or power exercisable by that other company, or a subsidiary company of that other company, on behalf of a person or company that is neither that other company nor a subsidiary company of that other company is to be treated as not held or exercisable by that other company, (ii) any shares held, or power exercisable, by that other company or by its nominee or subsidiary company are to be treated as not held or exercisable by that other company if they are held as security, but only if the power is, or the rights attaching to the shares are, exercised in accordance with instructions received from the person providing the security; (c) any shares held or power exercisable by that other company or its nominee or subsidiary company are to be treated as not held or exercisable by that other company if the ordinary business of that other company or its subsidiary company includes lending money and those shares are held as security, but only if the power is, or the rights attaching to the shares are, exercised in the interest of the person who is providing the security. (4) For the purposes of subsection (1)(a)(i) and (iii), the total of the voting rights of the shareholders or members in the subsidiary undertaking are to be reduced by the following: (a) the voting rights attached to shares held by the subsidiary company in itself; and (b) the voting rights attached to shares held in the subsidiary company by any of its subsidiary companies; and (c) the voting rights attached to shares held by a person acting in his own name but on behalf of the subsidiary company or one of its subsidiary companies. (5) For the purposes of subsection (1)(b), a company is not to be treated as having the right to exercise a dominant influence over another company unless it has a right to give directions with respect to the operating and financial policies of that other company and the directors of that other company are obliged to comply with those directions. (6) In subsection (1)(b), ‘control contract’ means a contract in writing conferring a right that— (a) is of a kind authorised by the memorandum or articles of the company in relation to which the right is exercisable, and (b) is permitted by the law under which that company is established. (7) Subsection (5) does not limit the construction of the expression ‘actually exercises a dominant influence’ in subsection (1)(c).”.

4 Substitution of section 6B of Central Bank Act 1942.

4.—The Central Bank Act 1942 is amended by substituting the following section for section 6B (as inserted by section 7 of the Central Bank and Financial Services Authority of Ireland Act 2003):


“Offices of the Bank.	6B.—(1) For the purpose of enabling the Bank to perform its functions, the Board— (a) may acquire and hold land, and (b) may build, establish, equip and maintain offices and other premises, in such places, whether in the State or elsewhere, as it considers appropriate. (2) The Board may sell, lease or otherwise dispose of land held by the Bank whenever the Board considers that the land is no longer required for the purpose of enabling the Bank to perform its functions. (3) In this section, ‘acquire’ includes acquire by purchase, lease or exchange.”.

“Offices of the Bank.

6B.—(1) For the purpose of enabling the Bank to perform its functions, the Board— (a) may acquire and hold land, and (b) may build, establish, equip and maintain offices and other premises, in such places, whether in the State or elsewhere, as it considers appropriate. (2) The Board may sell, lease or otherwise dispose of land held by the Bank whenever the Board considers that the land is no longer required for the purpose of enabling the Bank to perform its functions. (3) In this section, ‘acquire’ includes acquire by purchase, lease or exchange.”.

5 Amendment of section 20 of Central Bank Act 1942 (Prohibition of the Governor holding shares in a bank).

5.—Section 20 of the Central Bank Act 1942 is amended—

(a) by substituting “financial institution” for “bank” wherever it occurs,

(b) by inserting the following subsection after subsection (4):

“(4A) This section does not prohibit the Governor from—

(a) entering into a policy of insurance, or

(b) purchasing units of, or participating in, a collective investment scheme whose funds are invested in bonds or equities generally (including the bonds or shares of a financial institution), or

(c) establishing and maintaining an ordinary savings account with a building society or a friendly society.”;

“(5) In this section—

‘bank’ includes a bank incorporated outside the State as well as a bank incorporated in the State;

‘financial institution’ includes a credit institution and an insurance undertaking;

‘shares’, in relation to a bank, include stock, shares, debentures, debenture stock, bonds and other securities of the bank.”.

6 New section 33SA inserted into Central Bank Act 1942.

6.—The Central Bank Act 1942 is amended by inserting the following section after section 33S (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003):


“Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.	33SA.—(1) To enable the Consumer Director to carry out the responsibilities imposed by section 33S, that Director may— (a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers, and (b) collect and compile information for that purpose, and (c) publish the results of any such studies, analyses or surveys. (2) In undertaking such a study, analysis or survey, the Consumer Director— (a) may, by notice in writing, require any person who, in the opinion of that Director has information, or has control of a record or other thing, that is relevant to the study, analysis or survey to provide the information, record or thing to the Consumer Director, and (b) may, by the same or another notice in writing, require the person to attend before that Director for that purpose. (3) A person commits an offence if the person— (a) intentionally prevents the Consumer Director from exercising a power conferred by subsection (1), or intentionally obstructs or hinders that Director in the exercise of such a power, or (b) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or (c) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Consumer Director with information that the person knows, or ought reasonably to know, is false or misleading in a material respect. (4) The Consumer Director may, in writing, authorise an officer or a member of the Bank's staff to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or member of the Bank's staff may take whatever steps are necessary for or in connection with carrying out such an investigation. (5) A financial service provider who— (a) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (4), or (b) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation, commits an offence. (6) A person who is convicted of an offence under this section is liable— (a) on conviction on indictment, to a fine not exceeding €30,000 or to imprisonment for a term not exceeding five years, or to both, or (b) on summary conviction, to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months, or to both. (7) Summary proceedings for an offence under this section may be brought and prosecuted by the Chief Executive, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences. (8) Despite section 10(4) of the Petty Sessions (Ireland) Act 1851, summary proceeding for an offence under this section may be brought within 2 years after the date on which the offence was first discovered.”.

“Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33SA.—(1) To enable the Consumer Director to carry out the responsibilities imposed by section 33S, that Director may— (a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers, and (b) collect and compile information for that purpose, and (c) publish the results of any such studies, analyses or surveys. (2) In undertaking such a study, analysis or survey, the Consumer Director— (a) may, by notice in writing, require any person who, in the opinion of that Director has information, or has control of a record or other thing, that is relevant to the study, analysis or survey to provide the information, record or thing to the Consumer Director, and (b) may, by the same or another notice in writing, require the person to attend before that Director for that purpose. (3) A person commits an offence if the person— (a) intentionally prevents the Consumer Director from exercising a power conferred by subsection (1), or intentionally obstructs or hinders that Director in the exercise of such a power, or (b) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or (c) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Consumer Director with information that the person knows, or ought reasonably to know, is false or misleading in a material respect. (4) The Consumer Director may, in writing, authorise an officer or a member of the Bank's staff to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or member of the Bank's staff may take whatever steps are necessary for or in connection with carrying out such an investigation. (5) A financial service provider who— (a) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (4), or (b) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation, commits an offence. (6) A person who is convicted of an offence under this section is liable— (a) on conviction on indictment, to a fine not exceeding €30,000 or to imprisonment for a term not exceeding five years, or to both, or (b) on summary conviction, to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months, or to both. (7) Summary proceedings for an offence under this section may be brought and prosecuted by the Chief Executive, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences. (8) Despite section 10(4) of the Petty Sessions (Ireland) Act 1851, summary proceeding for an offence under this section may be brought within 2 years after the date on which the offence was first discovered.”.

7 Amendment of section 33AC of Central Bank Act 1942 (Registrar to prepare annual report).

7.—Section 33AC of the Central Bank Act 1942 (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended in subsection (1) by substituting “within 9 months after the end of each financial year” for “not later than the end of September in each year”.

8 Amendment of section 33C of Central Bank Act 1942 (Functions and powers of Regulatory Authority).

8.—Section 33C of the Central Bank Act 1942 (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended by substituting the following subsections for subsection (9):

“(9) If a matter relating to the financial stability of the State's financial system arises in connection with the performance or exercise by the Regulatory Authority of its functions or powers, that Authority shall consult the Governor on the matter.

(9A) The Regulatory Authority may, if it considers it prudent to do so, give a written report to the Minister on any matter of the kind referred to in subsection (9), but may act on such a matter only with the agreement of the Governor.

(9B) For the purposes of subsections (9) and (9A), ‘matter’ includes (but is not limited to) the issue, revocation and suspension of a licence or other authority.”.

9 Amendment of section 33AK of Central Bank Act 1942 (Disclosure of information).

9.—Section 33AK of the Central Bank Act 1942 (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended—

(a) in subsection (5)(aj), by substituting “functions, or” for “functions.”, and

(b) by inserting after subsection (5)(aj)—

“(ak) to the Financial Services Ombudsman that is required for the performance of that Ombudsman's functions.”.

10 New Part IIIC inserted into Central Bank Act 1942.

10.—(1) The Central Bank Act 1942 is amended by inserting the following Part after Part IIIB (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003):

“PART IIIC

Enforcement of Designated Enactments and Designated Statutory Instruments

CHAPTER 1

Interpretation

Interpretation (Part IIIC). 33AN.—In this Part— ‘contravene’ includes fail to comply, and also includes— (a) attempting to contravene, and (b) aiding and abetting and counselling and procuring a person to commit a contravention, and (c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention, and (d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and (e) conspiring with others to commit a contravention; ‘decision of the Regulatory Authority’ means— (a) in relation to an inquiry held by the Regulatory Authority under section 33AO, a finding made by that Authority in accordance with section 33AQ and any decision of that Authority imposing a sanction under that section in consequence of the finding, or (b) any decision of that Authority imposing a sanction under section 33AR; ‘disqualification direction’ means a direction given under section 33AQ or 33AR disqualifying a specified person from being concerned in the management of a regulated financial service provider; ‘inquiry’ means an inquiry held under section 33AO or section 33AR; ‘prescribed contravention’ means a contravention of— (a) a provision of a designated enactment or designated statutory instrument, or (b) a code made, or a direction given, under such a provision, or (c) any condition or requirement imposed under a provision of a designated enactment, designated statutory instrument, code or direction, or (d) any obligation imposed on any person by this Part or imposed by the Regulatory Authority pursuant to a power exercised under this Part; ‘notify’ means notify in writing.

CHAPTER 2

Power of Regulatory Authority to hold inquiries

Regulatory Authority may hold inquiry into conduct of regulated financial service provider or person concerned in its management. 33AO.—(1) Whenever the Regulatory Authority suspects on reasonable grounds that a regulated financial service provider is committing or has committed a prescribed contravention, it may hold an inquiry to determine whether or not the financial service provider is committing or has committed the contravention. (2) Whenever the Regulatory Authority suspects on reasonable grounds that a person concerned in the management of a regulated financial service provider is participating or has participated in the commission of a prescribed contravention by the financial service provider, it may hold an inquiry to determine whether or not the person is participating or has participated in the contravention. Such an inquiry may form part of an inquiry held under this section in relation to the suspected commission of a prescribed contravention by the financial service provider.

Regulatory Authority to give notice to regulated financial service provider with respect to inquiry. 33AP.—(1) Before holding an inquiry under section 33AO, the Regulatory Authority shall give notice in writing of the proposed inquiry to the financial service provider or other person concerned. (2) The notice must— (a) specify the grounds on which the Regulatory Authority's suspicions are based, and (b) specify a date, time and place at which the Regulatory Authority will hold the inquiry, and (c) invite the financial service provider or person concerned either to attend the inquiry or to make written submissions about the matter to which the inquiry relates. (3) A regulated financial service provider or other person concerned may, before the date of the inquiry, lodge with the Regulatory Authority any written submissions that the regulated financial service provider or person wishes that Authority to take into account when considering the matter to which the inquiry relates. This subsection applies whether or not the financial service provider or other person has been invited to attend the inquiry. (4) The Regulatory Authority may adjourn an inquiry from time to time and from place to place, but if it does so it shall ensure that the regulated financial service provider or other person concerned is notified of the date, time and place at which the inquiry is to be resumed. (5) The Regulatory Authority may proceed with an inquiry in the absence of the financial service provider or other person concerned so long as that financial service provider or person has been given an opportunity to attend the inquiry or to make written submissions to it.

What decisions Regulatory Authority can make at conclusion of inquiry held under section 33AO. 33AQ.—(1) At the conclusion of an inquiry held under section 33AO, the Regulatory Authority shall make a finding as to whether the financial service provider concerned is committing or has committed the prescribed contravention to which the inquiry relates. (2) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the Regulatory Authority shall make a finding as to whether the person is participating or has participated in the prescribed contravention to which the inquiry relates. (3) If the Regulatory Authority makes a finding that a regulated financial service provider is committing or has committed a prescribed contravention, it may impose on the financial service provider one or more of the following sanctions: (a) a caution or reprimand; (b) 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 the Regulatory Authority a monetary penalty not exceeding the prescribed amount; (d) if the financial service provider is a natural person, a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order; (e) if the financial service provider 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 the Regulatory Authority 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. (4) For the purpose of subsection (3)(c), the prescribed amount is— (a) if the financial service provider is a body corporate or an unincorporated body, €5,000,000, or (b) if the financial service provider is a natural person, €500,000, or (c) if the regulations prescribe some other amount for paragraph (a) or (b), that other amount. (5) If the Regulatory Authority makes a finding that a person concerned in the management of a regulated financial service provider is participating or has participated in the commission by the 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 the Regulatory Authority a monetary penalty not exceeding the prescribed amount; (c) a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order; (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 the Regulatory Authority 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. (6) For the purpose of subsection (5)(b), the prescribed amount is— (a) €500,000, or (b) if the regulations prescribe some other amount of money for paragraph (a), that other amount. (7) At the conclusion of an inquiry relating to the conduct of a regulated financial service provider, the Regulatory Authority shall notify its decision to the financial service provider. The decision must set out in writing— (a) its finding as to whether or not the financial service provider 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 the Regulatory Authority finds that the contravention is being or has been committed, the sanctions (if any) imposed under this section in respect of the contravention. (8) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the Regulatory Authority 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 participated 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 the Regulatory Authority finds that the person is participating or has participated in the contravention, the sanctions (if any) imposed under this section in respect of the participation.

Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged. 33AR.—(1) If, in a case where the Regulatory Authority suspects on reasonable grounds that a regulated financial service provider is committing or has committed a prescribed contravention, the financial service provider acknowledges that the financial service provider is committing or has committed the contravention, the Regulatory Authority may— (a) with the consent of the financial service provider, dispense with an inquiry and impose on the financial service provider any sanction that it is empowered to impose on regulated financial service providers under section 33AQ, or (b) hold an inquiry to determine what sanction (if any) should be imposed on the financial service provider in accordance with that section. (2) If, in a case where the Regulatory Authority suspects on reasonable grounds that a person concerned in the management of a regulated financial service provider is committing or has committed a prescribed contravention, the person acknowledges that the person is participating or has participated in the commission of the contravention, the Regulatory Authority may— (a) with the person's consent, dispense with an inquiry and impose on that person any sanction that it is empowered to impose on persons concerned in the management of regulated financial service providers under section 33AQ, or (b) hold an inquiry to determine what sanction (if any) should be imposed on the person in accordance with that section. (3) At the conclusion of an inquiry under subsection (1)(b), the Regulatory Authority shall notify its decision to the financial service provider concerned. The decision must set out in writing the sanctions (if any) imposed under that subsection in respect of the relevant contravention. (4) At the conclusion of an inquiry held under paragraph (b) of subsection (2), the Regulatory Authority shall notify the person concerned of its decision. The decision must set out the sanctions (if any) imposed under that paragraph in respect of the participation.

Limitations on imposing monetary penalties. 33AS.—(1) If the Regulatory Authority 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 the Regulatory Authority decides to impose a monetary penalty on a person under section 33AQ or 33AR, it may not impose an amount that would be likely to cause the person to be adjudicated bankrupt. (3) If conduct engaged in— (a) by a regulated financial service provider constitutes two or more prescribed contraventions, or (b) by a person concerned in the management of such a financial service provider constitutes participation in two or more prescribed contraventions by such a 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 under section 33AQ or 33AR in respect of the same conduct.

Financial service provider etc. not to be liable to be penalised twice for same contravention. 33AT.—(1) If the Regulatory Authority imposes a monetary penalty 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, the financial service provider or other person concerned is not liable to be prosecuted or punished for the offence under that law. (2) The Regulatory Authority may not impose a monetary penalty on a financial service provider, or on a person concerned in the management of the financial service provider, in accordance with section 33AQ or 33AR, if— (a) the financial service provider or other 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.

Person not to be concerned in management of regulated financial service provider while disqualified. 33AU.—A regulated financial service provider shall ensure that a person is not permitted to be concerned in the management of the financial service provider while the person is subject to a disqualification direction that is in force under this Part.

Power of Regulatory Authority to resolve suspected contraventions, etc. 33AV.—(1) If the Regulatory Authority suspects on reasonable grounds that— (a) a regulated financial service provider is committing or has committed a prescribed contravention, or (b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention, it may enter into an agreement in writing with the financial service provider or 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 the Regulatory Authority and the financial service provider or person concerned. Those terms may include terms under which that financial service provider or person accepts the imposition of sanctions of the kind referred to in section 33AQ. (3) The Regulatory Authority may enter into an agreement under this section— (a) without having held an inquiry into the matter under section 33AO or 33AR, or (b) after beginning (but not after completing) such an inquiry. (4) The Regulatory Authority 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.

When decisions of the Regulatory Authority under this Part take effect. 33AW.—(1) A decision of the Regulatory Authority imposing a caution or reprimand takes effect— (a) if no appeal against the decision is lodged with the Appeals Tribunal within the period allowed for lodging such an appeal—at the end of that period, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against that decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal but is later withdrawn — at the time of the withdrawal of the appeal. (2) A decision of the Regulatory Authority directing payment of a monetary penalty, a refund of money or costs takes effect— (a) if— (i) the amount of the penalty, refund or costs is not paid to the Regulatory Authority within the period allowed for appeals against such a decision, and (ii) no appeal to the Appeals Tribunal is lodged within that period or, having been lodged within that period, is later withdrawn, at the time when the decision is confirmed by an order of a court of competent jurisdiction, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against the determination of that Tribunal in respect of the decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (either with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the decision of that Tribunal but is later withdrawn — at the time when the appeal is withdrawn. (3) A disqualification direction takes effect— (a) if no appeal to the Appeals Tribunal is lodged within the period allowed for bringing such an appeal, or is lodged within that period but is later withdrawn — at the time when it is confirmed by an order of a District Court, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the direction is confirmed by that Tribunal — at the time when the period allowed for lodging an appeal in the High Court against the determination of that Tribunal in respect of the direction has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged within that period but is later withdrawn — at the time when the appeal is withdrawn, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the direction and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal but is later withdrawn, at the time when the appeal is withdrawn. (4) Any other decision of the Regulatory Authority under this Part takes effect— (a) if no appeal against the decision is lodged with the Appeals Tribunal within the period allowed for lodging such an appeal, at the end of that period, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against the determination of that Tribunal in respect of the decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision but is later withdrawn — at the time of the withdrawal of the appeal. (5) A court of competent jurisdiction may hear an application by the Regulatory Authority under this section otherwise than in public if— (a) evidence may be given, or a matter may arise, during the hearing 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 unless the court exercises its discretion under this section.

Decision of Regulatory Authority to be appealable. 33AX.—A decision of the Regulatory Authority made at the conclusion of an inquiry held under section 33AO or section 33AR is an appealable decision for the purposes of Part VIIA.

CHAPTER 3

Conduct of inquiries

Proceedings at inquiries. 33AY.—(1) The Regulatory Authority 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, the Regulatory Authority shall observe the rules of procedural fairness, but is not bound by the rules of evidence. (3) The Regulatory Authority may be assisted by a legal practitioner when conducting an inquiry. (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 the Regulatory Authority, by any other person.

Inquiry normally to be held in public. 33AZ.—(1) Except as provided by subsection (2), the Regulatory Authority shall hold its inquiries in public. (2) The Regulatory Authority and the financial service provider or other person to whom an inquiry relates may agree that the inquiry should be held in private, but even if they do not agree, that Authority 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 unless that Authority exercises its powers under this section. (3) The Regulatory Authority may at any time vary or revoke a decision made under subsection (2).

Power to summon witnesses and take evidence. 33BA.—(1) At an inquiry, the Regulatory Authority 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, by that Authority. (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 section to 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.

Regulatory Authority may refer to Court question of law arising at inquiry. 33BB.—(1) The Regulatory Authority may, on its own initiative or at the request of the financial service provider or other person concerned, refer to the Court for decision a question of law arising at an inquiry. (2) If a question has been referred under subsection (1), the Regulatory Authority 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 with the Court's opinion on the question. (3) If a question is referred under subsection (1)— (a) the Regulatory Authority shall send to the Court all documents before that Authority that are relevant to the matter in question, and (b) at the end of the proceeding in the Court in relation to the reference, the Court shall cause the documents to be returned to that Authority.

Regulatory Authority may publish its decisions. 33BC.—(1) If on the holding of an inquiry under section 33AO the Regulatory Authority has found that— (a) a regulated financial service provider is committing or has committed a prescribed contravention, or (b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention, it shall publish the finding, and details of any sanction imposed in consequence of the finding, in such form and manner as it thinks appropriate. (2) If the Regulatory Authority has, in accordance with section 33AR, imposed— (a) a sanction on a regulated financial service provider in respect of the commission of a prescribed contravention, or (b) a sanction on a person concerned in the management of a financial service provider in respect of the person's participation in the commission by the financial service provider of such a contravention, it shall publish details of the sanction imposed, in such form and manner as it thinks appropriate. (3) Subsections (1) and (2) do not apply to findings or details that the Regulatory Authority determines— (a) to be of a confidential nature or to relate to the commission of an offence against a law of the State, or (b) would unfairly prejudice a person's reputation. (4) The Regulatory Authority shall publish annually, in a summary form, information on its actions under this Part.

Regulatory Authority may make guidelines with respect to the conduct of proceedings under this Part. 33BD.—(1) The Regulatory Authority 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. (2) The Regulatory Authority 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 the Regulatory Authority.

Performance and exercise of functions and powers of Regulatory Authority under this Part. 33BE.—The Chief Executive, and such other officers of the Regulatory Authority and such employees of the Bank as the Regulatory Authority designates from time to time, are responsible for performing and exercising the functions and powers of the Regulatory Authority under this Part.

Limitation of period within which judicial review may be sought. 33BF.—An application for leave to apply for judicial review of a decision of the Regulatory Authority under this Part must be made— (a) within 2 months after the date on which notice of the decision was first notified to the financial service provider or the person concerned, or (b) if the High Court makes an order extending that period, within that extended period.”.


Interpretation (Part IIIC).	33AN.—In this Part— ‘contravene’ includes fail to comply, and also includes— (a) attempting to contravene, and (b) aiding and abetting and counselling and procuring a person to commit a contravention, and (c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention, and (d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and (e) conspiring with others to commit a contravention; ‘decision of the Regulatory Authority’ means— (a) in relation to an inquiry held by the Regulatory Authority under section 33AO, a finding made by that Authority in accordance with section 33AQ and any decision of that Authority imposing a sanction under that section in consequence of the finding, or (b) any decision of that Authority imposing a sanction under section 33AR; ‘disqualification direction’ means a direction given under section 33AQ or 33AR disqualifying a specified person from being concerned in the management of a regulated financial service provider; ‘inquiry’ means an inquiry held under section 33AO or section 33AR; ‘prescribed contravention’ means a contravention of— (a) a provision of a designated enactment or designated statutory instrument, or (b) a code made, or a direction given, under such a provision, or (c) any condition or requirement imposed under a provision of a designated enactment, designated statutory instrument, code or direction, or (d) any obligation imposed on any person by this Part or imposed by the Regulatory Authority pursuant to a power exercised under this Part; ‘notify’ means notify in writing.


Regulatory Authority may hold inquiry into conduct of regulated financial service provider or person concerned in its management.	33AO.—(1) Whenever the Regulatory Authority suspects on reasonable grounds that a regulated financial service provider is committing or has committed a prescribed contravention, it may hold an inquiry to determine whether or not the financial service provider is committing or has committed the contravention. (2) Whenever the Regulatory Authority suspects on reasonable grounds that a person concerned in the management of a regulated financial service provider is participating or has participated in the commission of a prescribed contravention by the financial service provider, it may hold an inquiry to determine whether or not the person is participating or has participated in the contravention. Such an inquiry may form part of an inquiry held under this section in relation to the suspected commission of a prescribed contravention by the financial service provider.
Regulatory Authority to give notice to regulated financial service provider with respect to inquiry.	33AP.—(1) Before holding an inquiry under section 33AO, the Regulatory Authority shall give notice in writing of the proposed inquiry to the financial service provider or other person concerned. (2) The notice must— (a) specify the grounds on which the Regulatory Authority's suspicions are based, and (b) specify a date, time and place at which the Regulatory Authority will hold the inquiry, and (c) invite the financial service provider or person concerned either to attend the inquiry or to make written submissions about the matter to which the inquiry relates. (3) A regulated financial service provider or other person concerned may, before the date of the inquiry, lodge with the Regulatory Authority any written submissions that the regulated financial service provider or person wishes that Authority to take into account when considering the matter to which the inquiry relates. This subsection applies whether or not the financial service provider or other person has been invited to attend the inquiry. (4) The Regulatory Authority may adjourn an inquiry from time to time and from place to place, but if it does so it shall ensure that the regulated financial service provider or other person concerned is notified of the date, time and place at which the inquiry is to be resumed. (5) The Regulatory Authority may proceed with an inquiry in the absence of the financial service provider or other person concerned so long as that financial service provider or person has been given an opportunity to attend the inquiry or to make written submissions to it.
What decisions Regulatory Authority can make at conclusion of inquiry held under section 33AO.	33AQ.—(1) At the conclusion of an inquiry held under section 33AO, the Regulatory Authority shall make a finding as to whether the financial service provider concerned is committing or has committed the prescribed contravention to which the inquiry relates. (2) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the Regulatory Authority shall make a finding as to whether the person is participating or has participated in the prescribed contravention to which the inquiry relates. (3) If the Regulatory Authority makes a finding that a regulated financial service provider is committing or has committed a prescribed contravention, it may impose on the financial service provider one or more of the following sanctions: (a) a caution or reprimand; (b) 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 the Regulatory Authority a monetary penalty not exceeding the prescribed amount; (d) if the financial service provider is a natural person, a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order; (e) if the financial service provider 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 the Regulatory Authority 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. (4) For the purpose of subsection (3)(c), the prescribed amount is— (a) if the financial service provider is a body corporate or an unincorporated body, €5,000,000, or (b) if the financial service provider is a natural person, €500,000, or (c) if the regulations prescribe some other amount for paragraph (a) or (b), that other amount. (5) If the Regulatory Authority makes a finding that a person concerned in the management of a regulated financial service provider is participating or has participated in the commission by the 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 the Regulatory Authority a monetary penalty not exceeding the prescribed amount; (c) a direction disqualifying the person from being concerned in the management of a regulated financial service provider for such period as is specified in the order; (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 the Regulatory Authority 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. (6) For the purpose of subsection (5)(b), the prescribed amount is— (a) €500,000, or (b) if the regulations prescribe some other amount of money for paragraph (a), that other amount. (7) At the conclusion of an inquiry relating to the conduct of a regulated financial service provider, the Regulatory Authority shall notify its decision to the financial service provider. The decision must set out in writing— (a) its finding as to whether or not the financial service provider 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 the Regulatory Authority finds that the contravention is being or has been committed, the sanctions (if any) imposed under this section in respect of the contravention. (8) At the conclusion of an inquiry relating to the conduct of a person concerned in the management of a regulated financial service provider, the Regulatory Authority 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 participated 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 the Regulatory Authority finds that the person is participating or has participated in the contravention, the sanctions (if any) imposed under this section in respect of the participation.
Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged.	33AR.—(1) If, in a case where the Regulatory Authority suspects on reasonable grounds that a regulated financial service provider is committing or has committed a prescribed contravention, the financial service provider acknowledges that the financial service provider is committing or has committed the contravention, the Regulatory Authority may— (a) with the consent of the financial service provider, dispense with an inquiry and impose on the financial service provider any sanction that it is empowered to impose on regulated financial service providers under section 33AQ, or (b) hold an inquiry to determine what sanction (if any) should be imposed on the financial service provider in accordance with that section. (2) If, in a case where the Regulatory Authority suspects on reasonable grounds that a person concerned in the management of a regulated financial service provider is committing or has committed a prescribed contravention, the person acknowledges that the person is participating or has participated in the commission of the contravention, the Regulatory Authority may— (a) with the person's consent, dispense with an inquiry and impose on that person any sanction that it is empowered to impose on persons concerned in the management of regulated financial service providers under section 33AQ, or (b) hold an inquiry to determine what sanction (if any) should be imposed on the person in accordance with that section. (3) At the conclusion of an inquiry under subsection (1)(b), the Regulatory Authority shall notify its decision to the financial service provider concerned. The decision must set out in writing the sanctions (if any) imposed under that subsection in respect of the relevant contravention. (4) At the conclusion of an inquiry held under paragraph (b) of subsection (2), the Regulatory Authority shall notify the person concerned of its decision. The decision must set out the sanctions (if any) imposed under that paragraph in respect of the participation.
Limitations on imposing monetary penalties.	33AS.—(1) If the Regulatory Authority 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 the Regulatory Authority decides to impose a monetary penalty on a person under section 33AQ or 33AR, it may not impose an amount that would be likely to cause the person to be adjudicated bankrupt. (3) If conduct engaged in— (a) by a regulated financial service provider constitutes two or more prescribed contraventions, or (b) by a person concerned in the management of such a financial service provider constitutes participation in two or more prescribed contraventions by such a 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 under section 33AQ or 33AR in respect of the same conduct.
Financial service provider etc. not to be liable to be penalised twice for same contravention.	33AT.—(1) If the Regulatory Authority imposes a monetary penalty 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, the financial service provider or other person concerned is not liable to be prosecuted or punished for the offence under that law. (2) The Regulatory Authority may not impose a monetary penalty on a financial service provider, or on a person concerned in the management of the financial service provider, in accordance with section 33AQ or 33AR, if— (a) the financial service provider or other 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.
Person not to be concerned in management of regulated financial service provider while disqualified.	33AU.—A regulated financial service provider shall ensure that a person is not permitted to be concerned in the management of the financial service provider while the person is subject to a disqualification direction that is in force under this Part.
Power of Regulatory Authority to resolve suspected contraventions, etc.	33AV.—(1) If the Regulatory Authority suspects on reasonable grounds that— (a) a regulated financial service provider is committing or has committed a prescribed contravention, or (b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention, it may enter into an agreement in writing with the financial service provider or 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 the Regulatory Authority and the financial service provider or person concerned. Those terms may include terms under which that financial service provider or person accepts the imposition of sanctions of the kind referred to in section 33AQ. (3) The Regulatory Authority may enter into an agreement under this section— (a) without having held an inquiry into the matter under section 33AO or 33AR, or (b) after beginning (but not after completing) such an inquiry. (4) The Regulatory Authority 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.
When decisions of the Regulatory Authority under this Part take effect.	33AW.—(1) A decision of the Regulatory Authority imposing a caution or reprimand takes effect— (a) if no appeal against the decision is lodged with the Appeals Tribunal within the period allowed for lodging such an appeal—at the end of that period, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against that decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal but is later withdrawn — at the time of the withdrawal of the appeal. (2) A decision of the Regulatory Authority directing payment of a monetary penalty, a refund of money or costs takes effect— (a) if— (i) the amount of the penalty, refund or costs is not paid to the Regulatory Authority within the period allowed for appeals against such a decision, and (ii) no appeal to the Appeals Tribunal is lodged within that period or, having been lodged within that period, is later withdrawn, at the time when the decision is confirmed by an order of a court of competent jurisdiction, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against the determination of that Tribunal in respect of the decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (either with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the decision of that Tribunal but is later withdrawn — at the time when the appeal is withdrawn. (3) A disqualification direction takes effect— (a) if no appeal to the Appeals Tribunal is lodged within the period allowed for bringing such an appeal, or is lodged within that period but is later withdrawn — at the time when it is confirmed by an order of a District Court, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the direction is confirmed by that Tribunal — at the time when the period allowed for lodging an appeal in the High Court against the determination of that Tribunal in respect of the direction has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged within that period but is later withdrawn — at the time when the appeal is withdrawn, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the direction and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal but is later withdrawn, at the time when the appeal is withdrawn. (4) Any other decision of the Regulatory Authority under this Part takes effect— (a) if no appeal against the decision is lodged with the Appeals Tribunal within the period allowed for lodging such an appeal, at the end of that period, or (b) if such an appeal is lodged with the Appeals Tribunal within that period and the decision is confirmed by that Tribunal (with or without variation) — at the time when the period allowed for lodging an appeal with the High Court against the determination of that Tribunal in respect of the decision has ended, no appeal having been lodged within that period, or (c) if such an appeal is lodged with the Appeals Tribunal within that period but is later withdrawn — at the time of the withdrawal of the appeal, or (d) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision and, on the hearing of the appeal by that Court, that determination is confirmed (with or without variation) — at the time of confirmation of that determination, or (e) if an appeal is made to the High Court against the determination of the Appeals Tribunal in respect of the decision but is later withdrawn — at the time of the withdrawal of the appeal. (5) A court of competent jurisdiction may hear an application by the Regulatory Authority under this section otherwise than in public if— (a) evidence may be given, or a matter may arise, during the hearing 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 unless the court exercises its discretion under this section.
Decision of Regulatory Authority to be appealable.	33AX.—A decision of the Regulatory Authority made at the conclusion of an inquiry held under section 33AO or section 33AR is an appealable decision for the purposes of Part VIIA.


Proceedings at inquiries.	33AY.—(1) The Regulatory Authority 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, the Regulatory Authority shall observe the rules of procedural fairness, but is not bound by the rules of evidence. (3) The Regulatory Authority may be assisted by a legal practitioner when conducting an inquiry. (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 the Regulatory Authority, by any other person.
Inquiry normally to be held in public.	33AZ.—(1) Except as provided by subsection (2), the Regulatory Authority shall hold its inquiries in public. (2) The Regulatory Authority and the financial service provider or other person to whom an inquiry relates may agree that the inquiry should be held in private, but even if they do not agree, that Authority 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 unless that Authority exercises its powers under this section. (3) The Regulatory Authority may at any time vary or revoke a decision made under subsection (2).
Power to summon witnesses and take evidence.	33BA.—(1) At an inquiry, the Regulatory Authority 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, by that Authority. (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 section to 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.
Regulatory Authority may refer to Court question of law arising at inquiry.	33BB.—(1) The Regulatory Authority may, on its own initiative or at the request of the financial service provider or other person concerned, refer to the Court for decision a question of law arising at an inquiry. (2) If a question has been referred under subsection (1), the Regulatory Authority 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 with the Court's opinion on the question. (3) If a question is referred under subsection (1)— (a) the Regulatory Authority shall send to the Court all documents before that Authority that are relevant to the matter in question, and (b) at the end of the proceeding in the Court in relation to the reference, the Court shall cause the documents to be returned to that Authority.
Regulatory Authority may publish its decisions.	33BC.—(1) If on the holding of an inquiry under section 33AO the Regulatory Authority has found that— (a) a regulated financial service provider is committing or has committed a prescribed contravention, or (b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention, it shall publish the finding, and details of any sanction imposed in consequence of the finding, in such form and manner as it thinks appropriate. (2) If the Regulatory Authority has, in accordance with section 33AR, imposed— (a) a sanction on a regulated financial service provider in respect of the commission of a prescribed contravention, or (b) a sanction on a person concerned in the management of a financial service provider in respect of the person's participation in the commission by the financial service provider of such a contravention, it shall publish details of the sanction imposed, in such form and manner as it thinks appropriate. (3) Subsections (1) and (2) do not apply to findings or details that the Regulatory Authority determines— (a) to be of a confidential nature or to relate to the commission of an offence against a law of the State, or (b) would unfairly prejudice a person's reputation. (4) The Regulatory Authority shall publish annually, in a summary form, information on its actions under this Part.
Regulatory Authority may make guidelines with respect to the conduct of proceedings under this Part.	33BD.—(1) The Regulatory Authority 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. (2) The Regulatory Authority 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 the Regulatory Authority.
Performance and exercise of functions and powers of Regulatory Authority under this Part.	33BE.—The Chief Executive, and such other officers of the Regulatory Authority and such employees of the Bank as the Regulatory Authority designates from time to time, are responsible for performing and exercising the functions and powers of the Regulatory Authority under this Part.
Limitation of period within which judicial review may be sought.	33BF.—An application for leave to apply for judicial review of a decision of the Regulatory Authority under this Part must be made— (a) within 2 months after the date on which notice of the decision was first notified to the financial service provider or the person concerned, or (b) if the High Court makes an order extending that period, within that extended period.”.

(2) The Acts specified in Schedule 1 are consequentially amended as indicated in that Schedule.

(3) The statutory instruments specified in Schedule 2 are consequentially amended as indicated in that Schedule.

11 Amendment of section 57A of Central Bank Act 1942 (Interpretation Part VIIA and Schedule 5).

11. Section 57A of the Central Bank Act 1942 (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended—

(a) in subsection (1), by substituting the following definition for the definition of “appealable decision”:

“ ‘appealable decision’ means a decision of the Regulatory Authority that is declared by a provision of this Act, or of a designated enactment or designated statutory instrument, to be an appealable decision for the purposes of this Part;”;

(b) by deleting subsections (2) and (3);

12 Amendment of section 57G of Central Bank Act 1942 (Jurisdiction and powers of the Appeals Tribunal).

12.—Section 57G of the Central Bank Act 1942 (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended by inserting the following subsection after subsection (1):

“(1A) A decision of the Regulatory Authority is not an appealable decision for the purposes of this Part if the Governor certifies in writing that the Governor has exercised the powers conferred by subsections (9) and (9A) of section 33C in relation to the decision, but instead a person who is dissatisfied with the decision may appeal to the High Court against the decision, within 28 days after the date of notification of the decision or within such extended period as that Court allows.”.

13 Amendment of section 57R of Central Bank Act 1942 (Operation and implementation of appealed decision pending determination of appeal).

13.—Section 57R of the Central Bank Act 1942 (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended by inserting the following subsection after subsection (2):

“(2A) Subsection (2) applies only to an appealable decision made under Part IIIC.”.

14 Amendment of section 57Z of Central Bank Act 1942 (What decisions the Appeals Tribunal can make in determining an appeal).

14.—Section 57Z of the Central Bank Act 1942 (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended—

(a) in subsection (2), by substituting the following paragraph for paragraph (d):

“(d) remit the matter concerned for reconsideration by the Regulatory Authority, together with any recommendation or direction of the Appeals Tribunal as to what aspects of the matter should be reconsidered and, in the case of an appealable decision made under Part IIIC, set aside the decision.”;

(b) by inserting the following subsection after subsection (2):

“(2A) Paragraphs (b) and (c) of subsection (2) apply only to an appealable decision made under Part IIIC.”.

15 Amendment of section 57AK of Central Bank Act 1942 (Right of appeal to High Court).

15.—Section 57AK of the Central Bank Act 1942 (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended by substituting the following subsection for subsection (3):

“(3) An appeal under this section must be made within 28 days after the notification of the decision or within such extended period as that Court allows.”.

16 New Part VIIB inserted into Central Bank Act 1942.

16.—The Central Bank Act 1942 is amended by inserting the following Part after Part VIIA (as inserted by section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003):

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