Legalize / Ireland / Act

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State In force superseded text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

PDF Download

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

Reform history JSON API

“PART V

Supervision of Regulated Businesses

CHAPTER 1

Introductory provisions

Definitions (Part V). 28.—In this Part— ‘Appeals Tribunal’ means the Irish Financial Services Appeals Tribunal established under Part VIIA of the Central Bank Act 1942; ‘authorisation’ means an authorisation authorising a person to carry on— (a) a bureau de change business, or (b) a money transmission business, and, if an authorisation is amended in accordance with section 34, means the authorisation as amended; ‘bureau de change business’ means a business that comprises or includes providing members of the public with a service that involves buying or selling foreign currency, other than a service that is provided— (a) by a person or body regulated by the Bank referred to in section 32(1) (a) to (k) of the Criminal Justice Act 1994, or (b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or (c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body; ‘inspector’ means a person holding office as an inspector under section 36G; ‘money’ includes any representation of money (such as a cheque) and any means by which monetary value is stored; ‘money transmission business’ means a business that comprises or includes providing a money transmission service to members of the public; ‘money transmission service’ means a service that involves transmitting money by any means, other than such a service provided— (a) by a person or body referred to in section 32(1)(a) to (k) of the Criminal Justice Act 1994, or (b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or (c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body; ‘officer’, in relation to a person that is a body corporate, means any person concerned in the direction or management of the body; ‘regulated business’ means a bureau de change business or a money transmission business; ‘this Part’ includes all regulations in force under this Part; ‘transmitting’ includes transmitting— (a) by means of a message or other form of communication, or (b) by means of a transfer instrument, or (c) by means of a clearing network.

CHAPTER 2

Regulation of bureaux de change and money transmission businesses

Person prohibited from carrying on regulated business without authorisation. 29.—(1) A person shall not carry on a regulated business unless the person is the holder of an authorisation. (2) A person who contravenes subsection (1) commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €100,000. (3) A person who, after being convicted of an offence under subsection (2), continues to contravene subsection (1) commits a further offence on each day or part of a day during which the contravention continues and— (a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day. (4) This section does not have effect in relation to a person who carries on a money transmission business until 6 months after the commencement of section 27 of the Central Bank and Financial Services Authority of Ireland Act 2004.

CHAPTER 3

Authorisations to carry on regulated businesses

Applications for authorisations. 30.—(1) A person who wishes to carry on a regulated business can apply to the Bank for an authorisation to carry on such a business. (2) An application must— (a) be in a form provided or specified by the Bank, and (b) contain such information, and be accompanied by such documents, as the Bank requests, and (c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection. (3) The Bank may, by written notice given to an applicant, require the applicant to provide such additional information and documents as are reasonably necessary to enable it to determine the application. If such a requirement is not complied with within a period specified in the notice, not less than 14 days, the Bank may refuse the application.

Grant and refusal of applications for authorisation. 31.—(1) Except as provided by subsection (2), the Bank shall grant an application for an authorisation that complies with section 30. (2) The Bank may refuse an application for an authorisation that complies with section 30 only if it is of the opinion that— (a) to grant the application would be inconsistent with the effective enforcement of any law of the State the purpose of which is to prevent or inhibit money laundering or terrorism, or (b) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to properly fulfil the obligations imposed on holders of authorisations by or under this Part, or (c) information given to the Bank by or on behalf of the applicant in connection with the application is materially false or misleading. (3) If the Bank proposes to refuse an application, it shall serve on the applicant a notice in writing— (a) specifying the grounds on which it is proposed to refuse the application, and (b) informing the applicant that the applicant may, within 21 days after the giving of the notice, make written representations to the Bank showing why the application should be granted. (4) Not later than 21 days after being given a notice under subsection (3), the applicant may make written representations to the Bank showing why the application should be granted. (5) The Bank may refuse an application only after having considered any representations made by the applicant in accordance with subsection (4). (6) If the Bank refuses an application, it shall immediately give to the applicant written notice of the refusal. The notice must include a statement setting out the reasons for the refusal. (7) On granting an application for an authorisation, the Bank shall— (a) record the appropriate particulars of the applicant in the register of persons authorised to carry on bureau de change businesses or money transmission businesses, and (b) issue the applicant with an authorisation authorising the applicant to carry on the regulated business to which the application relates.

Effect and term of authorisation. 32.—(1) An authorisation authorises the holder to carry on a regulated business subject to and in accordance with the conditions of the authorisation. (2) An authorisation remains in force until revoked under this Part.

Bank may impose conditions when granting an application for an authorisation. 33.—(1) In granting an application for an authorisation, the Bank may impose on the applicant such conditions as it considers necessary for the proper and orderly regulation of the applicant's business and, in particular, for preventing the business from being used to launder money or to finance terrorism. (2) If the Bank grants an application subject to conditions, it shall specify those conditions in the authorisation granted to the applicant or in one or more documents annexed to that authorisation.

Bank may amend authorisation. 34.—The Bank may from time to time amend an authorisation— (a) by varying any of its conditions, or (b) by replacing or revoking an existing condition, or (c) by adding a new condition, but only after giving to that holder a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to, the Bank in relation to the proposed amendment.

Offence to fail to comply with certain conditions and requirements. 35.—(1) The holder of an authorisation shall comply with— (a) the requirements imposed on holders of authorisations by this Part, and (b) the conditions (if any) of the authorisation, and (c) the requirements (if any) imposed by regulations in force under this Part. (2) A person who fails to comply with subsection (1) commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

Revocation of authorisation by Bank on application of holder. 36.—The Bank shall revoke an authorisation on the application of the holder of the authorisation, but only if satisfied that the holder of the authorisation has fully complied with the provisions of this Part and the conditions of the authorisation.

Revocation of authorisation by Bank otherwise than on application of holder. 36A.—(1) The Bank may revoke an authorisation on being satisfied on reasonable grounds that— (a) the holder of the authorisation has not begun to carry on a regulated business within 12 months after the date on which the authorisation was granted, or (b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months, or (c) the authorisation was obtained by means of a false or misleading representation, or (d) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of this Part, a condition of the authorisation or a requirement imposed by or under this Part, or (e) if the holder of the authorisation is a natural person, the holder is adjudicated bankrupt, or (f) if the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890, or (g) if the holder of the authorisation is a body corporate, the winding-up of the body has commenced, or (h) the holder of the authorisation is so structured, or business of the holder is so organised, that the holder is no longer capable of being regulated to the satisfaction of the Bank, or (i) the circumstances under which the authorisation was granted have changed to the extent that an application for authorisation would be refused had the application been made in the changed circumstances, or (j) the holder of the authorisation suspends payments due to creditors, or is unable to meet any other obligations to creditors of the holder, or (k) if the holder of the authorisation is a branch or subsidiary of a body corporate that has its head office in another country that is an EEA country, the authority of that other country that performs functions similar to those of the Bank under this Part has terminated the authority of that body to carry on a regulated business in that other country, or (l) the holder of the authorisation, or officer of that holder, is convicted of— (i) an offence against this Part or against any other designated enactment or designated statutory instrument, or (ii) an offence involving fraud, dishonesty, breach of trust, money laundering or financing terrorism. (2) If the Bank proposes to revoke an authorisation, it shall serve on the holder of the authorisation a notice in writing informing the holder of the Bank's intention to revoke the authorisation. The notice must— (a) specify the grounds on which it is proposed to revoke the authorisation, and (b) inform the holder of the authorisation that the holder may, within 21 days after service of the notice, make written representations to the Bank showing why the authorisation should not be revoked. (3) Not later than 21 days after a notice is served on the holder of an authorisation in accordance with subsection (2), the holder may make written representations to the Bank showing why the authorisation should not be revoked. (4) The Bank may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance with subsection (3). (5) As soon as practicable after revoking an authorisation under this section, the Bank shall give written notice of the revocation to the person who was the holder of the authorisation. The notice must include a statement of the reasons for revoking the authorisation. (6) Revocation of an authorisation under this section takes effect on and from the date of the notice of revocation or, if a later date is specified in the notice, on and from that date, irrespective of whether an appeal against the revocation is made under Part VIIA of the Central Bank Act 1942.

Bank may direct holder of authorisation to suspend business. 36B.—(1) If the Bank reasonably believes that there may be grounds for revoking an authorisation under section 36A, it may give to the holder of the authorisation a direction in writing prohibiting it from carrying on a regulated business otherwise than in accordance with conditions specified by the Bank. (2) A direction given under this section— (a) must include a statement of the Bank's reasons for giving the direction and specify the conditions with which the holder of the authorisation must comply, and (b) remains in force for such period (not exceeding 6 months) as is specified in the direction. (3) A direction takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the holder of the authorisation appeals against the direction. (4) The holder of an authorisation shall comply with a direction given under this section and the conditions (if any) contained in the direction. (5) The Bank may, by notice in writing given to the holder of the authorisation concerned, amend or revoke a direction given under this section. (6) Without limiting subsection (5), the Bank may from time to time, by notice in writing given to the holder of the authorisation concerned, extend the period during which a direction remains in force by a further period not exceeding 6 months. (7) A direction given under this section ceases to have effect— (a) at the end of the period specified in the direction, or if the period is extended under subsection (6), at the end of the extended period, or (b) on the revocation of the holder's authorisation under this Part, whichever first occurs. (8) A person who contravenes a direction given under this section, or fails to comply with a condition of the direction, commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

Bank to publish notice of revocation or suspension. 36C.—As soon as practicable after revoking an authorisation under section 36 or 36A, or giving a direction under section 36B, the Bank shall publish in a publication of its choice a notice giving particulars of the revocation or direction.

Bank to keep register of persons authorised to carry on regulated businesses. 36D.—(1) The Bank is required to establish and keep a register of persons authorised to carry on regulated businesses. (2) The register must contain the name and the address of the principal place of business of each person authorised to carry on a regulated business and such other information as the Bank determines. (3) The register may be in book form, electronic form or such other form as the Bank determines from time to time. If the register is kept in an electronic form that is not visually readable, it must be capable of being reproduced in a visually readable form. (4) The Bank is to keep the register at its head office or at such other place as it specifies by notice published in Iris Oifigiúil. (5) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of the Bank. (6) A member of the public is entitled to obtain a copy of the register or of an entry in a register on payment of a fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection.

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

Holders of authorisations to keep certain records. 36F.—(1) The holder of an authorisation shall— (a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, and (b) notify the Bank in writing of the address of the office or offices where those records are kept. Different kinds of records may be specified under this subsection for different kinds of authorisations. (2) The requirement imposed by subsection (1) is additional to any other requirement imposed by law with respect to the keeping of records by the holder of an authorisation. (3) The holder of an authorisation shall keep the records referred to in subsection (1) for such period as the Bank notifies in writing to that holder. (4) The holder of an authorisation may keep documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.

CHAPTER 4

Enforcement of this Part

Appointment of inspectors. 36G.—(1) The Bank may, in writing, appoint employees of the Bank or other suitably qualified persons to be inspectors for the purpose of securing compliance with this Part, or with any specified provisions of this Part. (2) The Bank may, in writing, revoke the appointment of an inspector whenever it considers it appropriate to do so.

Powers of inspectors with respect to holders of authorisations. 36H.—(1) An inspector may, at all reasonable times on production of evidence of the person's appointment, enter any premises at which the inspector reasonably believes that a regulated business is being carried on. (2) An inspector who has entered premises in accordance with subsection (1) may exercise all or any of the following powers: (a) inspect the premises; (b) request any person on the premises who apparently has control of, or access to, records that relate to a regulated business to produce the records for inspection; (c) inspect records produced in accordance with such a request or found in the course of inspecting the premises; (d) take copies of those records or of any part of them, and (e) request any person who appears to the authorised person to have information relating to the records, or to a regulated business, to answer questions with respect to the records or that business. (3) A person to whom a request is made in accordance with subsection (2) shall— (a) comply with the request so far as it is possible to do so, and (b) give such other assistance and information to the inspector with respect to the regulated business as is reasonable in the circumstances. (4) The powers conferred by subsection (2) may also be exercised in relation to any other person who, in the opinion of the Bank or an inspector, has information that is materially relevant to the exercise of those powers in relation to a regulated business. (5) The production of a record in compliance with a request made under this section does not prejudice a person's lien over the record. (6) Nothing in this section requires a legal practitioner to produce a record that contains a privileged communication made by or to the practitioner or to disclose any information that relates to the communication. (7) In this section— ‘legal practitioner’ means a barrister or solicitor; ‘suitably qualified person’ means any person (other than an employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on inspectors by this section.

Offence to obstruct inspectors in the exercise of their powers. 36I.—A person who— (a) obstructs an inspector in the exercise of a power conferred on inspectors by this Part, or (b) without reasonable excuse, fails to comply with a requirement or request made by an inspector under this Part, or (c) in purported compliance with such a requirement or request, gives information that the person knows to be false or misleading, commits an offence and is liable on summary conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both.

Court may make enforcement orders. 36J.—(1) If a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve— (a) contravening a provision of this Part, or (b) attempting to contravene such a provision, or (c) aiding, abetting, counselling or procuring a person to contravene such a provision, or (d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene such a provision, or (e) being in any way, directly or indirectly, knowingly concerned in, or a party to, the contravention by a person of such a provision, or (f) conspiring with others to contravene such a provision, the Court may make an order restraining the person from engaging in the conduct. The Court may include in the order a requirement that the person do a specified act. (2) If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of this Part, the Court may make an order requiring the person to do that act. (3) An order under this section may be made only on the application of the Bank or some other person whose interests have been, are or would be affected by the conduct or by the refusal or failure to do the act concerned. (4) The Court may hear an application for an order under this section only if it is satisfied that the person in relation to whom the order is sought has been served with a copy of the application at least 7 days before the hearing. (5) An order under this section may be made on such terms as the Court thinks appropriate. (6) The Court may grant an interim order pending the determination of an application under this section. (7) If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order. (8) The Court may discharge or vary an order made under this section. (9) The power of the Court to make an order restraining a person from engaging in conduct may be exercised— (a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct, and (b) whether or not the person has previously engaged in that kind of conduct, and (c) whether or not there is an imminent danger of substantial damage to any other person if the person engages in that kind of conduct. (10) The power of the Court to grant an injunction requiring a person to do an act may be exercised— (a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act, and (b) whether or not the person has previously refused or failed to do that act, and (c) whether or not there is an imminent danger of substantial damage to any other person if the person refuses or fails to do that act. (11) Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.

Offences by persons concerned in management of bodies corporate. 36K.—(1) If a body corporate commits an offence under this Part, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that— (a) the body committed the offence without the person's knowledge, or (b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence. (2) A person may be charged with having committed an offence under this section even if the body corporate concerned is not charged with having committed an offence under this Part in relation to the same matter. (3) A person who is convicted of an offence under this section is— (a) if tried summarily, liable on conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both, or (b) if tried on indictment, liable on conviction to a fine not exceeding €50,000 or to imprisonment for a term not exceeding 12 months, or both.

CHAPTER 5

Supplementary provisions

Decisions of Bank under this Part to be appealable decisions for purposes of Part VIIA of Central Bank Act 1942. 36L.—The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942: (a) the refusal of an application made under section 30; (b) the imposition of conditions on the granting of an authorisation (not being conditions prescribed by regulations in force under this Part); (c) the amendment of an authorisation under section 34; (d) the revocation of an authorisation under section 36A; (e) the giving of a direction under section 36B.

Bank may make regulations for purposes of this Part. 36M.—(1) The Bank may make regulations, not inconsistent with this Part, for or with respect to any matter that by this Part is required or permitted to be prescribed, or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Part. (2) A regulation under section 33J or 33K of the Central Bank Act 1942 may require holders of authorisations to pay a levy or fee for the purposes of this Part, or both a levy and fee. (3) If a regulation under section 33J or 33K of the Central Bank Act 1942 imposes a requirement to pay a levy or fee to the Bank and the holder of an authorisation fails to pay the fee within the period, or by the date, specified in the regulation, the Bank may, by proceedings brought in a court of competent jurisdiction, recover the amount of the levy or fee from the holder as a debt due to the Bank. (4) A provision of a regulation under this section may— (a) apply generally or be limited in its application by reference to specified exceptions or factors, or (b) apply differently according to different factors of a specified kind, or (c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person or body, or may do any combination of those things.

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


Definitions (Part V).	28.—In this Part— ‘Appeals Tribunal’ means the Irish Financial Services Appeals Tribunal established under Part VIIA of the Central Bank Act 1942; ‘authorisation’ means an authorisation authorising a person to carry on— (a) a bureau de change business, or (b) a money transmission business, and, if an authorisation is amended in accordance with section 34, means the authorisation as amended; ‘bureau de change business’ means a business that comprises or includes providing members of the public with a service that involves buying or selling foreign currency, other than a service that is provided— (a) by a person or body regulated by the Bank referred to in section 32(1) (a) to (k) of the Criminal Justice Act 1994, or (b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or (c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body; ‘inspector’ means a person holding office as an inspector under section 36G; ‘money’ includes any representation of money (such as a cheque) and any means by which monetary value is stored; ‘money transmission business’ means a business that comprises or includes providing a money transmission service to members of the public; ‘money transmission service’ means a service that involves transmitting money by any means, other than such a service provided— (a) by a person or body referred to in section 32(1)(a) to (k) of the Criminal Justice Act 1994, or (b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or (c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body; ‘officer’, in relation to a person that is a body corporate, means any person concerned in the direction or management of the body; ‘regulated business’ means a bureau de change business or a money transmission business; ‘this Part’ includes all regulations in force under this Part; ‘transmitting’ includes transmitting— (a) by means of a message or other form of communication, or (b) by means of a transfer instrument, or (c) by means of a clearing network.


Person prohibited from carrying on regulated business without authorisation.	29.—(1) A person shall not carry on a regulated business unless the person is the holder of an authorisation. (2) A person who contravenes subsection (1) commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €100,000. (3) A person who, after being convicted of an offence under subsection (2), continues to contravene subsection (1) commits a further offence on each day or part of a day during which the contravention continues and— (a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day. (4) This section does not have effect in relation to a person who carries on a money transmission business until 6 months after the commencement of section 27 of the Central Bank and Financial Services Authority of Ireland Act 2004.


Applications for authorisations.	30.—(1) A person who wishes to carry on a regulated business can apply to the Bank for an authorisation to carry on such a business. (2) An application must— (a) be in a form provided or specified by the Bank, and (b) contain such information, and be accompanied by such documents, as the Bank requests, and (c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection. (3) The Bank may, by written notice given to an applicant, require the applicant to provide such additional information and documents as are reasonably necessary to enable it to determine the application. If such a requirement is not complied with within a period specified in the notice, not less than 14 days, the Bank may refuse the application.
Grant and refusal of applications for authorisation.	31.—(1) Except as provided by subsection (2), the Bank shall grant an application for an authorisation that complies with section 30. (2) The Bank may refuse an application for an authorisation that complies with section 30 only if it is of the opinion that— (a) to grant the application would be inconsistent with the effective enforcement of any law of the State the purpose of which is to prevent or inhibit money laundering or terrorism, or (b) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to properly fulfil the obligations imposed on holders of authorisations by or under this Part, or (c) information given to the Bank by or on behalf of the applicant in connection with the application is materially false or misleading. (3) If the Bank proposes to refuse an application, it shall serve on the applicant a notice in writing— (a) specifying the grounds on which it is proposed to refuse the application, and (b) informing the applicant that the applicant may, within 21 days after the giving of the notice, make written representations to the Bank showing why the application should be granted. (4) Not later than 21 days after being given a notice under subsection (3), the applicant may make written representations to the Bank showing why the application should be granted. (5) The Bank may refuse an application only after having considered any representations made by the applicant in accordance with subsection (4). (6) If the Bank refuses an application, it shall immediately give to the applicant written notice of the refusal. The notice must include a statement setting out the reasons for the refusal. (7) On granting an application for an authorisation, the Bank shall— (a) record the appropriate particulars of the applicant in the register of persons authorised to carry on bureau de change businesses or money transmission businesses, and (b) issue the applicant with an authorisation authorising the applicant to carry on the regulated business to which the application relates.
Effect and term of authorisation.	32.—(1) An authorisation authorises the holder to carry on a regulated business subject to and in accordance with the conditions of the authorisation. (2) An authorisation remains in force until revoked under this Part.
Bank may impose conditions when granting an application for an authorisation.	33.—(1) In granting an application for an authorisation, the Bank may impose on the applicant such conditions as it considers necessary for the proper and orderly regulation of the applicant's business and, in particular, for preventing the business from being used to launder money or to finance terrorism. (2) If the Bank grants an application subject to conditions, it shall specify those conditions in the authorisation granted to the applicant or in one or more documents annexed to that authorisation.
Bank may amend authorisation.	34.—The Bank may from time to time amend an authorisation— (a) by varying any of its conditions, or (b) by replacing or revoking an existing condition, or (c) by adding a new condition, but only after giving to that holder a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to, the Bank in relation to the proposed amendment.
Offence to fail to comply with certain conditions and requirements.	35.—(1) The holder of an authorisation shall comply with— (a) the requirements imposed on holders of authorisations by this Part, and (b) the conditions (if any) of the authorisation, and (c) the requirements (if any) imposed by regulations in force under this Part. (2) A person who fails to comply with subsection (1) commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.
Revocation of authorisation by Bank on application of holder.	36.—The Bank shall revoke an authorisation on the application of the holder of the authorisation, but only if satisfied that the holder of the authorisation has fully complied with the provisions of this Part and the conditions of the authorisation.
Revocation of authorisation by Bank otherwise than on application of holder.	36A.—(1) The Bank may revoke an authorisation on being satisfied on reasonable grounds that— (a) the holder of the authorisation has not begun to carry on a regulated business within 12 months after the date on which the authorisation was granted, or (b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months, or (c) the authorisation was obtained by means of a false or misleading representation, or (d) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of this Part, a condition of the authorisation or a requirement imposed by or under this Part, or (e) if the holder of the authorisation is a natural person, the holder is adjudicated bankrupt, or (f) if the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890, or (g) if the holder of the authorisation is a body corporate, the winding-up of the body has commenced, or (h) the holder of the authorisation is so structured, or business of the holder is so organised, that the holder is no longer capable of being regulated to the satisfaction of the Bank, or (i) the circumstances under which the authorisation was granted have changed to the extent that an application for authorisation would be refused had the application been made in the changed circumstances, or (j) the holder of the authorisation suspends payments due to creditors, or is unable to meet any other obligations to creditors of the holder, or (k) if the holder of the authorisation is a branch or subsidiary of a body corporate that has its head office in another country that is an EEA country, the authority of that other country that performs functions similar to those of the Bank under this Part has terminated the authority of that body to carry on a regulated business in that other country, or (l) the holder of the authorisation, or officer of that holder, is convicted of— (i) an offence against this Part or against any other designated enactment or designated statutory instrument, or (ii) an offence involving fraud, dishonesty, breach of trust, money laundering or financing terrorism. (2) If the Bank proposes to revoke an authorisation, it shall serve on the holder of the authorisation a notice in writing informing the holder of the Bank's intention to revoke the authorisation. The notice must— (a) specify the grounds on which it is proposed to revoke the authorisation, and (b) inform the holder of the authorisation that the holder may, within 21 days after service of the notice, make written representations to the Bank showing why the authorisation should not be revoked. (3) Not later than 21 days after a notice is served on the holder of an authorisation in accordance with subsection (2), the holder may make written representations to the Bank showing why the authorisation should not be revoked. (4) The Bank may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance with subsection (3). (5) As soon as practicable after revoking an authorisation under this section, the Bank shall give written notice of the revocation to the person who was the holder of the authorisation. The notice must include a statement of the reasons for revoking the authorisation. (6) Revocation of an authorisation under this section takes effect on and from the date of the notice of revocation or, if a later date is specified in the notice, on and from that date, irrespective of whether an appeal against the revocation is made under Part VIIA of the Central Bank Act 1942.
Bank may direct holder of authorisation to suspend business.	36B.—(1) If the Bank reasonably believes that there may be grounds for revoking an authorisation under section 36A, it may give to the holder of the authorisation a direction in writing prohibiting it from carrying on a regulated business otherwise than in accordance with conditions specified by the Bank. (2) A direction given under this section— (a) must include a statement of the Bank's reasons for giving the direction and specify the conditions with which the holder of the authorisation must comply, and (b) remains in force for such period (not exceeding 6 months) as is specified in the direction. (3) A direction takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the holder of the authorisation appeals against the direction. (4) The holder of an authorisation shall comply with a direction given under this section and the conditions (if any) contained in the direction. (5) The Bank may, by notice in writing given to the holder of the authorisation concerned, amend or revoke a direction given under this section. (6) Without limiting subsection (5), the Bank may from time to time, by notice in writing given to the holder of the authorisation concerned, extend the period during which a direction remains in force by a further period not exceeding 6 months. (7) A direction given under this section ceases to have effect— (a) at the end of the period specified in the direction, or if the period is extended under subsection (6), at the end of the extended period, or (b) on the revocation of the holder's authorisation under this Part, whichever first occurs. (8) A person who contravenes a direction given under this section, or fails to comply with a condition of the direction, commits an offence and— (a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or (b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.
Bank to publish notice of revocation or suspension.	36C.—As soon as practicable after revoking an authorisation under section 36 or 36A, or giving a direction under section 36B, the Bank shall publish in a publication of its choice a notice giving particulars of the revocation or direction.
Bank to keep register of persons authorised to carry on regulated businesses.	36D.—(1) The Bank is required to establish and keep a register of persons authorised to carry on regulated businesses. (2) The register must contain the name and the address of the principal place of business of each person authorised to carry on a regulated business and such other information as the Bank determines. (3) The register may be in book form, electronic form or such other form as the Bank determines from time to time. If the register is kept in an electronic form that is not visually readable, it must be capable of being reproduced in a visually readable form. (4) The Bank is to keep the register at its head office or at such other place as it specifies by notice published in Iris Oifigiúil. (5) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of the Bank. (6) A member of the public is entitled to obtain a copy of the register or of an entry in a register on payment of a fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection.
Bank to publish list of persons authorised to carry on regulated businesses.	36E.—The Bank shall, not less frequently than once during every period of 12 months after the commencement of this section, publish in a publication of its choice a list of persons authorised to carry on regulated businesses. If regulations in force under this Part so require, the list must contain such other particulars as are prescribed by those regulations.
Holders of authorisations to keep certain records.	36F.—(1) The holder of an authorisation shall— (a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, and (b) notify the Bank in writing of the address of the office or offices where those records are kept. Different kinds of records may be specified under this subsection for different kinds of authorisations. (2) The requirement imposed by subsection (1) is additional to any other requirement imposed by law with respect to the keeping of records by the holder of an authorisation. (3) The holder of an authorisation shall keep the records referred to in subsection (1) for such period as the Bank notifies in writing to that holder. (4) The holder of an authorisation may keep documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.


Appointment of inspectors.	36G.—(1) The Bank may, in writing, appoint employees of the Bank or other suitably qualified persons to be inspectors for the purpose of securing compliance with this Part, or with any specified provisions of this Part. (2) The Bank may, in writing, revoke the appointment of an inspector whenever it considers it appropriate to do so.
Powers of inspectors with respect to holders of authorisations.	36H.—(1) An inspector may, at all reasonable times on production of evidence of the person's appointment, enter any premises at which the inspector reasonably believes that a regulated business is being carried on. (2) An inspector who has entered premises in accordance with subsection (1) may exercise all or any of the following powers: (a) inspect the premises; (b) request any person on the premises who apparently has control of, or access to, records that relate to a regulated business to produce the records for inspection; (c) inspect records produced in accordance with such a request or found in the course of inspecting the premises; (d) take copies of those records or of any part of them, and (e) request any person who appears to the authorised person to have information relating to the records, or to a regulated business, to answer questions with respect to the records or that business. (3) A person to whom a request is made in accordance with subsection (2) shall— (a) comply with the request so far as it is possible to do so, and (b) give such other assistance and information to the inspector with respect to the regulated business as is reasonable in the circumstances. (4) The powers conferred by subsection (2) may also be exercised in relation to any other person who, in the opinion of the Bank or an inspector, has information that is materially relevant to the exercise of those powers in relation to a regulated business. (5) The production of a record in compliance with a request made under this section does not prejudice a person's lien over the record. (6) Nothing in this section requires a legal practitioner to produce a record that contains a privileged communication made by or to the practitioner or to disclose any information that relates to the communication. (7) In this section— ‘legal practitioner’ means a barrister or solicitor; ‘suitably qualified person’ means any person (other than an employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on inspectors by this section.
Offence to obstruct inspectors in the exercise of their powers.	36I.—A person who— (a) obstructs an inspector in the exercise of a power conferred on inspectors by this Part, or (b) without reasonable excuse, fails to comply with a requirement or request made by an inspector under this Part, or (c) in purported compliance with such a requirement or request, gives information that the person knows to be false or misleading, commits an offence and is liable on summary conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both.
Court may make enforcement orders.	36J.—(1) If a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve— (a) contravening a provision of this Part, or (b) attempting to contravene such a provision, or (c) aiding, abetting, counselling or procuring a person to contravene such a provision, or (d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene such a provision, or (e) being in any way, directly or indirectly, knowingly concerned in, or a party to, the contravention by a person of such a provision, or (f) conspiring with others to contravene such a provision, the Court may make an order restraining the person from engaging in the conduct. The Court may include in the order a requirement that the person do a specified act. (2) If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of this Part, the Court may make an order requiring the person to do that act. (3) An order under this section may be made only on the application of the Bank or some other person whose interests have been, are or would be affected by the conduct or by the refusal or failure to do the act concerned. (4) The Court may hear an application for an order under this section only if it is satisfied that the person in relation to whom the order is sought has been served with a copy of the application at least 7 days before the hearing. (5) An order under this section may be made on such terms as the Court thinks appropriate. (6) The Court may grant an interim order pending the determination of an application under this section. (7) If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order. (8) The Court may discharge or vary an order made under this section. (9) The power of the Court to make an order restraining a person from engaging in conduct may be exercised— (a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct, and (b) whether or not the person has previously engaged in that kind of conduct, and (c) whether or not there is an imminent danger of substantial damage to any other person if the person engages in that kind of conduct. (10) The power of the Court to grant an injunction requiring a person to do an act may be exercised— (a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act, and (b) whether or not the person has previously refused or failed to do that act, and (c) whether or not there is an imminent danger of substantial damage to any other person if the person refuses or fails to do that act. (11) Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.
Offences by persons concerned in management of bodies corporate.	36K.—(1) If a body corporate commits an offence under this Part, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that— (a) the body committed the offence without the person's knowledge, or (b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence. (2) A person may be charged with having committed an offence under this section even if the body corporate concerned is not charged with having committed an offence under this Part in relation to the same matter. (3) A person who is convicted of an offence under this section is— (a) if tried summarily, liable on conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both, or (b) if tried on indictment, liable on conviction to a fine not exceeding €50,000 or to imprisonment for a term not exceeding 12 months, or both.


Decisions of Bank under this Part to be appealable decisions for purposes of Part VIIA of Central Bank Act 1942.	36L.—The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942: (a) the refusal of an application made under section 30; (b) the imposition of conditions on the granting of an authorisation (not being conditions prescribed by regulations in force under this Part); (c) the amendment of an authorisation under section 34; (d) the revocation of an authorisation under section 36A; (e) the giving of a direction under section 36B.
Bank may make regulations for purposes of this Part.	36M.—(1) The Bank may make regulations, not inconsistent with this Part, for or with respect to any matter that by this Part is required or permitted to be prescribed, or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Part. (2) A regulation under section 33J or 33K of the Central Bank Act 1942 may require holders of authorisations to pay a levy or fee for the purposes of this Part, or both a levy and fee. (3) If a regulation under section 33J or 33K of the Central Bank Act 1942 imposes a requirement to pay a levy or fee to the Bank and the holder of an authorisation fails to pay the fee within the period, or by the date, specified in the regulation, the Bank may, by proceedings brought in a court of competent jurisdiction, recover the amount of the levy or fee from the holder as a debt due to the Bank. (4) A provision of a regulation under this section may— (a) apply generally or be limited in its application by reference to specified exceptions or factors, or (b) apply differently according to different factors of a specified kind, or (c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person or body, or may do any combination of those things.
Performance and exercise of Bank's functions and powers to be consistent with performance of certain responsibilities of Governor.	36N.—The Bank shall perform and exercise the functions and powers imposed or conferred on it by this Part in a manner consistent with the performance by the Governor of the responsibilities imposed on the Governor by section 19A of the Central Bank Act 1942.”.

28 Amendment of section 53 of Central Bank Act 1997 (Application of section 47 of Act of 1989).

28.—Section 53 of the Central Bank Act 1997 is amended by deleting “, 1942 to 1997”.

29 Amendment of section 75 of Central Bank Act 1997 (Powers of inspection).

29.—Section 75 of the Central Bank Act 1997 (as amended by item 5 of Part 23 of Schedule 1 of the Central Bank and Financial Services Authority of Ireland Act 2003) is amended in subsection (8) by substituting the following definition for the definition of “responsible authority”:

“ ‘responsible authority’ means the Chief Executive of the Irish Financial Services Regulatory Authority.”.

30 Amendment of section 76 of Central Bank Act 1997 (Search and seizure).

30.—Section 76 of the Central Bank Act 1997 is amended by inserting the following subsection after subsection (2):

“(3) In this section, ‘appropriate person’ has the same meaning as it has in section 75.”.

31 Amendment of section 77 of Central Bank Act 1997 (Examination by Comptroller and Auditor General).

31.—Section 77 of the Central Bank Act 1997 is amended in subsection (1) by inserting “or constituent part” after “subsidiary”.

32 Amendment of section 84 of Central Bank Act 1997 (Representative offices).

32.—Section 84(5) of the Central Bank Act 1997 is amended by deleting “,1942 to 1997”.

PART 4 Amendment of other Legislation

33 Miscellaneous amendments to other Acts administered by the Bank.

33.—The Acts specified in Schedule 3 are amended as indicated in that Schedule.

34 Amendment of European Communities Regulations administered by the Bank.

34.—The Regulations specified in Schedule 4 are amended as indicated in that Schedule.

35 Savings and transitional provisions.

35.—The savings and transitional provisions set out in Schedule 5 have effect.

SCHEDULE 1 Amendment of Acts Consequential on Insertion into Central Bank Act 1942 of Part IIIC

PART 1 Amendment of Central Bank Act 1971


Item	Provision affected	Amendment	Amendment
1.	Section 21 (as substituted by section 38 of the Central Bank Act 1989)	Substitute the following section:	Substitute the following section:
1.	Section 21 (as substituted by section 38 of the Central Bank Act 1989)	“Bank may give certain directions to holders of licences.	21.—(1) In this section—
1.	Section 21 (as substituted by section 38 of the Central Bank Act 1989)	“Bank may give certain directions to holders of licences.	‘banking activity’ means—
1.	Section 21 (as substituted by section 38 of the Central Bank Act 1989)	“Bank may give certain directions to holders of licences.	(a) carrying on banking business, or
			(b) making payments other than those that are specifically connected with carrying on banking business, or
			(c) acquiring or disposing of assets or liabilities; ‘prescribed circumstance’, in relation to the holder of a licence, means any of the following: (a) the holder has become or is likely to become unable to meet its obligations to its creditors; (b) the holder is not maintaining or is unlikely to be in a position to maintain adequate capital resources having regard to the volume and nature of the holder's business; (c) the holder is failing or has failed to comply with a condition imposed in relation to the licence in accordance with section 10 and the circumstances are such that the Bank considers that the stability and soundness of the holder are or will be affected by the failure; (d) the holder is conducting business in such a manner as to jeopardise and prejudice the security of deposits taken by it or the rights and interests of persons who made those deposits; (e) the holder and one or more than one other entities are under common control (whether or not any such other entity holds a licence) and the Bank is of the opinion that the common control is not in the interest of persons who keep deposits with the holder; ‘specified’, in relation to a direction given under this section, means specified in the direction. (2) On becoming satisfied that it would be in the public interest to do so, or that a prescribed circumstance exists in relation to the holder of a licence, the Bank may, by direction given in writing, require the holder to suspend, for a specified period not exceeding 6 months, any specified banking activity except as authorised by the Bank. (3) A direction given under subsection (2) ceases to have effect— (a) at the end of the period specified in the direction, or (b) if, on the hearing of an appeal to the Irish Financial Services Appeals Tribunal under Part VIIA of the Central Bank Act 1942, that Tribunal has extended the period of operation of the direction, at the end of that extended period, or (c) on the making of a winding-up order in respect of the holder of the licence concerned, whichever first occurs. (4) While a direction under subsection (2) has effect— (a) winding-up or bankruptcy proceedings may be commenced in relation to the holder of the licence concerned, and (b) a receiver over the property of that holder may be appointed, and (c) the property of that holder may be attached, sequestered or otherwise distrained, only with the prior approval of the Court. (5) If the Bank is satisfied that, despite the fact that the holder of the licence concerned appears to it to be able to meet the obligations that the holder owes to its creditors, the circumstances that gave rise to the direction are unlikely to be rectified, it may, by further direction, require the holder— (a) to prepare, in consultation with the Bank, a scheme for the orderly termination of his banking business and the discharge of the holder's liabilities to persons who have deposits maintained with the holder under the supervision of the Bank, and (b) to submit the scheme to the Bank for its approval within 2 months after the giving of the further direction. (6) The Bank may approve or refuse to approve a scheme submitted to it under subsection (5). In approving such a scheme, the Bank may impose such conditions as it considers appropriate. (7) If the holder of the licence to whom a direction has been given under this section— (a) fails to comply with the direction, or (b) fails to comply with the terms of a scheme approved by the Bank under subsection (6), the Court may, on the application of the Bank, make such order as the Court considers appropriate, including an order of committal or a winding-up order on the ground that it is just and equitable that the holder should be wound up. (8) If a winding-up order is made in proceedings brought under this section against the holder of a licence to whom a direction has been given under this section, the Companies Acts apply to the holder in the same way as if the order had been made on a winding-up petition under those Acts and as if for any reference in that law to the presentation of the winding-up petition there were substituted a reference to the making of the winding-up order under this section. (9) The Bank may, by notice in writing given to the holder of the licence concerned, vary or revoke a direction given under this section. However, the Bank may not vary a direction given under subsection (2) by extending the operation of the direction for a period exceeding 12 months from the date on which the direction first took effect. (10) A direction given by the Bank under this section, and any variation of the direction under subsection (9), are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942. (11) For the purpose of paragraph (e) of the definition of ‘prescribed circumstance’ in subsection (1), the holder of a licence and one or more than one other entities are taken to be under common control if the decision as to how or by whom each are managed can be made by the same person or by the same group of persons acting in concert.”.

PART 2 Amendment of Insurance Act 1989


Item	Provision affected	Amendment
1.	Section 18	Substitute the following subsections for subsections (5) to (9):
		“(5) A direction under this section is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.
		(6) The Bank may from time to time vary or revoke a direction given under this section.”.
2.	Section 31	Repeal subsections (2), (4), (5) and (7).
3.	Section 58	Substitute the following subsection for subsections (6) and (7):
		“(6) A decision of the Bank revoking or suspending an authorisation is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.”.

PART 3 Amendment of Building Societies Act 1989


Item	Provision affected	Amendment
1.	Section 10	Substitute the following subsections for subsection (4):
		“(4) If the Central Bank decides to refuse to register a memorandum and rules, it shall, within 6 months after the relevant date, notify the signatories of the memorandum and the rules of its decision and of its reasons for it. The relevant date is—
		(a) the date of delivery of the rules and memorandum, or
		(b) the date of receipt of such other information as the Central Bank requires for the purpose of deciding whether or not to register the rules and memorandum,
		whichever is the later.
		(4A) A refusal to register a memorandum and rules is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942. However, the Irish Financial Services Appeals Tribunal may hear and determine an appeal against such a refusal only if made by at least 10 signatories of the memorandum and rules.”.
2.	Section 14	Substitute the following subsection for subsection (5):
		“(5) If the Central Bank refuses to register under subsection (3) a copy of an alteration delivered to it under subsection (2), it shall, within 2 months of the receipt by it of the copies, notify the society of its decision and of its reasons for it. Such a refusal is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.”.
3.	Section 40	Insert the following subsection after subsection (6):
		“(7) The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942:
		(a) a decision of the Central Bank revoking a society's authorisation otherwise than at the request of the society;
		(b) a decision of the Central Bank directing a society to suspend for a specified period—
		(i) the raising of funds, or
		(ii) the making of payments, or
		(iii) the acquisition or disposal of other assets or liabilities.”.
4.	Section 110	(a) Substitute the following subsection for subsection (5):
		“(5) The cancellation of the registration of a society under subsection (2) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.”.
		(b) Substitute the following subsection for subsection (6):
		“(6) A society ceases to be a building society within the meaning of this Act if the registration of the society is cancelled under subsection (2) or (3). This subsection is subject to any decision arising from an appeal against the decision under Part VIIA of the Central Bank Act 1942.”.
5.	Fourth Schedule	In paragraph 1, substitute the following subparagraph for subparagraph (3):
		“(3) The Central Bank shall, before deciding whether or not to revoke the authorisation, consider any representations made to it under subparagraph (1) or (2) in relation to the proposed revocation and shall serve on the society and on every officer a notice stating its decision and the grounds for it.”.
6.	Fifth Schedule	Repeal the Schedule.

PART 4 Amendment of stock exchange act 1995

This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.

This text is published under Irish Statute Book's own terms of reuse, not a Legalize or public-domain licence. Irish Statute Book
CC-BY 4.0 (Oireachtas Open Data PSI Licence)
Contains Irish Public Sector Information licensed under the Oireachtas (Houses of the Oireachtas) Open Data PSI Licence / Creative Commons Attribution 4.0 International, sourced from https://www.irishstatutebook.ie.