S.I. No. 17/2019 - The Central Bank Act 1942 (Section 32D) (Additional And Supplementary Supervisory Levies – Regulated Entities) Regulations 2019

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 1st February, 2019

In exercise of the powers conferred on it by section 32D of the Central Bank Act 1942 (as inserted by the Central Bank Reform Act 2010 ), the Central Bank Commission hereby makes the following regulations which are effective with the approval of the Minister for Finance:

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“additional supervisory levy” means the amount determined as being due and owing, payable following:

• (a) authorisation;

• (b) an extension of an existing authorisation of a regulated entity;

• (c) approval of a sub-fund;

which is calculated in accordance with the Schedule hereto;

“additional supervisory supplementary levy” means the amount determined as being due and owing, payable following:

• (a) authorisation;

• (b) an extension of an existing authorisation of a regulated entity;

• (c) a significant expansion in activities,

which is calculated in accordance with the Schedule hereto;

“authorisation” means an authorisation or approval granted by the Bank, under the following-

• (a) Section 9 or 9A of the Central Bank Act, 1971 ;

• (b) the Unit Trusts Act 1990 (No. 37 of 1990);

• (c) the Investment Limited Partnership Act 1994 (No. 24 of 1994);

• (d) the Investment Intermediaries Act 1995 (No. 11 of 1995);

• (e) the Investment Funds, Companies and Miscellaneous Provisions Act 2005 (No. 12 of 2005);

• (f) the European Union (Alternative Investment Fund Managers) Regulations 2013 ( SI No. 257 of 2013 );

• (g) Part 24 of the Companies Act 2014 (No. 38 of 2014);

• (h) the Irish Collective Asset-management Vehicles Act 2015 (No. 2 of 2015);

• (i) the European Union (Markets in Financial Instruments) Regulations 2017 (No. 375 of 2017); and

• (j) the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( No. 352 of 2011 );

“due date” means the day that falls 28 days after the date of issue of the levy notice, as specified on such levy notice;

“extension of an existing authorisation” means a change in the authorisation of a regulated entity which will result in the firm being authorised to:

• (a) provide additional business services; or

• (b) deal in more financial instruments than was previously the case;

“levy notice” means each notice specifying the additional supervisory levy and/or additional supervisory supplementary levy sent by the Bank to a regulated entity in accordance with these Regulations;

“regulated entity” includes sub-fund and former regulated entity.

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• (a) the additional supervisory levy and/or additional supervisory supplementary levy assessed by the Bank to be payable by that regulated entity; and

• (b) the due date for payment of the relevant levy.

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• (b) An appeal must set out in writing the grounds of the appeal and should include, in particular, all supporting documentation or representations;

• (c) Payment or a receipt evidencing payment of that portion of the levy that is not under appeal must be submitted with an appeal under this Regulation;

• (d) The Bank shall advise the regulated entity concerned in writing of its determination of the appeal and details of any amount outstanding in respect of the disputed amount of the levy and the due date applicable for the payment of any outstanding additional supervisory levy and/or additional supervisory supplementary levy.

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• (b) A record kept by a person pursuant to paragraph (a) and, in the case of any such record that has been given by the person to another person, any copy thereof that is in the power or control of the first mentioned person shall be retained by that person for a period of 6 years from the date of the last transaction to which the record relates, provided that this Regulation shall not apply to records of a company that have been disposed of in accordance with Section 707 of the Companies Act 2014 ;

• (c) No person shall, in purported compliance with a provision of these Regulations, provide an answer or explanation, make a statement or produce or deliver any return, certificate, balance sheet or other document which is false in a material particular;

• (d) A regulated entity that fails to comply with a provision of these Regulations or any applicable regulatory reporting requirements thereby preventing a full and proper assessment of their liability under these Regulations, may be assessed by the Bank in order to determine the levy, or may be otherwise assessed in a manner determined by the Bank, and the Bank may issue a levy notice to such regulated entity without prejudice to other actions which might be determined as necessary or appropriate by the Bank in such circumstances.

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Signed for and on behalf of the CENTRAL BANK COMMISSION,

29 January 2019

ED SIBLEY,

Deputy Governor Prudential Regulation.

SCHEDULE

Additional Supervisory Levy: New authorisations

Upon authorisation, a regulated entity will, in accordance with these Regulations, be liable to an additional supervisory levy calculated in accordance with the relevant table set out below:

Extensions to existing authorisations

Following an extension to an existing authorisation, a regulated entity will, in accordance with these Regulations, be liable to an additional supervisory levy calculated in accordance with the table set out below:

Additional Supervisory Supplementary Levies

Upon authorisation, extension of an existing authorisation or a significant expansion in activities, the regulated entity may, in accordance with these Regulations, also be liable to pay an additional supervisory supplementary levy as set out below: