(3)Where the legal person is a subsidiary of a parent undertaking, the relevant annual net turnover shall be the turnover resulting from the consolidated accounts of the parent undertaking in the preceding business year. Publication of administrative penalties or other administrative measures 10.

(1)Subject to paragraphs

(2),

(3),

(4)and

(6), the Bank shall publish on its official website all decisions under Regulation 9 imposing a sanction for a contravention referred to in that Regulation, including information on – (

1. a)the type and nature of the contravention, and (
2. b)the identity of the natural or legal person on whom the sanction is imposed, without undue delay after the person on whom the sanction is imposed is informed of the imposition of that sanction.

(2)Where the Bank publishes a decision to impose a sanction that is subject to an appeal, the Bank shall, without undue delay, also publish on its official website information on the appeal status and outcome thereof.

(3)Where a sanction has been imposed on a natural person for a contravention referred to in Regulation 9, the Bank shall, before publishing the identity of or other personal data relating to that person, assess whether the publication of personal data would be disproportionate.

(4)The Bank shall publish the sanctions referred to in paragraph

(1)on an anonymous basis in circumstances, where, in the opinion of the Bank – (a) following an assessment under paragraph

(3), publication of identity or personal data would be disproportionate, (

1. b)publication would jeopardise the stability of financial markets, (
2. c)publication would jeopardise an ongoing criminal investigation, or (
3. d)publication would cause disproportionate damage to the CCPs or natural persons involved.

(5)Where any of the circumstances referred to in paragraph

(4)are likely to cease within a reasonable period of time, publication may be postponed for such a period of time.

(6)Publication under this Regulation shall not occur where the publication involves the disclosure of confidential information, the disclosure of which is prohibited by – (

1. a)the Rome Treaty, (
2. b)the ESCB Statute (within the meaning given by section 2 of the Act of 1942), or (
3. c)the supervisory EU legal acts (within the meaning of section 33AK

(10)of the Act of 1942). Maintenance of central database by ESMA 11. Subject to professional secrecy requirements, the Bank shall inform ESMA in writing of all sanctions imposed for contraventions referred to in Regulation 9 including any appeal in relation thereto and the outcome of any such appeal. Exercise of powers to impose sanctions 12. The Bank, when determining the type and level of sanction to be imposed for a contravention referred to in Regulation 9, shall take into account all relevant circumstances, including, where applicable, the following: (

1. a)the gravity and the duration of the contravention; (
2. b)the degree of responsibility of the natural or legal person responsible; (
3. c)the financial strength of the natural or legal person responsible, including, among other things, as indicated by the total turnover of the responsible legal person or the annual income of the responsible natural person; (
4. d)the amount of profits gained or losses avoided by the responsible natural or legal person, insofar as they can be determined; (
5. e)the losses for third parties caused by the contravention, insofar as they can be determined; (
6. f)the level of cooperation of the responsible natural or legal person with the competent authority and the resolution authority; (
7. g)previous contraventions by the responsible natural or legal person; (
8. h)any potential systemic consequences of the contravention. Amendment of Act of 1942 13. The Act of 1942 is amended – (
9. a)in section 2(2A) – (
10. i)in paragraph (bf), by the substitution of “2020;” for “2020.”, and (
11. ii)by the insertion of the following paragraph after paragraph (bf): “(
12. bg)Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 20206 .”, (
13. b)in section 33AK

(10), in the definition of “supervisory EU legal acts” – (

1. i)in paragraph (al), by the substitution of “2020,” for “2020;”, and (
2. ii)by the insertion of the following paragraph after paragraph (al): “(
3. am)Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 20207 ;”, (
4. c)in section 33BC, by the insertion of the following subsection after subsection

(19): “

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

1. d)in Part 2 of Schedule 2, by the insertion of the following item: “ 82. S.I. No. 547 of 2022 European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 The whole instrument. ”. Amendment of European Communities (Financial Collateral Arrangements) Regulations 2010 14. The European Communities (Financial Collateral Arrangements) Regulations 2010 ( S.I. No. 626 of 2010 ) are amended – (
2. a)in Regulation 2

(1), by the insertion of the following definition: “ ‘CCP Recovery and Resolution Regulation’ means Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 20201 ;”, (b) in Regulation 3, by the substitution of the following paragraph for paragraph

(8): “

(8)Regulations 6 to 12 shall not apply to any restriction on the enforcement of financial collateral arrangements or any restriction on the effect of a security financial collateral arrangement, close out, netting or set-off provision that is imposed by virtue of Chapter 4, 7 or 8 of Part 4 of the European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289 of 2015 ), or of Title V, Chapter III, Section 3, or Chapter IV of the CCP Recovery and Resolution Regulation, or to any restriction that is imposed by virtue of similar powers in the law of the State to facilitate the orderly resolution of an entity referred to in paragraph

(2)(

1. c)or (
2. d)which is subject to safeguards at least equivalent to those set out in Title V, Chapter V of the CCP Recovery and Resolution Regulation.”, and (
3. c)by the insertion of the following Regulation after Regulation 19A: “Relationship with law giving effect to CCP Recovery and Resolution Regulation 19B. Nothing in these Regulations affects the application of the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022).”. Amendment of Regulation 2 of European Union (Bank Recovery and Resolution) Regulations 2015 15. Regulation 2 of the European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289 of 2015 ) is amended by the insertion of the following paragraph after paragraph

(1): “(1A) These Regulations shall not apply to entities that are also authorised in accordance with Article 14 of Regulation (EU) No. 648/20125 .”. GIVEN under my Official Seal, 5 December,

1. PASCHAL DONOHOE, Minister for Finance. EXPLANATORY NOTE (This note is not part of the Instrument and does not purport to be a legal interpretation) These Regulations give effect to Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties. The objective of a recovery and resolution framework is to ensure that Central Counterparties (CCPs) set out measures to recover from financial distress, to maintain the critical functions of a CCP which is failing or likely to fail while winding up the remaining activities through normal insolvency proceedings, and to preserve financial stability and to avoid a significant adverse effect on the financial system. 1 OJ No. L 22, 22.01.2021, p. 1 1 OJ No. L 22, 22.01.2021, p. 1 2 OJ No. L 331, 15.12.2010, p. 84 3 OJ No. L 119, 4.5.2016, p.1 4 OJ No. L 201, 27.7.2012, p. 1 5 OJ No. L 173, 12.6.2014, p.190 6 OJ No. L 22, 22.1.2021, p. 1 7 OJ No. L 22, 22.1.2021, p. 1 1 OJ No. L 22, 22.01.2021, p.
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